Credit Institutions (Stabilisation) Act 2010

Agricultural Co-operative Societies (Debentures) Act 1934	1934, No. 39
Agricultural Credit Act 1978	1978, No. 2
Anglo Irish Bank Corporation Act 2009	2009, No. 1
Asset Covered Securities Act 2001	2001, No. 47
Bankers’ Books Evidence Act 1879	42 & 43 Vict. c. 11
Bills of Sale (Ireland) Acts 1879 and 1883
Building Societies Act 1989	1989, No. 17
Central Bank Act 1942	1942, No. 22
Central Bank Act 1971	1971, No. 24
Central Bank Act 1997	1997, No. 8
Central Bank Reform Act 2010	2010, No. 23
Companies (Amendment) Act 1990	1990, No. 27
Companies Act 1963	1963, No. 33
Companies Act 1990	1990, No. 33
Companies Acts
Competition Act 2002	2002, No. 14
Credit Institutions (Financial Support) Act 2008	2008, No. 18
Credit Union Act 1997	1997, No. 15
European Communities Act 1972	1972, No. 27
Finance Act 1970	1970, No. 14
Local Government Act 2001	2001, No. 37
National Asset Management Agency Act 2009	2009, No. 34
National Pensions Reserve Fund Act 2000	2000, No. 33
Netting of Financial Contracts Act 1995	1995, No. 25
Official Languages Act 2003	2003, No. 32
Patents Act 1992	1992, No. 1
Registration of Deeds and Title Acts 1964 and 2006
Registration of Title Act 1964	1964, No. 16
Statutory Instruments Act 1947	1947, No. 44
Taxes Consolidation Act 1997	1997, No. 39
Trade Marks Act 1996	1996, No. 6
Trustee Savings Bank Act 1989	1989, No. 21
Unfair Dismissals Acts 1977 to 2007

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Number 36 of 2010

CREDIT INSTITUTIONS (STABILISATION) ACT 2010

AN ACT TO MAKE PROVISION, IN THE CONTEXT OF THE NATIONAL RECOVERY PLAN 2011 - 2014 AND THE EUROPEAN UNION/INTERNATIONAL MONETARY FUND PROGRAMME OF FINANCIAL SUPPORT FOR IRELAND, IN RELATION TO THE STABILISATION, AND THE PRESERVATION OR RESTORATION OF THE FINANCIAL POSITION OF CERTAIN CREDIT INSTITUTIONS; TO AMEND THE BUILDING SOCIETIES ACT 1989 , THE CENTRAL BANK ACT 1971 AND THE CREDIT INSTITUTIONS (FINANCIAL SUPPORT) ACT 2008 FOR THOSE PURPOSES; TO AMEND THE NATIONAL PENSIONS RESERVE FUND ACT 2000 TO ALLOW THE MINISTER FOR FINANCE TO GIVE CERTAIN DIRECTIONS IN RELATION TO THE NATIONAL PENSIONS RESERVE FUND; TO MAKE CONSEQUENTIAL AMENDMENTS TO THE EUROPEAN COMMUNITIES (REORGANISATION AND WINDING-UP OF CREDIT INSTITUTIONS) REGULATIONS 2004 ( S.I. NO. 198 OF 2004 ); AND FOR RELATED PURPOSES.

[21st December, 2010]

WHEREAS THERE IS A SERIOUS DISTURBANCE IN THE ECONOMY OF THE STATE;

AND WHEREAS MEASURES ARE NECESSARY TO ADDRESS A UNIQUE AND UNPRECEDENTED ECONOMIC CRISIS WHICH HAS LED TO DIFFICULT ECONOMIC CIRCUMSTANCES AND SEVERE DISRUPTION TO THE ECONOMY;

AND WHEREAS THERE IS A CONTINUING SERIOUS THREAT TO THE STABILITY OF CERTAIN CREDIT INSTITUTIONS IN THE STATE, AND TO THE FINANCIAL SYSTEM GENERALLY;

