Dáil debates
Wednesday, 12 October 2011
Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011: Report and Final Stages
1:00 pm
Michael Noonan (Limerick City, Fine Gael)
I move amendment No. 18:
In page 87, between lines 43 and 44, to insert the following:
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| 34 | New section | After section 33, insert:"Relevant institution not to dispose of assets, liabilities.33A.—(1) Unless the Minister provides prior written consent, a relevant institution shall not dispose of any asset or liability which is to be transferred under a transfer order, except in the ordinary course of its business, during the period beginning with the delivery of the written notice under subsection (4) of section 33, or the date on which the relevant institution otherwise becomes aware of the proposed transfer order as part of the process of seeking its consent under that subsection, whichever is the earlier, and ending on the date of effect of the transfer order under section 34(7).(2) The officers and employees of a relevant institution shall comply with subsection (1).(3) If the Minister is of the opinion that a relevant institution is in breach of subsection (1) or has taken steps that would likely lead to such a breach, the Minister may apply exparte to the Court for an order compelling compliance with that subsection.". |
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