Irish Life Assurance plc / Irish Intercontinental Bank Ltd. [1998] IECA 525 (19th November, 1998)

Irish Life Assurance plc / Irish Intercontinental Bank Ltd. [1998] IECA 525 (19th November, 1998)

The notified agreements do not prevent, restrict or distort competition in the State. The arrangements do not reduce the number of competitors, do not contain restrictive covenants, and facilitate market entry and competition. The market for mortgage credit is competitive with low barriers to entry, and the agreements are pro-competitive.

Citation
[1998] IECA 525
Parties
Notifier/party to Agreement: Irish Life Assurance plc; Party to Agreement: Irish Intercontinental Bank Ltd.; Party to Agreement: Irish Life Finance Group Ltd.; Party to Agreement: Irish Life Finance Ltd.
Jurisdiction
Ireland
Procedural Posture
Competition Authority Decision / Final Decision on Notification Under Section 4 of the Competition Act, 1991
Outcome
Certificate issued; notified agreements do not contravene Section 4(1) of the Competition Act, 1991.
Legal Topics
Merger Control, Agreements Between Undertakings, Market Concentration, Shareholding Agreements, Section 4 Competition Act 1991
Competition Law Merger Control Agreements Between Undertakings Market Concentration Shareholding Agreements Section 4 Competition Act 1991

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Parties

Irish Life Assurance plc

Notifier/party to Agreement

Irish Intercontinental Bank Ltd.

Party to Agreement

Irish Life Finance Group Ltd.

Party to Agreement

Irish Life Finance Ltd.

Party to Agreement

Procedural Posture

Competition Authority Decision / Final Decision on Notification Under Section 4 of the Competition Act, 1991

Legal Issues

  1. 1 Whether the notified agreements between Irish Life Assurance plc, Irish Intercontinental Bank Ltd., Irish Life Finance Group Ltd, and Irish Life Finance Ltd contravene Section 4(1) of the Competition Act, 1991 by preventing, restricting or distorting competition in the State.

Ratio Decidendi

The notified agreements do not prevent, restrict or distort competition in the State. The arrangements do not reduce the number of competitors, do not contain restrictive covenants, and facilitate market entry and competition. The market for mortgage credit is competitive with low barriers to entry, and the agreements are pro-competitive.

Court Disposition

Certificate issued; notified agreements do not contravene Section 4(1) of the Competition Act, 1991.

Orders

  • The Competition Authority certifies that the shareholders agreement dated 30 March 1990 between Irish Life Assurance plc, Irish Intercontinental Bank Ltd. and Irish Life Finance Group Ltd, and the related sale and purchase agreement and hive-down agreement, do not contravene Section 4(1) of the Competition Act,...