(LRC Revised)

Number 22 of 2014

STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014

REVISED

Updated to 20 July 2020

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

Strategic Banking Corporation of Ireland Act 2014

. 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

Financial Provisions (Covid-19) Act 2020

(4/2020), enacted 17 July 2020, and all statutory instruments up to and including

the

Financial Provisions (Covid-19) Act 2020 (Commencement) Order 2020

(S.I. No.

756 of 2020), made 20 July 2020, 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

22

of

2014

STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014

REVISED

Updated to 20 July 2020

CONTENTS

PART 1

Preliminary and General

Section

1. Short title and commencement

2. Purposes of Act

3. Definitions

4. Expenses

PART 2

Establishment of SBCI

5. Formation of Strategic Banking Corporation of Ireland

6. Formation of group entities

7. Memorandum and articles of association of SBCI

8. Functions of SBCI

9. Board of SBCI

10. SBCI’s relationship with NTMA

PART 3

Funding of SBCI

11. Share capital of SBCI

12. Alienation of shares by Minister

13. Borrowings by SBCI

14. Amendment of section 54 of Finance Act 1970 and First Schedule to National Treasury

Management Agency Act 1990

15. Directions by Minister to National Pensions Reserve Fund Commission

16. Maximum amount of State funding to SBCI

17. Payment of dividends

PART 4

Ministerial Guarantees

18. Minister may issue guarantees

PART 5

Procedures for Ensuring Public Accountability

19. Audit of accounts by Comptroller and Auditor General

20. Accountability to Committee of Public Accounts

PART 6

Miscellaneous

21. Certain persons not to be shadow directors

22. Disapplication of certain sections of Companies Acts

PART 7

Tax Exemptions

23. Tax exemptions

Acts Referred to

Central Bank Act 1971 (No. 24)

Companies (Amendment) Act 1983 (No. 13)

Companies Act 1963 (No. 33)

Companies Act 1990 (No. 33)

Companies Acts

Comptroller and Auditor General (Amendment) Act 1993 (No. 8)

Corporation Tax Acts

Credit Institutions (Stabilisation) Act 2010 (No. 36)

Finance Act 1970 (No. 14)

Finance Act 2003 (No. 3)

Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act

2009 (No. 7)

Irish Bank Resolution Corporation Act 2013 (No. 2)

National Asset Management Agency Act 2009 (No. 34)

National Pensions Reserve Fund Act 2000 (No. 33)

National Treasury Management Agency Act 1990 (No. 18)

Stamp Duties Consolidation Act 1999 (No. 31)

Taxes Consolidation Act 1997 (No. 39)

Number

22

of

2014

STRATEGIC BANKING CORPORATION OF IRELAND ACT 2014

REVISED

Updated to 20 July 2020

An Act to provide for the formation of a company to be known as the Strategic Banking

Corporation of Ireland to facilitate availing by it of national and international

sources of funding for the purposes of making credit available to enterprises and

to other persons in the State through the provision of credit to providers of credit

to enterprises and other persons; to allow the Minister for Finance to guarantee borrowings

of and provide funding to that company, to amend section 54 of the Finance Act 1970,

the First Schedule to the National Treasury Management Agency Act 1990, the Taxes

Consolidation Act 1997, the Stamp Duties Consolidation Act 1999 and the National Pensions

Reserve Fund Act 2000, and to provide for connected matters.

[26

th July

, 2014]

Be it enacted by the Oireachtas

as follows

CONTENTS

PART 1

Preliminary and General

Section

1. Short title and commencement

2. Purposes of Act

3. Definitions

4. Expenses

PART 2

Establishment of SBCI

5. Formation of Strategic Banking Corporation of Ireland

6. Formation of group entities

7. Memorandum and articles of association of SBCI

8. Functions of SBCI

9. Board of SBCI

10. SBCI’s relationship with NTMA

PART 3

Funding of SBCI

11. Share capital of SBCI

12. Alienation of shares by Minister

13. Borrowings by SBCI

14. Amendment of section 54 of Finance Act 1970 and First Schedule to National Treasury

Management Agency Act 1990

15. Directions by Minister to National Pensions Reserve Fund Commission

16. Maximum amount of State funding to SBCI

17. Payment of dividends

PART 4

Ministerial Guarantees

18. Minister may issue guarantees

PART 5

Procedures for Ensuring Public Accountability

19. Audit of accounts by Comptroller and Auditor General

20. Accountability to Committee of Public Accounts

PART 6

Miscellaneous

21. Certain persons not to be shadow directors

22. Disapplication of certain sections of Companies Acts

PART 7

Tax Exemptions

23. Tax exemptions

Number

22

of

2014