Central Bank Act, 1989.

Chapter V

Deposit Protection

Interpretation ( Chapter V ).

53.—In this Chapter—

“child” includes a person of full age;

“connected person” in relation to another person, means a person maintaining deposits (including deposits, if any, on current accounts) with the holder or former holder of a licence which has become insolvent and is being wound up and where the person is—

(a) the spouse of that other person,

(b) the child or grandchild of that other person or the child or grandchild of the spouse of that other person,

(c) the parent or grandparent of that other person,

(d) the brother, sister, stepbrother or stepsister of that other person,

(e) a partner of that other person to whom, together, the Partnership Act, 1890 , applies (whether or not with any other persons),

(f) the spouse of a connected person to whom paragraph (b), (d) or (e) applies and in relation to the appropriate other person to whom the relevant paragraph relates,

(g) a body corporate and that other person is a chief officer, secretary or member of any board or other committee of management, by whatever name called, of the body corporate,

(h) a body corporate and that other person is a relevant beneficial owner of the body corporate, or

(i) a body corporate and that person is, together with any person to whom paragraph (a), (b), (c), (d), (e), (f) or (g) applies, a relevant beneficial owner of the body corporate;

“deposit protection account” means the account established and maintained by virtue of section 54 ;

“eligible deposits” has the meaning assigned to it by section 62 ;

“excluded depositor” means a person maintaining deposits (including deposits, if any, on current accounts) with the holder or former holder of a licence which has become insolvent and is being wound up and, in relation to that holder or former holder of the licence where the person is—

(a) a chief officer, secretary or member of any board or other committee of management, by whatever name called,

(b) a relevant beneficial owner of that holder or former holder of the licence,

(c) together with connected persons, a relevant beneficial owner of that holder or former holder of the licence,

(d) subject to section 64 , a connected person to a person specified in paragraph (a), (b) or (c),

(e) subject to section 64 , a trustee of a trust for the benefit of a person specified in paragraph (a), (b), (c) or (d),

(f) a holding company, a subsidiary company, another subsidiary company of the same holding company or a company (not being a subsidiary company) in respect of which the holder or former holder is a relevant beneficial owner, or

(g) a person excluded by virtue of section 63 ;

“interbank deposits” means deposits with a holder of a licence by any of the following, that is to say—

(a) another holder of a licence;

(b) any person, not being the holder of a licence, established outside the State who, in the opinion of the Bank, is duly authorised outside the State to carry on the business of banking;

(c) the Bank;

(d) the Agricultural Credit Corporation public limited company;

(e) the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933 ;

(f) a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1979;

(g) a building society;

(h) such other persons as may be specified by regulations under section 72 ;

and deposits with the holder of a licence by any of its offices outside the State shall be deemed to be interbank deposits;

“relevant beneficial owner”, in relation to a body corporate, means a person who is beneficially entitled (either directly or indirectly) to 20 per cent. or more in nominal value of either the allotted share capital or the shares carrying voting rights (other than voting rights which arise only in specified circumstances) in the body corporate.