S.I. No. 383/2002 - Asset Covered Securities Act, 2001 (Section 42(4)) Order, 2002

The Central Bank of Ireland (the “Authority”), in exercise of the powers conferred on it by Section 42 (4) of the Asset Covered Securities Act, 2001 (No. 47 of 2001), hereby makes the following Order:

1.   This Order may be called the Asset Covered Securities Act, 2001 (Section 42(4) Order, 2002.

2.   In this Order the “Act” means the Asset Covered Securities Act, 2001 (No. 47 of 2001). A word or expression that is used in this Order and is also used in the Act has unless the contrary intention appears, the same meaning in this Order as in the Act.

3.   The eligible financial institutions designated for the purposes of paragraph (a) of the definition of “credit transaction” in Section 42 (3) of the Act shall be:-

(a)        (i)  any credit institution which is authorised within the State or any other EEA country, or

(ii)  a bank which is authorised to receive deposits or other repayable funds from the public and is located in Canada, Japan, the Swiss Confederation, the United States of America, and

(b)        which is rated by :-

(i)  Moody's Investor Service at A1 or higher in respect of its long term debt, or P-1 in respect of its short term debt (the “Moody's rating”), or

(ii)  Standard & Poor's Corporation at a rating equivalent to the Moody's rating, or

(iii) Fitch Investors Services L.P. at a rating equivalent to the Moody's rating, or

(iv) a rating agency acceptable to the Authority for this purpose at a rating equivalent to the Moody's rating.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order designates eligible financial institutions for the purposes of the definition of “credit transaction” in relation to designated public credit institutions.