Chapter 6: Credit Institutions Laws Flashcards
What is the capital required for an ACI?
The minimum capital of an ACI incorporated in the Republic is €5,000,000.
An acquirer should notify CBC and get approval for which limits of voting right limits are reached or exceeded?
Limits of 20%, 30% and 50%.
CBC goes to court for violation of confidential information. How has the defence managed to have the case dropped?
Because CBC is allowed by law to disclose aggregate statistics data on key aspects of the prudential framework in the Republic.
The CBC has demanded from an ACI to increase its share capital by a specific date. It has also imposed fines on each member of the Board of Directors. Why?
Because they did not convene an extraordinary general meeting (EGM) of shareholders.
The CBC has demanded from an ACI to increase its share capital by a specific date. It has also imposed fines on each member of the Board of Directors. How much is the fine?
Up to 100,000 euros each.
Every ACI must submit an electronic copy of its audited annual accounts for the year to the CBC. When is this due?
Within 4 months from the end of the year.
In the event the CBC decides to oppose an acquisition it will inform the acquirer within what time?
Two working days.
How much must an ACI’s economic value decline for CBC to put special measures in place?
By more than 20% of its own capital.
Every ACI has to submit a certified statement of its assets and liabilities at the end of the month to CBC. When is this due?
Within 15 days of the end of each month.
