Template:Charges in Ireland
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Ireland
As long as collateral that is eligible under the Irish Collateral Regulations is in the possession or under the control of the chargee, a security interest does not need to be registered to be recognised by the Irish courts.
Collateral will be eligible under the Irish Collateral Regulations if it is
- (i) cash credited to an account (as opposed to physical notes and coins) with the chargee; or
- (ii) securities held by the chargee, either directly or indirectly through an intermediary (ie subcustodian), outside Ireland.
Receivables consisting of obligations of the chargee to the chargor under contracts between the chargor and the chargee for the trading of over-the-counter or exchange-traded derivatives, repos and/or stock loans must be registered under s. 99 of the Irish Companies Act 1963.
But, you know, why would you be taking security over your own obligations? you could, and should, achieve the same thing by application of set-off.