Asset Covered Securities Act, 2001

Provisions applying to directions given under sections 20 and 21.

22.—(1) A direction given under section 20 or 21—

(a) must include a statement of the Authority's reasons for giving the direction, and

(b) remains in force for such period (not exceeding 6 months) as is specified in the direction.

(2) Unless the High Court otherwise orders, a direction given under section 20 or 21 takes effect from the date of the direction or, if a later date is specified in the direction, from that date, irrespective of whether or not the institution appeals against the direction under section 26 .

(3) The Authority may, by notice in writing given to the institution concerned, amend or revoke a direction given under this section.

(4) Without limiting subsection (3), the Authority may from time to time, by notice in writing given to the institution concerned, extend the period during which a direction remains in force by one further period not exceeding 6 months.

(5) A direction given under section 20 ceases to have effect—

(a) at the end of the period specified in the direction, or if the period is extended under subsection (4), at the end of the extended period,

(b) on the making of a winding up order in respect of the institution,

(c) on the revocation of the registration of the institution under this Part, or

(d) on being revoked by an order of the High Court,

whichever first occurs.

(6) A direction given under section 21 ceases to have effect—

(a) at the end of the period specified in the direction, or if the period is extended under subsection (4), at the end of the extended period, or

(b) on being revoked by an order of the High Court,

whichever first occurs.

(7) A credit institution that fails within the permitted period to comply with a direction given under section 20 or 21 commits an offence and is liable on summary conviction to a fine not exceeding €1,900 (£1,496.37).