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Notice of the making of this Statutory Instrument was published in
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“Iris Oifigiúil” of 13th December, 2011.
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I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving effect to Directive 2010/78/EU of the European Parliament and of the Council of 24 November 20101 , hereby make the following regulations:
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1. These Regulations may be cited as the European Union (Credit Institutions) (European Supervisory Authorities) Regulations 2011.
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2. (1) The Central Bank Act 1971 (No. 24 of 1971) is amended as set out in Schedule 1.
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(2) The Building Societies Act 1989 (No. 17 of 1989) is amended as set out in Schedule 2.
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(3) The European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 395 of 1992 ) are amended as set out in Schedule 3.
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(4) The European Communities (Capital Adequacy of Investment Firms) Regulations 2006 ( S.I. No. 660 of 2006 ) are amended as set out in Schedule 4.
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(5) The European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 ( S.I. No. 661 of 2006 ) are amended as set out in Schedule 5.
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(6) The European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 ( S.I. No. 475 of 2009 ) are amended as set out in Schedule 6.
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Regulation 2(1)
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SCHEDULE 1
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Amendment of the Central Bank Act 1971 (No. 24 of 1971)
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Item
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Provision Amended
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Amendment
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1
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Section 2(1)
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After the definition of “credit institution”, insert: “ ‘European Banking Authority’ means the authority established pursuant to Regulation (EU) No. 1093/20102 ;”.
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2
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Section 12
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Substitute the following subsections for subsections (2) and (3):
“(2) The Bank shall as soon as may be after the revocation of a licence, publish notice of the revocation in such manner as it thinks fit. It shall notify any such revocation to the European Commission and to the European Banking Authority.
(3) The Bank shall keep each of the following informed of the names of the holders of licences, that is to say:
(a) the Registrar of the Supreme Court;
(b) the officer for the time being managing the Central Office of the High Court;
(c) every County Registrar;
(d) every District Court Clerk;
(e) the European Banking Authority.”.
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2 OJ No. L331, 15.12.2010, p. 12
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Regulation 2(2)
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SCHEDULE 2
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Amendment of the Building Societies Act 1989 (No. 17 of 1989)
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Item
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Provision Amended
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Amendment
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1
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Section 2(1)
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After the definition of “director”, insert:
“ ‘European Banking Authority’ means the authority established pursuant to Regulation (EU) No. 1093/20102 ;”
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2
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Section 10
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Insert the following subsection after subsection (7):
“(8) The Bank shall notify the European Banking Authority of the name of each building society issued with a certificate of incorporation under this Act.”.
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3
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Section 40
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Insert the following subsection after subsection (7):
“(8) The Central Bank shall notify a decision of revoking a society’s authorisation to the European Commission and to the European Banking Authority.”.
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2 OJ No. L331, 15.12.2010, p. 12
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Regulation 2(3)
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SCHEDULE 3
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Amendment of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 395 of 1992 )
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Item
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Provision Amended
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Amendment
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1
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Regulation 2
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In paragraph (1)—(a) after the definition of “credit union”, insert: “ ‘European Banking Authority’ means the authority established pursuant to Regulation (EU) No. 1093/20102 ;‘European Banking Committee’ means the committee established pursuant to Commission Decision 2004/10/EC3 ;”,(b) substitute the following definition for the definition of “Recast Credit Institutions Directive”: “ ‘Recast Credit Institutions Directive’ means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 20064 relating to the taking up and pursuit of the business of credit institutions (recast), as last amended by Directive 2010/78/EU of the European Parliament and of the Council of 24 November 20101 ;”.
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2
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Regulation 6(3)
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Substitute the following paragraph for paragraph (3):
“(3) The Bank shall notify the Commission and the European Banking Authority of the name of every credit institution authorised by it after the commencement of these Regulations whose minimum initial capital is less than €5,000,000.”.
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3
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Regulation 9
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Substitute the following Regulation:
“9. (1) The Bank shall notify the Commission, the European Banking Authority and the European Banking Committee as soon as is reasonably practicable of any authorisations issued by it after these Regulations come into operation to a subsidiary of any undertaking incorporated in a state that is not a Member State.
(2) The Bank shall notify the Commission, the European Banking Authority and the European Banking Committee as soon as is reasonably practicable after it becomes so aware, of the identity of any credit institution authorised by it which, after these Regulations come into operation, becomes a subsidiary of an undertaking incorporated in a state that is not a Member State.
(3) The Bank shall, when notifying the Commission, the European Banking Authority and the European Banking Committee in accordance with paragraph (1) or (2), provide each with such details in its possession as to the corporate structure of the group of undertakings of which the credit institution concerned is a subsidiary.
(4) The Bank shall inform the Commission, the European Banking Authority and the European Banking Committee of any general difficulties of which it is aware that have been encountered by a credit institution authorised by it in seeking to carry on business in a state that is not a Member State and the Bank shall supply the Minister for Finance with that information.”.
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4
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Regulation 17
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(a) In subparagraphs (c) and (d) of paragraph (1), substitute “the European Banking Authority” for “CEBS”, wherever occurring.
(b) Insert the following paragraph after paragraph (2):
“(3) Where the Bank has requested another competent authority:
(a) to provide assistance, or
(b) to exchange information,and this request has been rejected or has not been acted upon within a reasonable time, the Bank may refer the matter to the European Banking Authority.”.
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5
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Regulation 26A
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Insert the following paragraphs after paragraph (5):
“(6) If, within two months, any of the competent authorities concerned refer a request made by the Bank under paragraph (1) to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/20102 , the Bank shall defer taking any decision pursuant to paragraph (4) pending the decision of the European Banking Authority.
(7) A decision by the Bank pursuant to paragraph (4) shall be in conformity with a decision of the European Banking Authority in accordance with Article 19(3) of Regulation (EU) No 1093/2010 following a referral in accordance with that Regulation.
(8) The Bank may not refer a request made in accordance with paragraph (1) to the European Banking Authority after the end of the two month period or after a joint decision has been reached in accordance with paragraph (3).”.
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6
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Regulation 29(4)
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Substitute the following paragraph for paragraph (4):
“(4) The Bank shall, as soon as may be, inform the Commission, the European Banking Authority and the competent authorities of the Member State in which the institution is authorised of the measures taken under paragraph (1).”.
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7
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Regulation 30
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Substitute the following Regulation:
“30. The Bank shall notify the Commission and the European Banking Authority as soon as may be thereafter, of each case in which the Bank has refused to transmit a notice in accordance with Regulation 21 (5) or in which the Bank issues a direction under Regulation 27 and shall provide the Commission with such details as the Bank considers necessary for the purposes of complying with this Regulation.”.
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