Asset Covered Securities (Amendment) Act 2007

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Amendment of section 16 of Principal Act.

11.— Section 16 of the Principal Act is amended—

(a) in subsection (2), by inserting “, a designated commercial mortgage credit institution” after “mortgage credit institution”, and

(b) by inserting the following after subsection (2):

“(3) Without limiting subsection (1) or the powers of the Authority under other provisions of this Act, the Authority may vary a condition imposed, or impose a condition, pursuant to subsection (1) which the Authority considers to be necessary, incidental, consequential or supplementary to the implementation of, or compliance with, the Codified Banking Directive or any directive or regulation made by competent organs of the European Union which has been implemented under the laws of the State, and is relevant to article 22(4) securities which qualify as covered bonds for the purposes of the Codified Banking Directive.”.