The Financial Measures (Miscellaneous Provisions) Act 2009 was signed into law on 26 June 2009 and all of its provisions are in effect from that date. The Act contains a range of miscellaneous financial provisions including:

  • Subject to Oireachtas approval, it provides for the extension of the guarantee contained in the Credit Institutions (Financial Support) Act 2008, beyond the current expiry date of 29 September 2010.
  • Amendment of the Credit Institutions (Financial Support) Act 2008 to facilitate longer-term debt issuance by participating institutions of up to 5 years maturity in accordance with the Minister’s Supplementary Budget Statement on 7 April.
  • A technical provision to provide legal certainty that all existing direct debit mandates (over 100 million a year) will continue to have effect when transferred from the Irish direct debit scheme to the new Single European Payments scheme from the beginning of November onwards.
  • A provision for the transfer of the certain pension fund assets from universities and certain State Bodies to the National Pension Reserve Fund, as provided for in the Supplementary Budget.
  • A provision making technical amendments to the Prospectus Directive Regulations 2005 and the Investment Funds, Companies and Miscellaneous Provisions Act 2005 in order to protect the Exchequer by removing the requirement to take responsibility for, and legal liability on the Minister for Finance as guarantor of certain debt securities in relation to the accuracy of, information contained in prospectuses that relate to such securities.
  • An amendment to the Central Bank Act 1989 to clarify that any acquisition coming within the scope of the Directive 2007/44/EC on the Prudential Assessment of Acquisitions in the Financial Sector will not also be subject to the provisions of that Act.
  • Amendments to the Insurance (No 2) Act 1983 and the Insurance Act 1989 to allow the Financial Regulator to present a petition to the High Court for the administration life and reinsurance companies.
  • A technical amendment to the Netting of Financial Contracts Act 1995 that clarifies the application of that Act for netting agreements where one party to the agreement has created a security interest in favour of a third party.