CRD Welcome Package

conformity with the procedures set out in Part X.

Audited accounts, and conclusion of liquidation 164. (1)

When all assets have been distributed in accordance with the provisions of this Act, the licensed financial institution or licensed financial holding company shall render an audited account to the Central Bank.

(2) Upon approval of this account the Central Bank shall notify the Registrar of Companies which shall proceed to terminate the legal existence of the licensed financial institution or licensed financial holding company as a company.

Review of bank resolutions under Parts IX or X 165. (1) After completion of an official administration under Part IX or a receivership under Part X (a resolution action), the Central Bank shall conduct a review to ascertain why the licensed financial institution’s or licensed financial holding company's problems required a resolution action under either of those Parts. (2) The Central Bank shall prepare a written report that describes in detail the circumstances leading to the resolution action, the actions taken by the Central Bank prior to action under Part IX or Part X to address any problems, the reasons why those actions did not succeed in preventing the need for resolution.

(3) The Central Bank shall lay a copy of the report before the Monetary Council.

Non-application of Companies Act 166. The provisions of the Companies Act or any law on or relating to company bankruptcy, reorganization, insolvency or liquidation shall not apply to the liquidation of a licensed financial institution under this Act.

120