Central Bank Act, 1989.

Deposit protection account and cesser of banking business where solvent.

57.—(1) Where the holder of a licence or a former holder of a licence ceases to carry on banking business in circumstances other than those provided for by section 58 (1), the Bank may retain the full amount, or such lesser amount as the Bank considers appropriate, of the holder's deposit in the deposit protection account until it is satisfied that all liability of that holder in respect of every person maintaining deposits with him have been or will be discharged in full.

(2) Every payment to which this section relates shall be charged on the deposit protection account in the general fund.