S.I. No. 385/2002 - Asset Covered Securities Act, 2001 (Sections 91(1)) [(Substitution Assets)]

The Central Bank of Ireland, in exercise of the powers conferred on it by Sections 91 (1) 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 91(1)) [(Substitution Assets)] 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 prescribed kinds of substitution assets that may be included in a cover assets pool in respect of a designated or formerly designated public credit institution are:

(a) Tier 1 assets having a maximum term to maturity of three months from the date upon which the said Tier 1 assets are approved by the cover-assets monitor for inclusion in the pool and entered into the register of public credit covered securities business; and

(b) deposits with eligible financial institutions in each case having a maximum term of deposit of three months from the date upon which the said deposit is approved by the cover-assets monitor for inclusion in the pool and entered into the register of public credit covered securities business.

4.   The requirements set out in paragraph 3 of this Regulation apply to Tier 1 assets and deposits with eligible institutions only where they are being used as substitution assets for a cover asset pool of a designated public credit institution or formerly designated credit institution.

EXPLANATORY NOTE

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

This Regulation prescribes the substitution assets which may be included in a public credit cover assets pool.