Asset Covered Securities Act, 2001
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What can be included in a cover assets pool maintained by a designated public credit institution. |
48.—(1) Any public credit asset or substitution asset located within an EEA country or which is a financial obligation of an entity referred to in section 5 (1)(e) may be included in a cover assets pool maintained by the designated public credit institution. | |
(2) A designated public credit institution may not include in a cover assets pool maintained by the institution a public credit asset or a substitution asset that is located within one or more category A countries if, after the inclusion of the asset in the pool, the total prudent market value of all public credit assets and substitution assets comprised in the pool located in all such countries would exceed the prescribed percentage of the total prudent market value of all public credit assets and substitution assets that are then included in the pool. For the purposes of this subsection, the prescribed percentage is 15 per cent or, if the regulations prescribe some other percentage, that percentage. | ||
(3) A designated public credit institution may include in a cover assets pool maintained by the institution public credit assets or substitution assets that are located within a category B country only if— | ||
(a) the country is a country designated by an order made under subsection (4), and | ||
(b) the institution complies with any restrictions specified in the order. | ||
(4) The Minister may, by order notified in Iris Oifigiúil, specify a category B country for the purposes of subsection (3). The Minister shall include in such an order restrictions as to the prudent market value of the public credit assets or substitution assets referred to in subsection (3) that a designated public credit institution can include in the cover assets pool as a percentage of the total prudent market value of public credit assets and substitution assets included in the pool. |