Asset Covered Securities Act, 2001
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Definition of mortgage credit. |
4.—(1) For the purposes of this Act, mortgage credit is any kind of financial obligation in respect of money borrowed or raised that is secured by a mortgage, charge or other security on residential property or commercial property, but only if the property is located in the State or any other EEA country, a category A country or a category B country. | |
(2) For the purposes of this Act, mortgage credit also includes any kind of credit for the time being designated by order made under subsection (3)(a). | ||
(3) The Minister may, by order notified in Iris Oifigiúil— | ||
(a) designate credit of a specified kind to be mortgage credit for the purposes of this Act, or | ||
(b) declare a credit of a specified kind to be no longer mortgage credit for those purposes. | ||
(4) The Minister may, in an order made under subsection (3)(a), declare— | ||
(a) that section 31 (1), 31(2), 32(11) to (13) or 33(2) does not apply to mortgage credit assets consisting of mortgage credits of the kind specified in the order, or | ||
(b) that all or any of those provisions apply to those mortgage credit assets only with such modifications as are so specified. | ||
(5) The Minister may specify in an order made under subsection (3)(a) requirements as to the total prudent market value of relevant mortgage credit assets that can be included in a cover assets pool, expressed as a percentage of the prudent market value of the total mortgage credit assets and substitution assets that are included in the pool. For the purposes of this subsection, mortgage credit assets are relevant mortgage credit assets if they are comprised of mortgage credits of a kind specified in the order. |