CRD Welcome Package

(c) the Bank has sold or otherwise disposed of the property, assets and undertakings of the financial institution.

(3) Upon publication of a notification issued under sub-paragraph (1) (sic) and subject to such conditions as may be specified therein, all property not sold or otherwise disposed of by the Bank and all powers of control over the affairs of the financial institution vested in the Bank by or in consequence of the previous notification published under Article 5B shall vest in the financial institution if it still subsists as a corporate entity and be deemed to have been transferred from the Bank to the financial institution. (4) Where the Bank has, in pursuance of article 5B, assumed control of a financial institution, the High Court may, upon the application of the directors of the financial institution, acting independently of the Bank, if it is satisfied that it is no longer necessary for the protection of the depositors or creditors of the financial institution, that the Bank should remain in control of the business of that financial institution, order that the Bank cease to control the business of that financial institution as from a date specified in the Order.

(Am 2015) 5F public interest.

(1)

In any court proceedings under this Agreement, the Court shall take into consideration the

(2)

In considering the public interest, the Court shall have regard to: (a)

the critical importance of financial stability to the public interest;

(b)

the importance of permitting the Central Bank to discharge its functions in an expeditious and efficient manner in the interest of maintaining financial stability.

(3) Any action under this Agreement by the Central Bank, official administrator or receiver that is the subject of any court proceedings shall be allowed to continue unrestricted notwithstanding the challenge or review before the Court.

(4)

Subject to paragraph (4) of Article 5E, where the Court is satisfied in any proceedings

under this Agreement that:

(a)

a remedy in damages is available to the person who seeks relief; and

(b)

it would be just in all the circumstances, having regard to the public interest, to limit relief to an award of damages, the Court shall limit relief in such proceedings to an award of damages.

18