¶¶Òõ¶ÌÊÓƵ

The Account Bank Agreement is a fundamental document used to establish and govern the banking relationship between financial institutions and their corporate clients in Ireland. It is typically employed when setting up new banking arrangements, particularly in the context of corporate banking, project finance, or structured finance transactions. The agreement covers essential aspects such as account opening, maintenance, and operation, payment processing, electronic banking services, security measures, and regulatory compliance requirements. It must comply with Irish banking regulations, including Central Bank of Ireland requirements, EU financial services legislation, anti-money laundering regulations, and data protection laws. The document is particularly important in complex corporate structures where multiple entities require banking services or where accounts are subject to security arrangements in favor of lenders or bondholders.

1. Parties: Identifies the contracting parties - typically the account bank, the account holder, and any security trustee or agent

2. Background: Sets out the context of the agreement and its purpose

3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules

4. Appointment and Duration: Establishes the appointment of the account bank and term of the agreement

5. Account Opening and Maintenance: Details the process for opening and maintaining the accounts

6. Operation of the Accounts: Covers account operations, instructions, payments, and transfers

7. Account Bank Rights and Obligations: Sets out the duties and responsibilities of the account bank

8. Account Holder Rights and Obligations: Details the duties and responsibilities of the account holder

9. Security and Access: Covers account security, authorized signatories, and access protocols

10. Fees and Charges: Details the fee structure and payment terms

11. Representations and Warranties: Contains standard banking representations and regulatory compliance warranties

12. Compliance and Anti-Money Laundering: Addresses regulatory compliance requirements and AML obligations

13. Liability and Indemnification: Sets out liability limitations and indemnification provisions

14. Confidentiality and Data Protection: Covers confidentiality obligations and GDPR compliance

15. Termination: Details termination rights and procedures

16. Governing Law and Jurisdiction: Specifies Irish law as governing law and jurisdiction for disputes