Section 28, The Payment Systems Act, 2009

Notwithstanding anything to the contrary in any enactmentrelating to insolvency or bankruptcy, any asset of a participant in a Central Bank system or a designated system which was provided– (a) to the Central Bank as security in respect of its payment or settlement obligations; or (b) to the operators of a designated system as security in respect of its payment or settlement obligations, 22 23 Irrevocability of transfer. Effecting of discharge of settlement obligation. Consequence of failure to settle obligation. Collateral for payment and settlement obligations. No. 3 Payment Systems Act 2009 No. 3 Payment Systems Act 200924 25 prior to the issue of any order for the winding up or administration of that institution may be utilised by the Central Bank, or as the case may be, by the operators of the designated system, to the extent required for the discharge of those payment or settlement obligations.