Dowling & Ors -v- Minister for Finance & Ors [2012] IEHC 436 (28 June 2012)

Dowling & Ors -v- Minister for Finance & Ors [2012] IEHC 436 (28 June 2012)

The applicants, as shareholders of ILPGH and not members of ILP, do not have locus standi under s.11(1) of the Credit Institutions (Stabilisation) Act 2010 to apply to set aside the March Direction Order. The statute clearly limits standing to the relevant institution (ILP) or its member (ILPGH), and does not extend to shareholders of the holding company. The court cannot expand this statutory exception. No grounds exist to set aside the Direction Order under s.11(3).

Citation
[2012] IEHC 436
Parties
Applicants: Gerard Dowling, Padraig McManus, Piotr Skoczylas, Scotchstone Capital Fund Ltd, John Paul McGann, Georg Haug, Tibor Neugebauer, J. Frank Keohane; Respondent: Minister for Finance; Notice Party: Irish Life & Permanent Plc
Jurisdiction
Ireland
Judgment Date
28 June 2012
Procedural Posture
Application to Set Aside Direction Order Under Credit Institutions (stabilisation) Act 2010 / High Court Judgment on Application to Set Aside March Direction Order
Outcome
Application dismissed for lack of locus standi.
Legal Topics
Locus Standi, Expropriation of Property, Recapitalisation of Credit Institutions, Interpretation of Statutes, Fair Procedures, Shareholder Rights
Banking Law Administrative Law Company Law Constitutional Law European Union Law Locus Standi Expropriation of Property Recapitalisation of Credit Institutions +3 more

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Parties

Gerard Dowling, Padraig McManus, Piotr Skoczylas, Scotchstone Capital Fund Ltd, John Paul McGann, Georg Haug, Tibor Neugebauer, J. Frank Keohane

Applicants

Minister for Finance

Respondent

Irish Life & Permanent Plc

Notice Party

Procedural Posture

Application to Set Aside Direction Order Under Credit Institutions (stabilisation) Act 2010 / High Court Judgment on Application to Set Aside March Direction Order

Legal Issues

  1. 1 Whether the applicants have locus standi to apply to set aside the March Direction Order under s.11 of the Credit Institutions (Stabilisation) Act 2010
  2. 2 Whether the Minister complied with the requirements of s.7 of the Act in seeking the Direction Order
  3. 3 Whether the Minister's opinion under s.7(2) was unreasonable or vitiated by error of law

Ratio Decidendi

The applicants, as shareholders of ILPGH and not members of ILP, do not have locus standi under s.11(1) of the Credit Institutions (Stabilisation) Act 2010 to apply to set aside the March Direction Order. The statute clearly limits standing to the relevant institution (ILP) or its member (ILPGH), and does not extend to shareholders of the holding company. The court cannot expand this statutory exception. No grounds exist to set aside the Direction Order under s.11(3).

Court Disposition

Application dismissed for lack of locus standi.

Orders

  • Application to set aside the March Direction Order refused.
  • No order as to costs specified in the judgment.