S.I. No. 320/1996 - Central Bank Act, 1971 (Approval of Scheme of National Irish Investment Bank Limited and National Irish Vank Limited) Order, 1996.

S.I. No. 320 of 1996.

CENTRAL BANK ACT, 1971 (APPROVAL OF SCHEME OF NATIONAL IRISH INVESTMENT BANK LIMITED AND NATIONAL IRISH VANK LIMITED) ORDER, 1996.

WHEREAS National Irish Investment Bank Limited (hereafter referred to as the Transferor), having its registered office at 7/8 Wilton Terrace, Dublin 2, and being the holder of a licence under the Central Bank Act, 1971 (No. 24 of 1971), has agreed with National Irish Bank Limited (hereafter referred to as the Transferee), having its registered office at 7/8 Wilton Terrace, Dublin 2, and being the holder of a licence under the said Act, to transfer to the Transferee certain banking business to which the licence of the Transferor relates.

AND WHEREAS on the 22nd day of August, 1996, the Transferor and the Transferee submitted to the Minister for Finance for his approval a scheme for the transfer (in the following Order referred to as the Scheme) made by the Transferor and the Transferee on the 12th day of August, 1996:

NOW I, RUAIRÍ QUINN, Minister for Finance, after consultation with the Central Bank of Ireland and, in respect of Articles 4 and 5 of this Order, at the request of the Transferor and the Transferee, hereby, in exercise of the powers conferred on me by section 33 of the Central Bank Act, 1971 (No. 24 of 1971), orders as follows:

1. This Order may be cited as the Central Bank Act, 1971 (Approval of Scheme of National Irish Investment Bank Limited and National Irish Bank Limited) Order, 1996.

2. In this Order—–

"the Minister" means the Minister for Finance;

"the Scheme" means the scheme dated the 12th day of August, 1996 submitted to the Minister for his approval by the Transferor and the Transferee pursuant to section 33 of the Central Bank Act, 1971 (No. 24 of 1971), and to the agreement between the Transferor and the Transferee dated the 12th day of August, 1996;

"the transfer date" means the 1st day of January, 1997, or such later date as the Transferor and the Transferee may agree in writing in accordance with the Scheme;

"the Transferee" means National Irish Bank Limited;

"the Transferor" means the National Irish Investment Bank Limited.

3. The Minister hereby approves of the Scheme.

4. All books and other documents which would, before the transfer date, have been evidence in respect of any matter for or against the Transferor shall be admitted in evidence in respect of the same matter for or against the Transferee as and from the transfer date.

5. (1) From the transfer date—–

(a) the Bankers' Books Evidence Acts, 1879 to 1989, shall continue to apply with respect to any books of the Transferor transferred to the Transferee in connection with the banking business agreed to be transferred and to entries made in those books before the transfer date as if such books were the Books of the Transferee, and

(b) for the purpose of section 4 of the Bankers' Books Evidence Act, 1879, any book to which that Act applies by virtue of subparagraph (a) of this paragraph shall, on being proved to be in the custody of the Transferee, be deemed to be one of the ordinary books of the Transferee and any entry therein purporting to have been made before the transfer date shall be deemed to have been made in the ordinary course of business.

(2) In this Article "books" has the same meaning as "bankers' books" in the Bankers' Books Evidence Acts, 1879 to 1989.

GIVEN under my Official Seal, this 31st day of October, 1996

Ruairí Quinn TD

Minister for Finance,

EXPLANATORY NOTE

This Order approves the transfer of the US Dollar and Pound Sterling banking business of National Irish Investment Bank Limited and National Irish Bank Limited in accordance with a transfer scheme submitted by both banks. The effect of the Order is that the relevant provisions of Part III of the Central Bank Act, 1971 will apply to the transfer. The Order also makes provision for matters arising from and incidental to the transfer.