Anglo Irish Bank Corporation Act 2009

Functions performed in the public interest.

2.— (1) The Minister has, in the public interest, the functions provided for under this Act because, after consulting the directors of Anglo Irish Bank, the Governor and the Regulatory Authority, the Minister is of the opinion that—

(a) there are serious concerns about the viability of Anglo Irish Bank, or would be if those functions were not performed, and

(b) the performance of those functions is necessary, in the public interest—

(i) to remedy a serious disturbance in the economy of the State,

(ii) to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system, and

(iii) to preserve the capacity of Anglo Irish Bank to continue its operations as a going concern.

(2) The Minister may continue to consult the Governor and the Regulatory Authority in the continuing performance of the Minister’s functions under this Act.

(3) Nothing in this Act prevents the performance by the Central Bank or the Regulatory Authority of its functions in relation to Anglo Irish Bank or any credit institution authorised or regulated in the State, or affects any obligation arising under the treaties governing the European Communities (within the meaning given by section 1 of the European Communities Act 1972 ) or the ESCB Statute (within the meaning given by section 2 of the Central Bank Act 1942 ).