S.I. No. 384/2002 - Asset Covered Securities Act, 2001 (Sections 62(3)) Regulation, 2002

The Central Bank of Ireland, in exercise of the powers conferred on it by Section 62 (3) of the Asset Covered Securities Act, 2001 (No. 47 of 2001), hereby makes the following Regulation:

1.   This Regulation may be called the Asset Covered Securities Act, 2001 (Section 62(3)) Regulation, 2002.

2.   In this Regulation the “Act” means the Asset Covered Securities Act, 2001 (No. 47 of 2001). A word or expression that is used in this Regulation and is also used in the Act has, unless the contrary intention appears, the same meaning in this Regulation as in the Act.

3.   The cover-assets monitor appointed in respect of a designated public credit institution is responsible for monitoring the designated public credit institution's compliance with the Asset Covered Securities Act, 2001 (Section 91(1)) (Sensitivity to Interest Rate Changes) Regulation, 2002.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Regulation prescribes as an additional responsibility for the cover-assets monitor appointed in respect of a designated public credit institution, the monitoring of the designated public credit institution's compliance with theAsset Covered Securities Act 2001 (Sections 91(1)) (Sensitivity to Interest Rate Changes) Regulation, 2002.