Online Share Dealing Terms and Conditions

Last Updated : 15/11/2011

Online Share Dealing allows registered users of AIB Phone & Internet Banking, subject to the terms and conditions below, to place orders to buy or sell shares via the Online Share Dealing website (hereafter called the "Website"). Allied Irish Banks, p.l.c. ("AIB Bank") has engaged Goodbody Stockbrokers to execute all orders on behalf of AIB Bank.

The contract between registered users of AIB Phone & Internet Banking that hold an account with AIB Bank which is maintained in euro ("you" or "Execution Only Client") and AIB Bank in respect of the Online Share Dealing service, is comprised of these Terms and Conditions of Service of Online Share Dealing (the "AIB Terms and Conditions") which are available at the following web site address - www.aib.ie/sharedealing. These will also be available on request from AIB Phone & Internet Banking.

The AIB Terms and Conditions apply to Our execution only service for dealing in certain non-complex financial instruments such as:

• shares admitted to the Irish Stock Exchange (Official List), the London Stock Exchange (Official List) and other regulated stock exchanges;
• money market instruments;
• bonds or other forms of securitized debt (except those with embedded derivatives);
• undertakings for Collective Investment in Transferable Securities (UCITS);
• other non-complex financial instruments as may be determined by Us from time to time.

You are categorized as a Retail Client as defined in the European Communities (Markets in Financial Instruments) Regulations 2007 (as amended from time to time). In respect of the Online Share Dealing service We are not, in any circumstances, in a position to accept requests from clients to be treated under a different client categorisation.

The AIB Terms and Conditions are supplemental to the Terms and Conditions of AIB Phone & Internet Banking. If any inconsistency or conflict arises between the AIB Terms and Conditions as set out below and the Terms and Conditions of AIB Phone & Internet Banking insofar as such relates to Online Share Dealing services, the AIB Terms and Conditions will apply.

For more information please visit Our website: www.aib.ie/sharedealing.

AIB Group means Allied Irish Banks, p.l.c., its Irish subsidiaries, affiliates and their respective parent and subsidiary companies from time to time.

We, Our, Us, AIB Bank means Allied Irish Banks, p.l.c., Bankcentre, Ballsbridge, Dublin 4. Tel: +353 1 6600311. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland, PO Box 559, Dame Street, Dublin 2.

Shares includes shares, bonds and other similar securities.

Bank Account means an account (in your name or in your name jointly with a third party) maintained with Us in euro.

At Market means an order to buy or sell a security at the best price available on the market at the time the order is placed with the market.

Limit Order means an order to buy or sell a security at a specified price limit or better and for a specified size.

Nominee Company means the company appointed by AIB Bank or Goodbody Stockbrokers to hold financial instruments on your behalf.

The Terms and Conditions below constitute the contract between you and Us in respect of the execution only share dealing service provided by Us.

Data Protection Notice - Use of Information

This Notice explains what "AIB Bank" and "AIB Group" will do with information you disclose to the AIB Group so that you can decide whether or not to provide that information to Us. The personal information that you provide will be held by AIB Group on a computer database and/or in any other way. We will use this information:

• To administer the products and services that We supply to you and any future agreements that We may have with you. We will share the personal information, in confidence, for this purpose, with Goodbody Stockbrokers.
• For direct marketing purposes, where you have given your permission to do so, to advise you of products or services of AIB Group. If you wish to change your preferences at any time, please write to Us to let Us know at your local AIB branch or the Data Protection Unit, Allied Irish Banks, p.l.c. Bankcentre, Ballsbridge, Dublin 4 .
• Under the Data Protection Acts you have the right of access to information We hold about you on Our records on payment of a nominal fee (currently EUR6.35). You can exercise this right by writing to your local AIB branch or to the Data Protection Unit, Allied Irish Banks, p.l.c., Bankcentre, Ballsbridge, Dublin 4. If anything is inaccurate or incorrect, please let Us know and We will correct it. There is no fee for this.
• To prevent and detect fraud. Customer information can be used to prevent crime and trace those responsible. We may check your details with fraud prevention agencies. If you give Us false or misleading information and We suspect fraud, We will record this.
• To carry out statistical analysis and market research; in this connection, We may use the services of a reputable external agency.

We may record telephone conversations to offer you additional security, resolve complaints and improve Our service standards. Conversations may also be monitored for staff training purposes. Our websites use "cookie" technology. A cookie is a little piece of text stored by your browser on your computer, at the request of Our server. We may use cookies to deliver content specific to your interests and to save your personal preferences so you don't have to re-enter them each time you connect to the Internet.

