Credit Institutions (Stabilisation) Act, 2010

• Jurisdiction: Ireland

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Number 36 of 2010

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CREDIT INSTITUTIONS (STABILISATION) ACT 2010

REVISED

Updated to 31 December 2021

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This Revised Act is an administrative consolidation of the Credit Institutions (Stabilisation) Act 2010. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including the Maritime Area Planning Act 2021 (50/2021), enacted 23 December 2021, and all statutory instruments up to and including the Health (Residential Support Services Maintenance and Accommodation Contributions) (Amendment) Regulations 2022 (S.I. No. 1 of 2022), made 2 January 2022, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.

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Number 36 of 2010

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CREDIT INSTITUTIONS (STABILISATION) ACT 2010

REVISED

Updated to 31 December 2021

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Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

This Act is not collectively cited with any other Act.

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

• Finance (Miscellaneous Provisions) Act 2020 (25/2020)

• National Treasury Management Agency (Amendment) Act 2014 (23/2014)

• Central Bank (Supervision and Enforcement) Act 2013 (26/2013)

• Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

All Acts up to and including Maritime Area Planning Act 2021 (50/2021), enacted 23 December 2021, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

• General Government Secured Borrowings Order 2020 (S.I. No. 750 of 2020)

• General Government Secured Borrowings (No. 2) Order 2018 (S.I. No. 522 of 2018)

• General Government Secured Borrowings Order 2018 (S.I. No. 118 of 2018)

• General Government Secured Borrowings Order 2014 (S.I. No. 120 of 2014)

• European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011)

• General Government Secured Borrowings Order 2011 (S.I. No. 40 of 2011)

• Credit Institutions (Stabilisation) Act 2010 (Commencement) Order 2010 (S.I. No. 623 of 2010)

All statutory instruments up to and including Health (Residential Support Services Maintenance and Accommodation Contributions) (Amendment) Regulations 2022 (S.I. No. 1 of 2022), made 2 January 2022, were considered in the preparation of this revision.

Dáil and Seanad Resolutions which affect or previously affected this revision

• Motion of Dáil Éireann of 14 December 2012

• Motion of Seanad Éireann of 18 December 2012

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Number 36 of 2010

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CREDIT INSTITUTIONS (STABILISATION) ACT 2010

REVISED

Updated to 31 December 2021

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Acts Referred to

Agricultural Co-operative Societies (Debentures) Act 1934	1934, No. 39
Agricultural Credit Act 1978	1978, No. 2
Anglo Irish Bank Corporation Act 2009	2009, No. 1
Asset Covered Securities Act 2001	2001, No. 47
Bankers’ Books Evidence Act 1879	42 & 43 Vict. c. 11
Bills of Sale (Ireland) Acts 1879 and 1883
Building Societies Act 1989	1989, No. 17
Central Bank Act 1942	1942, No. 22
Central Bank Act 1971	1971, No. 24
Central Bank Act 1997	1997, No. 8
Central Bank Reform Act 2010	2010, No. 23
Companies (Amendment) Act 1990	1990, No. 27
Companies Act 1963	1963, No. 33
Companies Act 1990	1990, No. 33
Companies Acts
Competition Act 2002	2002, No. 14
Credit Institutions (Financial Support) Act 2008	2008, No. 18
Credit Union Act 1997	1997, No. 15
European Communities Act 1972	1972, No. 27
Finance Act 1970	1970, No. 14
Local Government Act 2001	2001, No. 37
National Asset Management Agency Act 2009	2009, No. 34
National Pensions Reserve Fund Act 2000	2000, No. 33
Netting of Financial Contracts Act 1995	1995, No. 25
Official Languages Act 2003	2003, No. 32
Patents Act 1992	1992, No. 1
Registration of Deeds and Title Acts 1964 and 2006
Registration of Title Act 1964	1964, No. 16
Statutory Instruments Act 1947	1947, No. 44
Taxes Consolidation Act 1997	1997, No. 39
Trade Marks Act 1996	1996, No. 6
Trustee Savings Bank Act 1989	1989, No. 21
Unfair Dismissals Acts 1977 to 2007

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Number 36 of 2010

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CREDIT INSTITUTIONS (STABILISATION) ACT 2010

REVISED

Updated to 31 December 2021

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AN ACT TO MAKE PROVISION, IN THE CONTEXT OF THE NATIONAL RECOVERY PLAN 2011 - 2014 AND THE EUROPEAN UNION/INTERNATIONAL MONETARY FUND PROGRAMME OF FINANCIAL SUPPORT FOR IRELAND, IN RELATION TO THE STABILISATION, AND THE PRESERVATION OR RESTORATION OF THE FINANCIAL POSITION OF CERTAIN CREDIT INSTITUTIONS; TO AMEND THE BUILDING SOCIETIES ACT 1989, THE CENTRAL BANK ACT 1971 AND THE CREDIT INSTITUTIONS (FINANCIAL SUPPORT) ACT 2008 FOR THOSE PURPOSES; TO AMEND THE NATIONAL PENSIONS RESERVE FUND ACT 2000 TO ALLOW THE MINISTER FOR FINANCE TO GIVE CERTAIN DIRECTIONS IN RELATION TO THE NATIONAL PENSIONS RESERVE FUND; TO MAKE CONSEQUENTIAL AMENDMENTS TO THE EUROPEAN COMMUNITIES (REORGANISATION AND WINDING-UP OF CREDIT INSTITUTIONS) REGULATIONS 2004 (S.I. NO. 198 OF 2004); AND FOR RELATED PURPOSES.

