Reform history

**1**.— In this Act—

“subsidiary undertaking”, in relation to IBRC, has the same meaning as in the European Communities (Companies: Group Accounts) Regulations 1992 (S.I. No. 201 of 1992).

**2**.— (1) The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

(2) The expenses incurred by the Minister under this Act shall be paid out of the Central Fund or the growing produce thereof.

**3**.— The purposes of this Act are as follows—

(*j*) to underpin Government support measures in relation to the banking sector.

**4**.— (1) The Minister shall, as soon as is reasonably practicable after the passing of this Act, make an order, in this Act referred to as the “Special Liquidation Order”, in respect of IBRC for the purposes of the winding up of IBRC.

(4) The Minister may by order amend the Special Liquidation Order.

**5**.— (1) The Minister shall, as soon as practicable after the Special Liquidation Order is made—

(5) In this section “regulated market” has the same meaning as it has in the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007).

**6**.— (1) In this section “proceedings”, subject to *subsection (4)*, includes counterclaims or cross-claims against IBRC, in legal actions brought by IBRC, other than those counterclaims or cross-claims which, if successful, would give rise to a right of set-off.

(iv) any other authority which regulates, or which may investigate or prosecute, any person under or by virtue of any enactment, rule of law or contract.

**7**.— (1) In the Special Liquidation Order, the Minister shall appoint one or more than one person for the purpose of the winding up of IBRC (in this Act referred to as a “special liquidator”).

(8) Where the Minister appoints more than one special liquidator, the Minister shall provide in the Special Liquidation Order whether any act by this Act or the Companies Acts, as they apply to IBRC, required or authorised to be done by the special liquidator is to be done by all or any one or more of the persons appointed.

**8**.— (1) Where injunctive relief is sought on an interim or interlocutory basis in proceedings—

(5) In this section references to a special liquidator shall include references to a special liquidator when acting as a receiver, where he or she is appointed as a receiver by the Bank.

**9**.— (1) The Minister shall, as soon as practicable following the appointment of a special liquidator, issue the special liquidator with instructions setting out the details in respect of the manner in which the winding up of IBRC is to proceed.

(2) If the Minister is of the opinion that it is necessary for the achievement of any of the purposes of this Act to do so, he or she may give a direction to a special liquidator to take or to refrain from taking any action in connection with the winding up of IBRC.

(3) A special liquidator shall comply with instructions issued or any direction given under this Act.

(4) No cause of action of any kind shall lie against a special liquidator in respect of anything done or not done in compliance with instructions issued or any direction given under this Act.

(5) The Minister may revoke or amend instructions issued under this Act, including instructions issued under this subsection.

**10**.— (1) Subject to *subsections (2)* and *(3)*and *Part 1* of the *Schedule*, Part VI of the Act of 1963 applies to IBRC together with any necessary additional modifications.

(6) An order made by the Minister under *subsection (5)* shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

**11**.— Part 7 of the Central Bank and Credit Institutions (Resolution) Act 2011 shall not apply to the winding up of IBRC.

**12**.— (1) The sale or transfer of any asset or liability by IBRC, acting through a special liquidator, or by a special liquidator where such asset or liability has vested in the special liquidator, to any person or the assumption of any obligation or liability relating to such sale or transfer shall take effect notwithstanding—

(6) In this section references to a special liquidator shall include references to a special liquidator when acting as a receiver, where he or she is appointed as a receiver by the Bank.

**13**.— (1) The Minister may give any of the following directions in writing to NAMA:

(5) In this section and *section 14* “bank asset” has the same meaning as in the Act of 2009, save that the reference in paragraph (*d*) of the definition of “bank asset” in section 4(1) of that Act to a participating institution shall be construed as a reference to IBRC.

**14**.— (1) The Minister shall issue an instruction to the special liquidator—

(3) For the purposes of the valuation referred to in *subsection (2)*, loan assets shall be valued using discounted cash flow analysis, taking into account the timing and reliability of cash flows, together with an appropriate discount factor to determine the value or, where appropriate, in accordance with other standard loan valuation methodologies.

**15**.— The Act of 2009 is amended—

“(1A) NAMA has such other functions as are conferred on it by or under the *Irish Bank Resolution Corporation Act 2013*.”.

**16**.— (1) Until 1 July 2013 or such later date as may be fixed by the Minister by order, the Act of 2009 shall continue to apply to IBRC as if IBRC were a participating institution within the meaning of that Act.

(3) An order made by the Minister under *subsection (1)* shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

**17**.— (1) The Minister may, whenever and so often as the Minister thinks fit, create and issue securities—

“(*gg*) *section 17(1)*of the *Irish Bank Resolution Corporation Act 2013* and section 54(7F) of the Finance Act 1970,”.

**18**.— (1) Subject to *subsection (3),* nothing in this Act—

(*b*) affects the operation of any provision of the law of a Member State required for the implementation of the provisions of—

(2) Nothing in this Act affects the operation of the Asset Covered Securities Acts 2001 and 2007.

(*c*) in Regulation 9(2), by substituting “a special liquidator appointed under *section 7* of the *Irish Bank Resolution Corporation Act 2013*, a liquidator” for “a liquidator”.

**19**.— (1) The European Communities (Deposit Guarantee Schemes) Regulations 1995 (S.I. No. 168 of 1995) are amended—

(*h*) the *Irish Bank Resolution Corporation Act 2013 (No. _ of 2013)*.”.

**20**.— (1) Notwithstanding any legal or contractual restriction, other than section 33AK(1A) of the Central Bank Act 1942, the Bank and any entity listed in *subsection (2)*may disclose to each other any information, or any book, record, report, certificate or other document (including any information, book, record, report, certificate or document relating to a period before IBRC availed itself of the eligible liability guarantee under the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (S.I. No. 490 of 2009)), that either one obtains in connection with IBRC or any subsidiary or subsidiary undertaking of IBRC.

(4) The production of any book, record, report, certificate or other document under *subsection (1)* that the entity concerned could not have been compelled to produce to any court on the grounds of legal professional privilege does not constitute a waiver of that privilege.

**21**.— The Land and Conveyancing Law Reform Act 2009 is amended in section 74—

“(6) The disposal of any property, or interest in property, of IBRC (within the meaning of the *Irish Bank Resolution Corporation Act 2013*), and whether effected before or after the passing of the *Irish Bank Resolution Corporation Act 2013*, does not amount to a voluntary disposition or a conveyance of property.”.

**22**.— The Stamp Duties Consolidation Act 1999 is amended in section 108B(3)—

(*g*) for the transfer to the Central Bank of Ireland of securities issued under section 48 of the Act of 2009 for the purpose specified in subsection (2)(*b*) of that section.”.

**23**.— The Central Bank Act 1942 is amended in Part 2 of Schedule 2 by substituting the following for item 36:

“

”.

**24**.— The European Communities (Deposit Guarantee Schemes) Regulations 1995 (S.I. No. 168 of 1995) are amended in Regulation 18 by substituting “in relation to which a compensation event has occurred” for “which has become insolvent and is being wound up” in each place.

**25**.— This Act may be cited as the Irish Bank Resolution Corporation Act 2013.