The Minister for Finance has today published the Central Bank and Credit Institutions (Resolution) (No.2) Bill 2011 (the No.2 Bill) which provides for the Central Bank with the necessary powers to deal swiftly with distressed credit institutions. The No.2 Bill is substantially the same as the Cental Bank and Credit Institutitons (Resolution) Bill 2011 which was initiated in the Seanad last March but which lapsed upon the dissolution of the Seanad.
Click here for our previous client article. The No.2 Bill has now been initiated in the Dail and is expected to go to the Second Stage in the coming weeks. We will keep you updated on all significant developments.