(LRC Revised)

Number 27 of 2011

CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

REVISED

Updated to 30 September 2025

Changes to legislation

as of 10 July 2026, this Act is up to date with all changes known to be in force.

This Revised Act is an administrative consolidation of the

Central Bank and Credit Institutions (Resolution) Act 2011

. It is prepared by the Law Reform Commission in accordance with its function under

the

Law Reform Commission Act 1975

(3/1975) to keep the law under review and to undertake revision and consolidation

of statute law.

All Acts up to and including the

Statute Law Revision Act 2025

(10/2025), enacted 23 July 2025, and all statutory instruments up to

and including the

Credit Institutions Resolution Fund Levy (Amendment) Regulations 2025

(S.I. No. 465 of 2025), made 30 September 2025, were considered in the

preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act,

the Law Reform Commission can assume no responsibility for and give no guarantees,

undertakings or warranties concerning the accuracy, completeness or up to date nature

of the information provided and does not accept any liability whatsoever arising from

any errors or omissions. Please notify any errors, omissions and comments by email

to revisedacts@lawreform.ie.

Number

27

of

2011

CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

REVISED

Updated to 30 September 2025

ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

1. Short title, collective citation and commencement.

2. Interpretation.

3. References to certain credit institutions.

4. Purposes of Act.

PART 2

General matters in relation to resolution powers

5. Responsibility for exercise of functions of Bank under this Act.

6. Independence of Bank and Governor not affected.

7. Minister and Bank to have regard to European Union law.

8. Bank to cooperate with relevant authorities outside State.

9. Intervention conditions.

PART 3

Credit Institutions Resolution Fund

10. Credit Institutions Resolution Fund.

11. Management and administration of Fund.

11A. Accounts and audit.

12. Minister may contribute to Fund.

13. Authorised credit institutions to contribute to Fund.

14. Offence in relation to Fund.

15. Regulations in relation to Fund.

16. Minister to consult Bank in certain circumstances.

PART 4

Bridge-banks

17. Bank’s power to establish bridge-banks.

18. Bridge-bank may carry on banking business.

19. Regulations in relation to bridge-banks.

PART 5

Transfer of assets and liabilities

20. Interpretation (

Part 5

).

21. Preconditions for making a proposed transfer order.

22. Bank’s power to impose requirements.

23. Bank may disclose information to potential transferee.

24. Directors’ duties where Bank imposes requirements on authorised credit institutions.

25. Bank not to be director, etc.

26. Proposed transfer order — written notice.

27. Transferor not to dispose of assets, liabilities.

28. Transfers to be at market value.

29. Proposed transfer order — contents.

30. Hearing of application for transfer orders — procedure.

31. Publication of transfer orders.

32. Application to vary transfer order.

33. Application to vary transfer order where transferee is bridge-bank.

34. Application to set aside transfer order.

35. Application by creditor for permission to apply for compensation.

36. Appointment of Assessor.

37. Expenses, etc., of Assessor and engagement of staff.

38. Applications to Assessor.

39. Submissions to Assessor.

40. Determination of fair and reasonable compensation.

41. Circulation of draft report for comment.

42. Report by Assessor.

43. Review of determination of compensation, etc.

44. Limitation of judicial review of the Assessor’s determination.

45. Content of transfer order.

46. Provision of financial incentive to transferee.

47. Repayment of financial incentive.

48. Procedure if transferor disputes consideration for assets and liabilities.

49. Effect of transfer order — general.

50. Effect of transfer order in relation to securities.

51. Transfer of foreign assets and liabilities.

52. Application of Bankers’ Books Evidence Acts 1879 to 1989.

53. Stamp duty.

PART 6

Special management

54. Interpretation (

Part 6

).

55. Preconditions for making a proposed special management order.

56. Proposed special management order — written notice.

57. Proposed special management order — contents.

58. Hearing of application for special management orders — procedure.

59. Publication of special management orders.

60. Application to vary special management order.

61. Application to set aside special management order.

62. Content of special management order.

63. Terms of appointment.

64. Remuneration, etc., of special managers.

65. Resignation and vacancy in office, etc.

66. Effect of special management order — general.

67. Functions of special managers.

68. Performance of functions of special managers.

69. Effect of appointment of special manager.

70. Powers of special manager to remove officers, employees and others.

71. Relationship between special manager and directors.

72. Special manager not to be director, etc.

73. Extension of special management.

74. Termination of special management.

PART 7

Bank’s powers in liquidation of [designated credit institutions]

75. Interpretation (

Part 7

).