AND WHEREAS IT IS NECESSARY, IN THE PUBLIC INTEREST, TO MAINTAIN THE STABILITY OF THOSE CREDIT INSTITUTIONS AND THE FINANCIAL SYSTEM IN THE STATE;

AND WHEREAS IT IS NECESSARY, IN THE INTERESTS OF THE COMMON GOOD, TO CONTINUE THE PROCESS OF REORGANISATION, PRESERVATION AND RESTORATION OF THE FINANCIAL POSITION OF ANGLO IRISH BANK CORPORATION LIMITED BEGUN WITH THE ANGLO IRISH BANK CORPORATION ACT 2009 ;

AND WHEREAS THE FUNCTIONS AND POWERS CONFERRED BY THIS ACT ARE NECESSARY TO SECURE FINANCIAL STABILITY AND TO EFFECT A REORGANISATION OF CERTAIN CREDIT INSTITUTIONS;

AND WHEREAS IT IS NECESSARY TO AMEND THE EUROPEAN COMMUNITIES (REORGANISATION AND WINDING-UP OF CREDIT INSTITUTIONS) REGULATIONS 2004 ( S.I. NO. 198 OF 2004 ) TO IMPLEMENT DIRECTIVE 2001/24/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 4 APRIL 2001 ¹ TO PRESERVE OR RESTORE THE FINANCIAL POSITION OF CERTAIN CREDIT INSTITUTIONS;

AND WHEREAS THE CONSIDERABLE FINANCIAL SUPPORT PROVIDED BY THE STATE TO CERTAIN CREDIT INSTITUTIONS HAS HELPED THOSE INSTITUTIONS TO MEET THEIR FINANCIAL AND REGULATORY OBLIGATIONS;

AND WHEREAS THE STATE WISHES TO PROVIDE FOR THE PERFORMANCE OF THE FUNCTIONS CONFERRED BY THIS ACT IN ORDER TO ACHIEVE THE FINANCIAL STABILISATION OF THOSE CREDIT INSTITUTIONS AND THEIR RESTRUCTURING (CONSISTENTLY WITH THE STATE AID RULES OF THE EUROPEAN UNION) IN THE CONTEXT OF THE NATIONAL RECOVERY PLAN 2011—2014 AND THE EUROPEAN UNION/INTERNATIONAL MONETARY FUND PROGRAMME OF FINANCIAL SUPPORT FOR IRELAND;

AND WHEREAS THE COMMON GOOD REQUIRES PERMANENT OR TEMPORARY INTERFERENCE WITH THE RIGHTS, INCLUDING PROPERTY RIGHTS, OF PERSONS WHO MAY BE AFFECTED BY THE PERFORMANCE OF THOSE FUNCTIONS;

AND WHEREAS THE URGENT REORGANISATION OF CERTAIN CREDIT INSTITUTIONS IS OF SYSTEMIC IMPORTANCE TO THE STATE;

AND WHEREAS IT IS NECESSARY TO MAINTAIN PUBLIC CONFIDENCE IN, AND ENHANCE, THE PROTECTION OF DEPOSITS IN CREDIT INSTITUTIONS GENERALLY;

AND WHEREAS IT IS DESIRABLE TO PROMOTE AND FACILITATE INVESTMENT BY PERSONS OTHER THAN THE STATE IN CREDIT INSTITUTIONS TO REDUCE THEIR RELIANCE UPON STATE SUPPORT;

AND WHEREAS BECAUSE CERTAIN CREDIT INSTITUTIONS IN THE STATE ARE PARTIES TO CONTRACTS AND OTHER ARRANGEMENTS GOVERNED BY THE LAW OF A STATE OTHER THAN THE STATE;

BE IT THEREFORE ENACTED BY THE OIREACHTAS AS FOLLOWS:

¹ OJ No. L 125, 5.5.2001, p. 15.

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Credit Institutions (Stabilisation) Act 2010

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