The Central Bank and Credit Institutions (Resolution) (No.2) Act 2011 was passed on 20 October, which Act provides the Central Bank with powers to manage and resolve distressed finanical institutions. There are a number of amendments to the Bill as enacted. Some of these amendments are detailed in the attached Opinion of the European Central Bank. A further commentary on the amendments will be circulated in the coming weeks.
For link to ECB Opinion, please click here.
For link to Client Alert 15 March 2011 on the Central Bank and Credit Insititutions (Resolution) Bill 2011, please click here.