If you decide to proceed with this application or have any other communication with AIB Group through or in relation to its products and services you consent to the use by AIB Group of your personal data as indicated above.

GENERAL

1. Regulation
   
   Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Allied Irish Banks, p.l.c. of Bankcentre, Ballsbridge, Dublin 4, a company registered in Ireland under Companies Registration Office number 24173. "AIB Group" means Allied Irish Banks, p.l.c., its Irish subsidiaries, affiliates and their respective parent and subsidiary companies from time to time.
   Goodbody Stockbrokers of Ballsbridge Park, Ballsbridge, Dublin 4 a company registered in Ireland under Companies Registration Office number 54223 is a member of the FEXCO group of companies. Goodbody Stockbrokers is regulated by the Central Bank of Ireland PO Box No 550 Dame Street, Dublin 2 and is a member firm of the Irish Stock Exchange and London Stock Exchange.
   
   
2. Distribution / Use of this Website
   
   The Website is not intended for distribution to, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. None of the services or investments referred to in this Website are available to persons resident in any country where the provisions of such services or investments would be contrary to local law or regulation.
   
   
3. Intellectual Property
   
   The intellectual property rights in all information and material developed for the purpose of Online Share Dealing shall remain vested in the owner(s) thereof. You shall use such information and materials only for the purpose of accessing and using Online Share Dealing.
   
   
4. About Information contained on this Website
   
   Information contained within this Website is provided in accordance with and subject to the laws of the Republic of Ireland. Notwithstanding the foregoing, AIB Bank makes no representation or warranty of any kind with respect to the products described, analysis or information obtained or arising from use of the pages on this Website. All information on the Website is provided on an "AS IS" and as available basis. AIB Bank does not accept any liability for any loss or damage arising out of negligence or otherwise as a result of use or reliance on this information, whether authorised or not. The information contained within this Website does not constitute investment or any other kind of advice.
   
   The use of the Website is at the user's sole risk. Not all investments are necessarily suitable for all investors and investment policy must be tailored to suit the circumstances of the individual. Consequently, AIB Bank recommends you consult your professional adviser before acting on any information in this Website. Investments may fall as well as rise in value and you may not recover the full amount originally invested. Past performance may not be a reliable guide to future performance. Prices displayed are indicative prices and may not be real time prices for the purpose of buying and selling securities. Income may fluctuate in accordance with market conditions and taxation arrangements. Changes in exchange rates may have an adverse effect on value, price or income of the product.
   
   
5. Communication
   
   Communications will be sent to you at the address specified by you in your AIB Phone & Internet Banking account application (or at such other address as you may specify in writing). All communications sent, whether by mail, electronic data communications, fax or otherwise, shall be considered delivered to you, whether actually received or not, if AIB Bank does not receive notice of non-receipt. You must inform AIB Bank within a reasonable time of any change in your name, postal address or email address by contacting AIB Phone & Internet Banking on 0818 724724 and thereby following instructions as directed.
   
   
6. Information Modification and/or Termination
   
   We aim to update the Website regularly (including the information contained therein). AIB Bank reserves the right in its sole discretion to cancel, terminate, or suspend this Website or access thereto at any time and without prior notice.
   
   
7. Nominated Bank Account for Online Share Dealing
   
   7.1 The nominated bank account used for Online Share Dealing through which you conduct trades ("Nominated Bank Account") must be a Bank Account (as defined above) and must be accessible via AIB Internet Banking.
   
   7.2 You authorise AIB Bank, without requirement for further authentication, to debit or credit your Nominated Bank Account for amounts due, arising from your use of Online Share Dealing or pursuant to an instruction from Goodbody Stockbrokers.
   
   7.3 In the unlikely event that the amount debited from, or credited to, your Nominated Bank Account, arising from your use of Online Share Dealing or pursuant to an instruction from Goodbody Stockbrokers, is incorrect, you authorise AIB Bank, without any notice to you, to debit or credit the Nominated Bank Account the appropriate amount in order to rectify the error.
   
   7.4 Account restrictions may apply preventing you dealing from certain types of accounts.
   
   
8. Daily Trading Limit
   
   The total value of shares that may be purchased on a daily basis must not exceed maximum of EUR63,486.90. This may be subject to change. AIB Bank will notify you of any such change.
   
