Central Bank and Credit Institutions (Resolution) (No.2) Bill 2011

Public bill · Government · Presented

Creates a framework for dealing quickly with failing or likely-to-fail banks, while protecting depositors, essential banking services, financial stability and the State’s finances. It gives the Central Bank powers, subject to High Court orders, to transfer a bank’s assets and liabilities to another institution or a temporary “bridge bank”, appoint a special manager, or oversee a wind-up. Banks would help fund a resolution fund, and would have to prepare recovery plans; the measures also prioritise paying protected depositors and allow their accounts to be transferred to another bank.

Formal long title

Bill entitled an Act to make provision for an effective and expeditious resolution regime for certain credit institutions at the least cost to the State; to amend certain enactments; and for related matters

Last updated 12 April 2018