[21st December, 2010]

WHEREAS THERE IS A SERIOUS DISTURBANCE IN THE ECONOMY OF THE STATE;

AND WHEREAS MEASURES ARE NECESSARY TO ADDRESS A UNIQUE AND UNPRECEDENTED ECONOMIC CRISIS WHICH HAS LED TO DIFFICULT ECONOMIC CIRCUMSTANCES AND SEVERE DISRUPTION TO THE ECONOMY;

AND WHEREAS THERE IS A CONTINUING SERIOUS THREAT TO THE STABILITY OF CERTAIN CREDIT INSTITUTIONS IN THE STATE, AND TO THE FINANCIAL SYSTEM GENERALLY;

AND WHEREAS IT IS NECESSARY, IN THE PUBLIC INTEREST, TO MAINTAIN THE STABILITY OF THOSE CREDIT INSTITUTIONS AND THE FINANCIAL SYSTEM IN THE STATE;

AND WHEREAS IT IS NECESSARY, IN THE INTERESTS OF THE COMMON GOOD, TO CONTINUE THE PROCESS OF REORGANISATION, PRESERVATION AND RESTORATION OF THE FINANCIAL POSITION OF ANGLO IRISH BANK CORPORATION LIMITED BEGUN WITH THE ANGLO IRISH BANK CORPORATION ACT 2009;

AND WHEREAS THE FUNCTIONS AND POWERS CONFERRED BY THIS ACT ARE NECESSARY TO SECURE FINANCIAL STABILITY AND TO EFFECT A REORGANISATION OF CERTAIN CREDIT INSTITUTIONS;

AND WHEREAS IT IS NECESSARY TO AMEND THE EUROPEAN COMMUNITIES (REORGANISATION AND WINDING-UP OF CREDIT INSTITUTIONS) REGULATIONS 2004 (S.I. NO. 198 OF 2004) TO IMPLEMENT DIRECTIVE 2001/24/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 4 APRIL 2001 ¹ TO PRESERVE OR RESTORE THE FINANCIAL POSITION OF CERTAIN CREDIT INSTITUTIONS;

AND WHEREAS THE CONSIDERABLE FINANCIAL SUPPORT PROVIDED BY THE STATE TO CERTAIN CREDIT INSTITUTIONS HAS HELPED THOSE INSTITUTIONS TO MEET THEIR FINANCIAL AND REGULATORY OBLIGATIONS;

AND WHEREAS THE STATE WISHES TO PROVIDE FOR THE PERFORMANCE OF THE FUNCTIONS CONFERRED BY THIS ACT IN ORDER TO ACHIEVE THE FINANCIAL STABILISATION OF THOSE CREDIT INSTITUTIONS AND THEIR RESTRUCTURING (CONSISTENTLY WITH THE STATE AID RULES OF THE EUROPEAN UNION) IN THE CONTEXT OF THE NATIONAL RECOVERY PLAN 2011—2014 AND THE EUROPEAN UNION/INTERNATIONAL MONETARY FUND PROGRAMME OF FINANCIAL SUPPORT FOR IRELAND;

AND WHEREAS THE COMMON GOOD REQUIRES PERMANENT OR TEMPORARY INTERFERENCE WITH THE RIGHTS, INCLUDING PROPERTY RIGHTS, OF PERSONS WHO MAY BE AFFECTED BY THE PERFORMANCE OF THOSE FUNCTIONS;

AND WHEREAS THE URGENT REORGANISATION OF CERTAIN CREDIT INSTITUTIONS IS OF SYSTEMIC IMPORTANCE TO THE STATE;

AND WHEREAS IT IS NECESSARY TO MAINTAIN PUBLIC CONFIDENCE IN, AND ENHANCE, THE PROTECTION OF DEPOSITS IN CREDIT INSTITUTIONS GENERALLY;

AND WHEREAS IT IS DESIRABLE TO PROMOTE AND FACILITATE INVESTMENT BY PERSONS OTHER THAN THE STATE IN CREDIT INSTITUTIONS TO REDUCE THEIR RELIANCE UPON STATE SUPPORT;

AND WHEREAS BECAUSE CERTAIN CREDIT INSTITUTIONS IN THE STATE ARE PARTIES TO CONTRACTS AND OTHER ARRANGEMENTS GOVERNED BY THE LAW OF A STATE OTHER THAN THE...