Having regard to the nature of the business of the institution, the Central Bank may direct it to prepare a recovery plan setting out actions that can be taken to facilitate the continuation of the business or part of the business of the credit institution in a case where it has experienced the financial instability.\u00a0 The plan is not to assume financial support that may available from the State or fund.<\/p>\n
A recovery plan is to be in accordance with codes of practice issued by the Central Bank.\u00a0 The bank may direct the authorised credit institution to implement its recovery plan or any part of it as it considers desirable or necessary.<\/p>\n
Proposed orders under the legislation are to be kept confidential.\u00a0 Costs incurred are to be ultimately owed by the credit institutions in so far as possible.\u00a0 The court may order that proceedings are held otherwise than in public and that proceedings are kept confidential.<\/p>\n
Where orders are made under the legislation or requirements imposed which would cause any legal consequence whether contractual, proprietary or otherwise notwithstanding the available provision or agreement, the order or matters required are to be valid and interests and rights of third parties or liabilities are not to be exercisable.<\/p>\n
If the Minister is of the view that the effect of the above is unduly onerous or causes unfairness or undue hardship he may after consultation with the Central Bank provide for the modification of these consequences.<\/p>\n
A special management order may be made even though the making of the order would have the effect of reducing the rights enjoyed by subordinate creditors before the order.\u00a0\u00a0Consideration may be given to the date upon which subordinated liabilities were acquired.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
Special Management Order Courts may make a special management order appointing a special manager to a credit institution meeting certain criteria.\u00a0 The intervention conditions must be fulfilled, and a special management order must be necessary in the circumstances. Before making a special management order proposal, the Central Bank has to give written notice to the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[49],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/634"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=634"}],"version-history":[{"count":4,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/634\/revisions"}],"predecessor-version":[{"id":638,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/634\/revisions\/638"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}