Central Bank Act, 1989.

Crediting of moneys to deposit protection account, distributions, etc.

69.—(1) In addition to amounts representing deposits maintained under section 55 (including amounts duly lodged for the purpose of section 67 (3)) there shall be credited to the deposit protection account any sum paid to the Bank,

(a) by a liquidator for the purposes of section 61 , or

(b) in respect of the repayment of the principal of any moneys provided by virtue of section 66 or of any interest thereon,


(c) which, in its opinion, ought to be lodged to that account.

(2) Where any sum has been credited to the deposit protection account in accordance with subsection (1) it shall—

(a) in the first instance be applied towards repayment of any liability to the Bank charged or chargeable to that account, and

(b) subject to subsection (3), thereafter be distributed (whether by way of payment or by reducing the amount to be lodged on a reconstitution of that account under section 67 ) among the holders of licences in proportion to the amounts by which each of their deposits were affected by the liability to which the said sum so relates.

(3) Where any sum distributable under subsection (2) relates to a deposit (at any time) in the deposit protection account by a former holder of a licence which has been wound up, then such sum shall—

(a) accrue to the Bank unless, upon ceasing to carry on that business, that former holder's banking business was amalgamated with or transferred to another holder of a licence, in which case it shall accrue to that other holder, or

(b) where the provisions of this subsection also primarily apply to that other holder (being also a former holder at the time of the relevant distribution), be traced through that other former holder and any other former holders until it accrues to either the Bank or a holder of a licence at that said time.

(4) Whenever any sum accrues to the Bank by virtue of subsection (3), the Bank may, if it thinks proper so to do, waive, in whole or in part and in favour of such person and upon such terms as it thinks proper having regard to all the circumstances of the case, the right of the Bank to such sum or such part thereof.