Asset Covered Securities Act, 2001

PART 7

Effect of Potential Insolvency Process on Designated or Formerly Designated Credit Institution

Application and operation of this Part.

81.—(1) Except as provided by section 87 , the following enactments do not affect the application and operation of this Part in respect of designated and formerly designated credit institutions:

(a) the Companies Acts;

(b) the Bankruptcy Acts, 1988 and 2001;

(c) the Taxes Acts;

(d) the supervisory enactments;

(e) any other enactment or any rule of law relating to an insolvency process.

(2) For the purposes of subsection (1), “Taxes Acts” has the same meaning as is given to the expression “the Acts” in section 811(1)(a) of the Taxes Consolidation Act, 1997 .

(3) This Part does not apply to a cover assets hedge contract that has been removed from the relevant register of mortgage covered securities business, or register of public credit covered securities business, in accordance with this Act.