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Memorandum Account

Memorandum Account Template for Ireland

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Key Requirements PROMPT example:

Memorandum Account

"I need a Memorandum Account agreement under Irish law for a multi-currency tracking account between our bank and a large corporate client, with specific provisions for electronic banking access and daily reporting requirements."

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Document background
The Memorandum Account agreement is essential for financial institutions operating in Ireland that need to establish internal tracking accounts for specific banking arrangements or client relationships. This document type is commonly used when there is a need to maintain separate recording of transactions, balances, or financial activities without creating a standard deposit account. It is particularly relevant for scenarios involving internal accounting, special purpose tracking, or where segregation of certain financial activities is required. The agreement must comply with Irish banking regulations, including the Central Bank Act and Consumer Protection Code, while also adhering to anti-money laundering legislation and data protection requirements. This document provides a comprehensive framework for managing these specialized accounts, ensuring both operational efficiency and regulatory compliance.
Suggested Sections

1. Parties: Identification of the financial institution and the account holder

2. Background: Context of the arrangement and purpose of the memorandum account

3. Definitions: Key terms used throughout the agreement

4. Account Establishment: Terms for setting up and maintaining the memorandum account

5. Operating Procedures: Day-to-day management and operation of the account

6. Recording and Tracking: Methods for recording transactions and maintaining account records

7. Fees and Charges: Any applicable fees, charges, and payment terms

8. Reporting Requirements: Obligations regarding account statements and reporting

9. Regulatory Compliance: Compliance with relevant banking and financial regulations

10. Representations and Warranties: Standard declarations by both parties

11. Termination: Conditions and procedures for ending the arrangement

12. Governing Law and Jurisdiction: Confirmation of Irish law governance and jurisdiction

Optional Sections

1. Credit Facilities: Include when the memorandum account involves credit arrangements

2. Foreign Exchange Provisions: Required when the account involves multiple currencies

3. Electronic Services: Include when offering online or electronic access to the account

4. Set-off Rights: Optional provisions for the bank's right to set off balances

5. Third Party Rights: Include when third parties may have rights or access to the account

6. Special Instructions: Add when specific operating instructions are required

7. Tax Provisions: Include when specific tax considerations apply to the account

Suggested Schedules

1. Schedule 1 - Account Details: Specific details of the memorandum account including account numbers and designations

2. Schedule 2 - Fee Schedule: Detailed breakdown of all applicable fees and charges

3. Schedule 3 - Authorized Signatories: List of persons authorized to operate the account

4. Schedule 4 - Operating Procedures: Detailed procedures for account operation and management

5. Appendix A - Reporting Templates: Standard formats for account reporting and statements

6. Appendix B - Compliance Requirements: Detailed regulatory compliance procedures and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































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Relevant Industries

Banking

Financial Services

Corporate Treasury

Investment Management

Asset Management

Corporate Banking

International Trade

Treasury Services

Financial Technology

Relevant Teams

Treasury Operations

Financial Control

Compliance

Legal

Risk Management

Account Management

Banking Operations

Financial Services

Corporate Banking

Customer Relations

Regulatory Affairs

Relevant Roles

Treasury Manager

Account Manager

Financial Controller

Compliance Officer

Banking Operations Manager

Relationship Manager

Legal Counsel

Risk Manager

Finance Director

Operations Director

Chief Financial Officer

Banking Services Manager

Financial Services Administrator

Treasury Operations Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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