Central Bank and Credit Institutions (Resolution) Act 2011

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Transfer of accounts.

88.— (1) This section applies where a liquidator arranges, in pursuit of Objective 1, for the transfer of eligible depositors’ accounts from the authorised credit institution to another authorised credit institution or a credit institution approved of by the Bank.

(2) The arrangements referred to in subsection (1) shall have effect despite any restriction (whether or not under an enactment or a contractual provision).

(3) In making the arrangements mentioned in subsection (1) the liquidator shall ensure that eligible depositors will be able to remove money from transferred accounts as soon as is reasonably practicable after transfer.

(4) In subsection (2) “restriction” includes any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person) and a requirement for consent (howsoever described).