Central Bank and Credit Institutions (Resolution) Act 2011

Provision of financial incentive to transferee.

46.— (1) The Minister may, at the request of the Bank, directly or indirectly provide a financial incentive, on terms and conditions that the Minister considers appropriate, to a person to become a transferee under—

(a) a transfer order, or

(b) where a transfer order has been varied under section 33 , the transfer order as so varied.

(2) For the purposes of subsection (1)(a), the person to which the financial incentive is given may be a bridge-bank.

(3) A financial incentive may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance, and may be or may include financial support within the meaning of the Act of 2008.

(4) Where the Minister provides a financial incentive under this Act, a term of the provision of the financial incentive may be in respect of the repayment in case of setting-aside of the transfer order, whether or not there is re-transfer of any assets or liabilities to the transferor.

(5) The Minister may recover from the Fund the amount of any financial incentive that the Minister has provided.

(6) The amount of any financial incentive provided is a debt due and owing to the Fund by the transferor and may be recovered as a simple contract debt in any court of competent jurisdiction.