Central Bank and Credit Institutions (Resolution) Act 2011
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PART 3 Credit Institutions Resolution Fund | ||
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Credit Institutions Resolution Fund. |
10.— (1) A fund, to be known as the Credit Institutions Resolution Fund and referred to in this Act as “the Fund”, is established. | |
(2) The purpose of the Fund is to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, an authorised credit institution, and in particular— | ||
(a) to reimburse the Minister for any provision of a financial incentive pursuant to section 46 , | ||
(b) to provide funds for any payment required pursuant to section 37 (1), 42 (5), 48 or 98 , | ||
(c) with the written consent of the Minister, to provide capital for a bridge-bank, and | ||
(d) to meet the Bank’s expenses in discharging its functions under this Act. | ||
(3) The Fund shall be constituted by— | ||
(a) the contributions made by authorised credit institutions pursuant to section 13 , | ||
(b) any sums paid into it by the Minister pursuant to section 12 , | ||
(c) any assets of a bridge-bank transferred to it pursuant to section 17 (6), and | ||
(d) interest on those sums, contributions and assets. | ||
(4) The Bank shall not provide any funds to the Fund from its own resources. |