Central Bank Act, 1989.

Effect of payment by Bank under section 60 .

61.—(1) Where the Bank has made or becomes liable to make a payment under section 60 to persons maintaining eligible deposits, then as regards the amount of the payment in respect of each such person that amount shall be admitted by the Court (or, in the case of a voluntary winding up, by the liquidator) as a proved debt due to the Bank and the Bank shall have the same priority as would be enjoyed by the person were no such amount paid or payable.

(2) In distributing any relevant assets, the liquidator concerned shall pay to the Bank any dividend which would have been payable to a person to whom subsection (1) relates and, accordingly, the person concerned shall not be entitled to such a dividend or any part thereof until the Bank has been paid by the liquidator the full amount paid to that person by the Bank and to which subsection (1) relates.