Charge

See also:

• Security
• Assignment by way of security

Registration of charges

Ireland

Insofar as Collateral Regulations-eligible collateral is in the possession or under the control of the chargee, no registration or other formalities are required for a security interest to be recognised by the Irish courts.

"Collateral Regulations-eligible Collateral" includes (i) cash credited to an account (as opposed to physical notes and coins) with the chargee; and (ii) securities held by the chargee, either directly or indirectly, through an intermediary (ie subcustodian) outside Ireland.

There is an exception for collateral that consists of 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. This requires registration pursuant to 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.