76. Application of Companies Acts to winding-up of authorised credit institutions.

77. Bank may petition to have authorised credit institution wound up, etc.

78. Bank’s role in winding-up authorised credit institutions.

79. Liquidators of authorised credit institutions.

80. Objectives of liquidator of authorised credit institution.

81. Bank may make money available.

82. Payments from deposit protection account to be debts due to Bank.

83. Liquidation committee — establishment.

84. Liquidation committee — functions.

85. Liquidation committee — procedure.

86. Functions of Bank after liquidation committee ceases to exist.

87. Achievement of Objective 1.

88. Transfer of accounts.

89. Modifications to Companies Acts in winding-up of authorised credit institutions.

90. Application of this Part to bodies incorporated outside State.

PART 8

Recovery plans and resolution plans

91. Recovery plans.

92. Implementation of recovery plans.

93. Resolution plans.

94. Offences.

PART 9

Miscellaneous

95. Effect of CIWUD Directive.

96. Application of certain laws in relation to transfers, etc., of credit institutions.

97. Proposed orders, etc., to be kept in confidence.

98. Costs incurred in relation to making orders, etc.

99. Confidentiality of proceedings.

100. Effect of orders on certain other obligations.

101. Limitation of operation of

section 100

.

102. Limitation of judicial review.

103. Limitation of certain rights of appeal to Supreme Court.

104. Application of laws in relation to netting agreements, etc.

105. Saving of legal proceedings, etc.

106. Codes of practice.

107. Guidelines on Bank’s exercise of functions under this Act, etc.

108. Relationship framework between Minister and Bank.

109. Regulations.

PART 10

Amendment of other enactments and statutory instruments

110. Amendments of Acts.

111. Amendments of statutory instruments.

SCHEDULE 1

Powers to Require Persons to Give Evidence or Produce Documents

SCHEDULE 2

Amendments of Acts

PART 1

Amendments of Act of 1942

PART 2

Amendment of Central Bank Act 1989

PART 3

Amendments of Credit Union Act 1997

PART 4

Amendments of Land and Conveyancing Law Reform Act 2009

PART 5

Amendments of Act of 2010

SCHEDULE 3

Amendments of statutory instruments

PART 1

Amendment of European Communities (Financial Collateral Arrangements) Regulations

2010

PART 2

Amendments of Regulations of 2011

Acts Referred to

Agricultural Co-operative Societies (Debentures) Act 1934

1934, No. 39

Agricultural Credit Act 1978

1978, No. 2

Asset Covered Securities Act 2001

2001, No. 47

Bankers’ Books Evidence Acts 1879 to 1989

Bills of Sale (Ireland) Acts 1879 and 1883

Building Societies Act 1989

1989, No. 17

Central Bank Act 1942

1942, No. 22

Central Bank Act 1971

1971, No. 24

Central Bank Act 1989

1989, No. 16

Central Bank and Financial Services Authority of Ireland Act 2003

2003, No. 12

Central Bank and Financial Services Authority of Ireland Act 2004

2004, No. 21

Central Bank Acts 1942 to 2010

Central Bank Reform Act 2010

2010, No. 23

Companies (Amendment) Act 1990

1990, No. 27

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Companies Acts

Competition Act 2002

2002, No. 14

Credit Institutions (Financial Support) Act 2008

2008, No. 18

Credit Institutions (Stabilisation) Act 2010

2010, No. 36

Credit Union Act 1997

1997, No. 15

Financial Services (Deposit Guarantee Scheme) Act 2009

2009, No. 13

European Communities Act 1972

1972, No. 27

Land and Conveyancing Law Reform Act 2009

2009, No. 27

Local Government Act 2001

2001, No. 37

Netting of Financial Contracts Act 1995

1995, No. 25

Patents Act 1992

1992, No. 1

Registration of Deeds and Title Acts 1964 and 2006

Registration of Title Act 1964

1964, No. 16

Statutory Instruments Act 1947

1947, No. 44

Taxes Consolidation Act 1997

1997, No. 39

Trade Marks Act 1996

1996, No. 6

Unfair Dismissals Acts 1977 to 2007

Number

27

of

2011

CENTRAL BANK AND CREDIT INSTITUTIONS (RESOLUTION) ACT 2011

REVISED

Updated to 30 September 2025

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.

[20

th October

, 2011]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS

Annotations

Modifications (not altering text)

C1

Application of collectively cited

Central Bank Acts

restricted (15.07.2015) by

European Union (Bank Recovery and Resolution) Regulations 2015

(S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

Effect of special management.

119. ...

(2) The special management of the institution under resolution has effect notwithstanding

anything in—

(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,

(b) any other rule of law or equity,

(c) any code of practice made under an enactment,

...

Annotations

Modifications (not altering text)

C1

Application of collectively cited

Central Bank Acts

restricted (15.07.2015) by

European Union (Bank Recovery and Resolution) Regulations 2015

(S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

Effect of special management.

119. ...

(2) The special management of the institution under resolution has effect notwithstanding

anything in—

(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,

(b) any other rule of law or equity,

(c) any code of practice made under an enactment,

...

ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

1. Short title, collective citation and commencement.

2. Interpretation.

3. References to certain credit institutions.

4. Purposes of Act.

PART 2

General matters in relation to resolution powers

5. Responsibility for exercise of functions of Bank under this Act.

6. Independence of Bank and Governor not affected.

7. Minister and Bank to have regard to European Union law.

8. Bank to cooperate with relevant authorities outside State.

9. Intervention conditions.

PART 3

Credit Institutions Resolution Fund

10. Credit Institutions Resolution Fund.

11. Management and administration of Fund.

11A. Accounts and audit.

