S.I. No. 591 of 2007

ASSET COVERED SECURITIES (AMENDMENT) ACT 2007 (COMMENCEMENT) ORDER 2007

Notice of the making of this Statutory Instrument was published in

�Iris Oifigi�il� of 28th August, 2007.

I, BRIAN COWEN, Minister for Finance, in exercise of the powers conferred on me by section 61(3) of the Asset Covered Securities (Amendment) Act 2007 (No. 13 of 2007), hereby order as follows:

1. This order may be cited as the Asset Covered Securities (Amendment) Act 2007 (Commencement) Order 2007.

2. The 31st of August 2007 is appointed as the day on which the Asset Covered Securities (Amendment) Act 2007 (No. 13 of 2007), other than section 30, shall come into operation.

GIVEN under my Official Seal,

23 August 2007

BRIAN COWEN

Minister for Finance

EXPLANATORY NOTE - COMMENCEMENT OF SECTIONS OF THE ASSET COVERED SECURITIES (AMENDMENT) ACT 2007

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order appoints 31 August 2007 as the date for the coming into operation of sections 1 to 29 and 31 to 61 of the Asset Covered Securities (Amendment) Act 2007 .

This Act amends and updates the Asset Covered Securities (ACS) Act 2001 which facilitated the establishment in Ireland of a legislative and regulatory basis for the issuance of asset covered securities (Irish covered bonds).