S.I. No. 175/2001 - Trustee Savings Banks Act, 1989 (Section 57) (Tsb Bank) Order, 2001

1. Subject to the Central Bank Acts (as modified by section 57 (11) of the Principal Act), the name of the transferee, the holding company and any subsidiary thereof may include “TSB” or “TSB Bank” only in conjunction with one or more than one other word or acronym (other than “bank”, “banker”, “banking”, “company”, “corporation”, “limited”, “public limited company” or any word which is a variant, derivative, transaction or abbreviation of or is analogous to any of those words).

2. Subject to the Central Bank Acts (as modified by section 57 (11) of the Principal Act), each of the transferee, the holding company and any subsidiary thereof may trade as “TSB” or “TSB Bank” provided that, save in respect of the holding company, if any of its business letters, statements of account, notices and other official publications, contracts and forms of agreement mentions “TSB” or “TSB Bank” on its own, such acronym or phrase must be accompanied in legible characters reasonably prominent by the words “a subsidiary of .......”, identifying the holding company.

3. Any trade mark, registered design or other intellectual property in respect of “TSB” or “TSB Bank” shall not be registered except in the name of the transferee, the holding company or a subsidiary thereof and the transferee, the holding company and any such subsidiary shall not dispose of or license the use of the same or any goodwill associated with “TSB” or “TSB Bank”, without (in any case) the prior consent in writing of the Minister.

4. Save in respect of the holding company, for so long as the name of the transferee or any subsidiary of the holding company includes “TSB” or “TSB Bank” there shall be no disposal of a majority of the equity share capital or the shares carrying voting rights in such company without the prior consent in writing of the Minister.

5. The foregoing conditions shall be binding on the transferee, the holding company and each of the subsidiaries thereof.

GIVEN under my Official Seal,

this 20

th

day of April, 2001

CHARLIE McCREEVY

Minister for Finance

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation)

This order is required under Section 57 of the

Trustee Savings Banks Act, 1989

(as amended by the

Trustee Savings Bank (Amendment) Act, 2001

) to authorise the reorganisation of a trustee savings bank. In this case, it is required to facilitate the sale of TSB Bank to Irish Life and Permanent plc. The proposal from the Trustees of TSB Bank formally requested the reorganisation of the Bank which involves selling the assets and transferring the liabilities of the Bank to the Irish Life and Permanent Group.

In authorising the reorganisation of TSB Bank into Irish Life and Permanent plc, the Order provides for the sale of assets and transfer of liabilities of TSB Bank to Irish Life and Permanent plc, it provides for the transfer and sale of shares received by the Trustees to the ESOT, it provides for the payment of the proceeds received by the Trustees of the sale to the Minister for Finance, it provides that the Trustees shall prepare and submit audited financial statements for the final period of TSB Bank as a trustee savings bank, it provides that the Trustees shall vacate office on a date to be determined by the Minister and it permits the use of “TSB” or “TSB Bank” by Irish Life and Permanent plc subject to the conditions set out in the schedule.

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 57 (inserted by the

Trustee Savings Banks (Amendment) Act, 2001

(No. 6 of 2001)) of the

Trustee Savings Banks Act, 1989

(No. 21 of 1989), after consultation with the Central Bank with respect to Articles 3(8) and 3(9) of the following Order, hereby make the following Order, with respect to which, pursuant to section 57(15) of that Act, a draft has been laid before each House of the Oireachtas and a resolution approving of the draft has been passed by each such House

CITATION