Asset Covered Securities Act, 2001

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Designated credit institution to provide information and documents required by cover-assets monitor.

66.—(1) The cover-assets monitor appointed in respect of a designated credit institution may, by notice in writing given to the institution, require it to give to the monitor, within such period as may be specified in the notice, any specified information or record that relates to the responsibilities of the monitor in respect of the institution, but only if the information or record is in the possession, or under the control, of the institution.

(2) A designated credit institution is required to keep the cover-assets monitor informed of—

(a) such particulars of payments received by the institution in respect of cover assets included in the relevant cover assets pool, and at such times or intervals, as the monitor requires,

(b) any failure of any person who has a financial obligation in respect of those assets to perform the obligation within the prescribed period after it was due to be performed, and

(c) any proceedings brought in relation to those assets against any such person by or on behalf of the institution.

(3) For the purposes of subsection (2)(b), “prescribed period” means—

(a) in the case of a mortgage credit asset of a kind referred to in section 4 (1)—60 days,

(b) in the case of any other kind of mortgage credit asset, or of a public credit asset or substitution asset—10 days, or

(c) if in any of those cases some other period is specified by a regulatory notice made under subsection (4)—that other period.

(4) The Authority may, by regulatory notice published in Iris Oifigiúil, specify a period for the purpose of subsection (3).

(5) A designated credit institution that, without reasonable excuse—

(a) fails to comply with a notice in writing referred to in subsection (1), or

(b) fails to comply with subsection (2),

commits an offence and is liable on summary conviction to a fine not exceeding €1,000 (£787.56).