S.I. No. 205/1989:

CENTRAL BANK ACT (APPROVAL OF SCHEME OF CREDIT FINANCE BANK PLC AND ALLIED IRISH FINANCE COMPANY LIMITED) ORDER, 1989.

CENTRAL BANK ACT (APPROVAL OF SCHEME OF CREDIT FINANCE BANK PLC AND ALLIED IRISH FINANCE COMPANY LIMITED) ORDER, 1989.

WHEREAS Credit Finance Bank PLC (in this Order referred to as the Transferor), having its office at 12/13 South William Street, in the City of Dublin, and being the holder of a licence, has agreed with Allied Irish Finance Company Limited (in this Order referred to as the Transferee), having its registered office at Bankcentre, Ballsbridge, in the city of Dublin, and being the holder of a licence, to transfer to the Transferee the business to which the licence of the Transferor relates;

AND WHEREAS on the 25th day of May, 1989, the Transferor and the Transferee submitted to the Minister for his approval a scheme for the transfer (in this Order referred to as the Scheme) made by the Transferor and the Transferee on the 22nd day of May, 1989;

NOW I, ALBERT REYNOLDS, Minister for Finance, after consultation with the Central Bank of Ireland, and, in respect of paragraphs 4 to 8 of this Order, at the request of the Transferor and the Transferee, hereby, in exercise of the powers conferred on me by section 33 of the Central Bank Act, 1971 (No. 24 of 1971), order as follows:

1. This Order may be cited as the Central Bank Act (Approval of Scheme of Credit Finance Bank PLC and Allied Irish Finance Company Limited) Order, 1989.

2. In this Order:

"the Minister" means the Minister for Finance;

"the transfer date" means the 11th day of October, 1989, or such other day or days, not being earlier than the 11th day of October, 1989, as may be fixed by the Transferor and the Transferee by agreement in writing executed under their respective seals.

3. The Scheme is hereby approved of.

4. All books and other documents which would before the transfer date have been evidence in respect of any matter for or against the Transferor shall be admitted in evidence in respect of the same matter for or against the Transferee.

5. (a) The Bankers' Books Evidence Acts, 1879 to 1989, shall continue to apply with respect to any books of the Transferor transferred to the Transferee in connection with the business agreed to be transferred and to entries made in those books before the transfer date as if such books were the books of the Transferee.

(b) For the purpose of section 4 of the Bankers' Books Evidence Act, 1879, any book to which that Act applies by virtue of subparagraph (a) of this paragraph shall, on being proved to be in the custody of the Transferee, be deemed to be one of the ordinary books of the Transferee and any entry therein purporting to have been made before the transfer date shall be deemed to have been made in the ordinary course of business.

(c) In this paragraph "books" has the same meaning as "bankers' books" in the Bankers' Books Evidence Acts, 1879 to 1989.

6. (a) The Transferor shall, at the request of the Transferee, execute all instruments and do all such acts as may be necessary to transfer the property vested immediately before the transfer date in the Transferor as trustee, executor, guardian or in any other fiduciary capacity (as the case may be) to and vest the same in the Transferee in the same capacity, upon the trusts and with and subject to the powers, provisions, liabilities and obligations applicable thereto respectively.

(b) The Transferee shall be entitled to remuneration and to act as trustee, executor, guardian or in any other fiduciary capacity (as the case may be) at the same scale of fees and upon and subject to the same terms and conditions as were applicable to the Transferor immediately before the transfer date.

7. Any contract of guarantee, indemnity or other contract of suretyship undertaken by the Transferor with any person in the course of or incidental to the banking business of the Transferor shall be transferred or deemed to have been transferred to the Transferee on the transfer date and shall become as and from that date a contract between the Transferee and that person with the same rights and subject to the same obligations and incidents (including rights of set-off) as would have been applicable thereto if such contract between the Transferor and such person had continued and any order, instruction, direction, mandate or authority given, whether before or after that date, by that person in relation to any such contract and subsisting at the transfer date shall apply and have effect after the transfer of such contract to the Transferee as aforesaid and any monies due and owing by such person to the Transferor at that date under or by virtue of any such contract shall become due and payable by that person to the Transferee instead of the Transferor.

8. The title of the Transferor to its leasehold premises shall vest in the Transferee upon the transfer date without any further assurance.

9. Paragraphs 4 to 8 of this Order shall come into operation on the transfer date.

GIVEN under my Official Seal this 10th day of August, 1989.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

This Order approves the transfer of banking business of Credit Finance Bank plc., to Allied Irish Finance Co. Ltd, in accordance with a transfer scheme submitted by both banks. The effect of the Order is that sections 34 to 37 and 39 to 42 of the Central Bank Act, 1971 will apply to the transfer. The Order also makes provision for matters arising from and incidental to the transfer.