IRISH BANK RESOLUTION CORPORATION ACT 2013

• Jurisdiction: Ireland
• Citation: IR No. 2/2013
• Year: 2013

• Full Act
• Act by Section
• Act As Enacted
• Amendments
• PDF annotated
• PDF unannotated

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Number 2 of 2013

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IRISH BANK RESOLUTION CORPORATION ACT 2013

REVISED

Updated to 28 May 2019

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This Revised Act is an administrative consolidation of Irish Bank Resolution Corporation Act 2013. It is prepared by the Law Reform Commission in accordance with its function under 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 Greyhound Racing Act 2019 (15/2019), enacted 28 May 2019, and all statutory instruments up to and including European Communities (Sheep Identification) (Amendment) Regulations 2019 (S.I. No. 243 of 2019), made 28 May 2019, 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 2 of 2013

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IRISH BANK RESOLUTION CORPORATION ACT 2013

REVISED

Updated to 28 May 2019

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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Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked.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

• Commission of investigation (Irish Bank Resolution Corporation) Act 2016 (10/2016)

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

All Acts up to and including Greyhound Racing Act 2019 (15/2019), enacted 28 May 2019, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

• Companies Act 1963 and Irish Bank Resolution Corporation Act, 2013 (Statement of Affairs) (Amendment) Order 2013 (S.I. No. 358 of 2013)

• Companies Act 1963 and Irish Bank Resolution Corporation Act, 2013 (Statement of Affairs) Order 2013 (S.I. No. 304 of 2013)

• National Treasury Management Agency Act 1990 (Irish Bank Resolution Corporation Act, 2013) Delegation of Functions Order 2013 (S.I. No. 57 of 2013)

• Irish Bank Resolution Corporation Act, 2013 (Special Liquidation) Order 2013 (S.I. No. 36 of 2013)

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

All statutory instruments up to and including European Communities (Sheep Identification) (Amendment) Regulations 2019 (S.I. No. 243 of 2019), made 28 May 2019, were considered in the preparation of this revision.

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Number 2 of 2013

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IRISH BANK RESOLUTION CORPORATION ACT 2013

REVISED

Updated to 28 May 2019

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Acts Referred to

Asset Covered Securities Acts 2001 and 2007
Central Bank Act 1942	1942, No. 22
Central Bank and Credit Institutions (Resolution) Act 2011	2011, No. 27
Companies (Auditing and Accounting) Act 2003	2003, No. 44
Companies Act 1963	1963, No. 33
Companies Act 1990	1990, No. 33
Companies Acts
Finance Act 1970	1970, No. 14
Land and Conveyancing Law Reform Act 2009	2009, No. 27
National Asset Management Agency Act 2009	2009, No. 34
National Treasury Management Agency Act 1990	1990, No. 18
Netting of Financial Contracts Act 1995	1995, No. 25
Stamp Duties Consolidation Act 1999	1999, No. 31

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Number 2 of 2013

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IRISH BANK RESOLUTION CORPORATION ACT 2013

REVISED

Updated to 28 May 2019

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AN ACT TO PROVIDE FOR THE WINDING UP OF IBRC AND TO PROVIDE FOR CONNECTED MATTERS.

WHEREAS it is necessary, in the public interest, to provide for the orderly winding up of the affairs of IBRC to help to address the continuing serious disturbance in the economy of the State;

AND WHEREAS vital assistance has been provided by the State to maintain the functioning of IBRC to support the financial stability of the State;

AND WHEREAS vital assistance has been provided by the Central Bank of Ireland to maintain the functioning of IBRC to support the stability of the Irish financial system;

AND WHEREAS the maintenance of the functioning of IBRC is no longer necessary to support the financial stability of the State or the stability of the Irish financial system;

AND WHEREAS it is necessary to end the exposure of the State and the Central Bank of Ireland to IBRC;

AND WHEREAS the winding up of IBRC is now necessary to help to restore the financial position of the State and to help to enable the State to re-establish normalised access to the international debt markets;

AND WHEREAS it is necessary in the public interest to ensure that the financial support provided by the State to IBRC is, to the extent achievable, recovered as fully and efficiently as possible;

AND WHEREAS the winding up of IBRC is necessary to resolve the debt of IBRC to the Central Bank of Ireland;

AND WHEREAS in the achievement of the winding up of IBRC the common good may require permanent or temporary interference with the rights, including property rights, of persons;

[7th February, 2013]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations:

Modifications (not altering text):

C1

Act included in definition of relevant applicable enactment, and its application potentially restricted by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011), regs. 2(4)(h), 5 and 12(1), as amended (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 192(d).

Interpretation

2. ...

(4) In relation to the reorganisation or winding up of an authorised credit institution, any of the following enactments that is relevant to the institution in the particular context is a relevant applicable enactment for the purposes of these Regulations: ...

[(h) the Irish Bank Resolution Corporation Act 2013 (No. 2 of 2013);]

...

What law applies to credit institution in respect of which reorganisation measure is imposed

5. —(1) The relevant applicable enactment applies to and in relation to a reorganisation measure imposed, or to be imposed, in respect of an authorised credit institution (including its branches in other Member States) except as otherwise expressly provided by these Regulations.

(2) The provisions of a relevant applicable enactment forming part of a reorganisation measure or applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with that enactment as provided by the Directive.

(3) Provisions of this Regulation applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with those provisions as provided by the Directive.

(4) A reorganisation measure imposed by a competent authority of another Member State in respect of a credit institution authorised in that State (including any branch of the institution in the State) is to be recognised in the State as soon as the measure takes effect in that other State. This paragraph applies even if, had the particular matter been dealt with under the relevant applicable enactment, the measure would not be provided for, or would be provided for subject to the fulfilment of specified conditions that would not have been fulfilled in the particular case.

...

What law applies to winding up of credit institution

12. —(1) The relevant applicable enactment applies to proceedings to wind up an authorised credit institution, except in so far as these Regulations otherwise provide.

...

1.

Interpretation.

1.— In this Act—

“Act of 1963” means the Companies Act 1963;

“Act of 1990” means the Companies Act 1990;

“Act of 2009” means the National Asset Management Agency Act 2009;

“Bank” means the Central Bank of Ireland;

“Court” means the High Court;

“credit facility” includes every kind of financial accommodation (including a loan facility, a line of credit, a hedging facility, a derivative facility, a bond, a letter of credit, a guarantee facility, an invoice discounting...