Trustee Savings Banks Act, 1989

Bonds and sureties.

65.—(1) A trustee savings bank undertaking any activity in the course of its business shall not be regarded as having contravened any provision of the Insurance Acts, 1909 to 1989, or regulations relating to insurance business made under the European Communities Act, 1972 , by reason only of the fact that it gives, enters into or accepts a bond or a contract of suretyship or guarantee to which this section applies.

(2) This section applies to any bond or any contract of suretyship or guarantee which is given, or entered into, as surety or guarantor by a trustee savings bank in the course of its business or which is in the course of his banking business (within the meaning of the Central Bank Act, 1971 ) given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both—

(a) a requirement of a trustee savings bank, and

(b) made solely for the purpose of securing financial facilities to be made available by that bank.