Irish Bank Resolution Corporation Act 2013

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Number 2 of 2013

IRISH BANK RESOLUTION CORPORATION ACT 2013

ARRANGEMENT OF SECTIONS

Section

1. Interpretation.

2. Expenses of Minister.

3. Purposes of Act.

4. Special Liquidation Order.

5. Publication of Special Liquidation Order.

6. Effect of Special Liquidation Order.

7. Special liquidator.

8. Limitation of power to grant injunctive relief.

9. Instructions and directions.

10. Application of Companies Acts to IBRC.

11. Non-application of Part 7 of Central Bank and Credit Institutions (Resolution) Act 2011 to IBRC.

12. Sales, transfers, securities, etc.

13. Minister’s power of direction.

14. Determination of consideration for bank assets to be acquired by NAMA.

15. Amendment of Act of 2009.

16. IBRC to continue to be a participating institution.

17. Powers of Minister to create and issue securities, etc.

18. Netting agreements, etc.

19. Amendment of certain regulations for the purposes of their application to IBRC.

20. Disclosure of information.

21. Amendment of Land and Conveyancing Law Reform Act 2009.

22. Amendment of Stamp Duties Consolidation Act 1999.

23. Amendment of Central Bank Act 1942.

24. Amendment of European Communities (Deposit Guarantee Schemes) Regulations 1995.

25. Short title.

SCHEDULE

Modifications to Companies Acts

PART 1

Specific Modifications of Certain Provisions of Part VI of the Act of 1963 in their Application under this Act

PART 2

Specific Modifications of Certain Provisions of the Act of 1990 in their Application under this Act

Acts Referred to

Number 2 of 2013

IRISH BANK RESOLUTION CORPORATION ACT 2013

AN ACT TO PROVIDE FOR THE WINDING UP OF IBRC AND TO PROVIDE FOR CONNECTED MATTERS.

WHEREAS it is necessary, in the public interest, to provide for the orderly winding up of the affairs of IBRC to help to address the continuing serious disturbance in the economy of the State;

AND WHEREAS vital assistance has been provided by the State to maintain the functioning of IBRC to support the financial stability of the State;

AND WHEREAS vital assistance has been provided by the Central Bank of Ireland to maintain the functioning of IBRC to support the stability of the Irish financial system;

AND WHEREAS the maintenance of the functioning of IBRC is no longer necessary to support the financial stability of the State or the stability of the Irish financial system;

AND WHEREAS it is necessary to end the exposure of the State and the Central Bank of Ireland to IBRC;

AND WHEREAS the winding up of IBRC is now necessary to help to restore the financial position of the State and to help to enable the State to re-establish normalised access to the international debt markets;

AND WHEREAS it is necessary in the public interest to ensure that the financial support provided by the State to IBRC is, to the extent achievable, recovered as fully and efficiently as possible;

AND WHEREAS the winding up of IBRC is necessary to resolve the debt of IBRC to the Central Bank of Ireland;

AND WHEREAS in the achievement of the winding up of IBRC the common good may require permanent or temporary interference with the rights, including property rights, of persons;

[7th February, 2013]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: