A Special Resolution Regime for Ireland: The Central Bank and Credit Institutions (Resolution) Act 2011
The Credit Institutions (Stabilisation) Act 2010 was an emergency piece of legislation which provided for the immediate restructuring of domestic Irish banks as required under the EU/IMF Programme for Ireland. In contrast, the Central Bank and Credit Institutions (Resolution) Act 2011 (the “Act”) provides for a permanent statutory regime under which the Central Bank of Ireland (the “Central Bank”) may exercise intervention powers when a relevant credit institution is in difficulty and which applies to banks irrespective of whether or not they have received financial support from the State. It was signed into law on 20 October 2011 and has been commenced on 28 October 2011.
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