Section 71, The Banking Act, 2019

(1) The Central Bank may carry out the restructuring of abank, including the merger, transfer and sale of a bank's assets and liabilities, without the approval of its creditors or shareholders. (2) The Central Bank shall transfer the assets and liabilities to a bridge institution, asset management vehicle or any other institution appointed by the Central Bank for a temporary period, for the purpose of acquiring, managing or disposing of assets and liabilities of a bank undergoing restructuring under subsection (1) as part of the resolution of that bank. (3) The Central Bank may by statutory instrument, make regulations setting out the requirements for licensing bridge institutions, asset management vehicles or other institutions, their governance structure, sale, disposal, dissolution or termination. (4) A bridge institution, asset management vehicle or other institution appointed by the Central Bank under subsection (1) shall, subject to the direction of the Central Bank approve the restructuring of the assets and liabilities of a bank through arrangements with the creditors, including a reduction, modification, rescheduling and novation of their claims. (5) The Central Bank may, subject to this section and to credit exposure limits under section 35 approve or decline a merger of a bank with another bank or the sale of a bank's assets to another (6) A bridge institution, asset management vehicle or other institution to which the assets and liabilities of a bank undergoing restructuring is transferred has the same rights and shall be subject to the same obligations as those that the bank may have had or to which it or by which it may have been bound immediately before the transfer.