On the Irish Bank Resolution Corporation Bill 2013

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With reference to Article 6(3) of Directive 98/26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems and Regulation 8(4) of the European Communities (Settlement Finality) Regulations 2010 (SI No. 624 of 2010), please be informed that on 7 February 2013,  the Irish Bank Resolution Corporation Bill 2013 (the “Act”) was enacted to provide a framework for the winding up of the Irish Bank Resolution Corporation Limited (in liquidation) (“IBRC”).  The Irish Minister for Finance has, pursuant to the Act, made a special liquidation order on 7 February 2013 (the “Order”).  Pursuant to the Act, insolvency proceedings in respect of the Irish Bank Resolution Corporation Limited are deemed to have commenced at the time that the Order was made.

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