12. Minister may contribute to Fund.

13. Authorised credit institutions to contribute to Fund.

14. Offence in relation to Fund.

15. Regulations in relation to Fund.

16. Minister to consult Bank in certain circumstances.

PART 4

Bridge-banks

17. Bank’s power to establish bridge-banks.

18. Bridge-bank may carry on banking business.

19. Regulations in relation to bridge-banks.

PART 5

Transfer of assets and liabilities

20. Interpretation (

Part 5

).

21. Preconditions for making a proposed transfer order.

22. Bank’s power to impose requirements.

23. Bank may disclose information to potential transferee.

24. Directors’ duties where Bank imposes requirements on authorised credit institutions.

25. Bank not to be director, etc.

26. Proposed transfer order — written notice.

27. Transferor not to dispose of assets, liabilities.

28. Transfers to be at market value.

29. Proposed transfer order — contents.

30. Hearing of application for transfer orders — procedure.

31. Publication of transfer orders.

32. Application to vary transfer order.

33. Application to vary transfer order where transferee is bridge-bank.

34. Application to set aside transfer order.

35. Application by creditor for permission to apply for compensation.

36. Appointment of Assessor.

37. Expenses, etc., of Assessor and engagement of staff.

38. Applications to Assessor.

39. Submissions to Assessor.

40. Determination of fair and reasonable compensation.

41. Circulation of draft report for comment.

42. Report by Assessor.

43. Review of determination of compensation, etc.

44. Limitation of judicial review of the Assessor’s determination.

45. Content of transfer order.

46. Provision of financial incentive to transferee.

47. Repayment of financial incentive.

48. Procedure if transferor disputes consideration for assets and liabilities.

49. Effect of transfer order — general.

50. Effect of transfer order in relation to securities.

51. Transfer of foreign assets and liabilities.

52. Application of Bankers’ Books Evidence Acts 1879 to 1989.

53. Stamp duty.

PART 6

Special management

54. Interpretation (

Part 6

).

55. Preconditions for making a proposed special management order.

56. Proposed special management order — written notice.

57. Proposed special management order — contents.

58. Hearing of application for special management orders — procedure.

59. Publication of special management orders.

60. Application to vary special management order.

61. Application to set aside special management order.

62. Content of special management order.

63. Terms of appointment.

64. Remuneration, etc., of special managers.

65. Resignation and vacancy in office, etc.

66. Effect of special management order — general.

67. Functions of special managers.

68. Performance of functions of special managers.

69. Effect of appointment of special manager.

70. Powers of special manager to remove officers, employees and others.

71. Relationship between special manager and directors.

72. Special manager not to be director, etc.

73. Extension of special management.

74. Termination of special management.

PART 7

Bank’s powers in liquidation of [designated credit institutions]

75. Interpretation (

Part 7

).

76. Application of Companies Acts to winding-up of authorised credit institutions.

77. Bank may petition to have authorised credit institution wound up, etc.

78. Bank’s role in winding-up authorised credit institutions.

79. Liquidators of authorised credit institutions.

80. Objectives of liquidator of authorised credit institution.

81. Bank may make money available.

82. Payments from deposit protection account to be debts due to Bank.

83. Liquidation committee — establishment.

84. Liquidation committee — functions.

85. Liquidation committee — procedure.

86. Functions of Bank after liquidation committee ceases to exist.

87. Achievement of Objective 1.

88. Transfer of accounts.

89. Modifications to Companies Acts in winding-up of authorised credit institutions.

90. Application of this Part to bodies incorporated outside State.

PART 8

Recovery plans and resolution plans

91. Recovery plans.

92. Implementation of recovery plans.

93. Resolution plans.

94. Offences.

PART 9

Miscellaneous

95. Effect of CIWUD Directive.

96. Application of certain laws in relation to transfers, etc., of credit institutions.

97. Proposed orders, etc., to be kept in confidence.

98. Costs incurred in relation to making orders, etc.

99. Confidentiality of proceedings.

100. Effect of orders on certain other obligations.

101. Limitation of operation of

section 100

.

102. Limitation of judicial review.

103. Limitation of certain rights of appeal to Supreme Court.

104. Application of laws in relation to netting agreements, etc.

105. Saving of legal proceedings, etc.

106. Codes of practice.

107. Guidelines on Bank’s exercise of functions under this Act, etc.

108. Relationship framework between Minister and Bank.

109. Regulations.

PART 10

Amendment of other enactments and statutory instruments

110. Amendments of Acts.

111. Amendments of statutory instruments.

SCHEDULE 1

Powers to Require Persons to Give Evidence or Produce Documents

SCHEDULE 2

Amendments of Acts

PART 1

Amendments of Act of 1942

PART 2

Amendment of Central Bank Act 1989

PART 3

Amendments of Credit Union Act 1997

PART 4

Amendments of Land and Conveyancing Law Reform Act 2009

PART 5

Amendments of Act of 2010

SCHEDULE 3

Amendments of statutory instruments

PART 1

Amendment of European Communities (Financial Collateral Arrangements) Regulations

2010

PART 2

Amendments of Regulations of 2011