Asset Covered Securities Bill 2001

Public bill · Government · Presented

The measure would create a regulated framework for banks and other authorised credit institutions to issue asset-covered securities, helping them raise money from investors. These securities would be backed by dedicated pools of assets, such as home and commercial mortgages or loans to governments and public bodies, which would have to remain valuable enough to cover repayments. The Central Bank would approve and supervise participating institutions, require independent monitors, control what assets could be included, and be able to intervene if an institution breached the rules or faced financial trouble. Investors would receive strong protection if an institution became insolvent: the dedicated assets would be kept separate and used first to meet their claims. The measure would also amend rules for building societies, taxation, company offers and the National Treasury Management Agency.

Formal long title

Bill entitled an Act to facilitate the establishment and operation of a market in Asset Covered Securities, and to amend the Building Societies Act, 1989 and certain other enactments, and to provide for related matters

Last updated 12 April 2018