Asset Covered Securities Act, 2001

Definition of substitution asset.

6.—(1) The following assets are substitution assets for the purposes of this Act—

(a) deposits with an eligible financial institution;

(b) tier 1 assets;

(c) any specified kind of property that is for the time being designated by order made under subsection (3)(a) to be a substitution asset.

(2) The regulations must provide for a financial institution or class of financial institutions to be designated as an eligible financial institution for the purposes of subsection (1).

(3) The Minister may, by order notified in Iris Oifigiúil

(a) designate a specified kind of property to be a substitution asset for the purposes of this Act, or

(b) declare a specified kind of property to be no longer a substitution asset for those purposes.