   
9. Commissions and charges
   
   Commissions and charges will apply. You should note that these commissions and charges may change from time to time. You should also note that you will have to pay standard additional charges such as value added tax, stamp duty or other applicable charges. Other taxes or costs may be payable which are neither payable by nor imposed by AIB Bank or by Goodbody Stockbrokers. The rates for Commissions and charges are available at www.aib.ie/sharedealing, at your local branch or on AIB Phone & Internet Banking.
   
   
10. Pledging of Securities
    
    The securities which are held for you in your AIB Online shares account ("Share Holding Account") may not be pledged as security to any third party.
    
    
11. Links
    
    11.1 This Website has provided hypertext links to sites which are not operated, controlled or maintained by AIB Bank or the AIB Group, or by Goodbody Stockbrokers.
    
    11.2 Neither AIB nor any member of the AIB Group accepts responsibility for the content of any of these Websites and cannot be held responsible for any loss of damage arising either directly or indirectly as a consequence of you accessing them.
    
    
12. Positions in shares
    
    12.1 AIB Bank, its associated companies, members of the AIB Group, and their respective directors, officers and employees may own or have positions in any securities mentioned within the pages of this Website and may from time to time deal in such securities.
    
    12.2 Your attention is drawn to the fact that when you place an order with AIB Bank any member of the AIB Group or their associated or subsidiary undertakings could be dealing as principal for its own account by selling the investment concerned to you or by buying it from you.
    
    12.3 AIB Bank will (and will ensure that Goodbody Stockbrokers will) make all reasonable efforts to avoid conflicts of interest.
    
    

    ELECTRONIC SERVICES

    
    
13. Logon Details
    
    By using the Website to buy or sell shares, you acknowledge and accept that instructions transmitted via the Website will be deemed to have originated from you, if your AIB Phone & Internet Banking registration number and PAC (Personal Access Code) have been used in the logon process. Your PAC (Personal Access Code) should never be disclosed. Instructions may be given to Us via the Website or in the event of Website unavailability by telephone back up. We may in good faith rely upon and you will be bound by any instructions which purport to be or originate from a person authorised on behalf of you to give such instructions.
    
    
14. Telephone Backup
    
    In the unlikely event of the unavailability of the Website you may place orders by contacting AIB Phone & Internet Banking on 0818 724724 who will transfer you to Goodbody Stockbrokers between the hours of 8am and 5.30pm Monday to Friday. Such telephone support will only be available between 8am and 5.30pm on a working day being a day when AIB Bank is open for business.
    
    
15. Liability for Defective Deals
    
    In the unlikely event of unauthorised access to the Website and provided the user has not acted fraudulently or in a negligent manner or by disclosing their PAC (Personal Access Code) to another, AIB Bank shall accept liability for the non-execution or defective execution of a deal through the Website limited to the amount of the unexecuted or defectively executed deal.
    
    
16. Distribution / Use of this Website
    
    16.1 AIB Bank assumes no responsibility for any error, omission, interruption, deletion, defect, delay in operation or transmission, communication line failure, power supply failure, theft, destruction, or alteration of entries posted to this Website.
    
    16.2 AIB Bank will not be liable for losses caused directly or indirectly by government restrictions, exchange or market rulings, wars, strikes or other conditions or matters beyond AIB Bank's control.
    
    16.3 AIB Bank is not responsible for any problem or technical malfunction of any telephone network or on-line system, server or provider, computer equipment, software, failure of e-mail as a result of technical problems or traffic congestion on the Internet, or any combination thereof, including injury or damage to visitors, or any other person's computer related to, or resulting from access to, or downloading material from the Website.
    
    16.4 AIB Bank accepts no liability for any infection by computer virus, bug, tampering, unauthorised intervention, fraud, technical failure, or any cause beyond the control of AIB Bank, which corrupts or affects the administration, security, fairness, integrity, or proper conduct of any aspect of the Website.
    
    16.5 For the avoidance of doubt, AIB Bank does not accept responsibility for any losses arising from delays or non-receipt of orders by AIB Bank and/or Goodbody Stockbrokers.
    
    
17. Suitability of Investment
    
    You acknowledge and agree that your orders are not reviewed by AIB Bank or Goodbody Stockbrokers prior to their execution. As an Execution Only Client, you acknowledge that you are responsible for ensuring that all investment decisions undertaken are suited to meet your investment objectives, financial position and attitude to risk and We will take no responsibility for making such assessment. You will not, therefore, benefit from the protections provided by Our suitability assessment and this may mean that We will procure the execution of orders on your behalf that are not suitable for you and which We would not execute on your behalf if you were not an Execution Only Client. Holding unsuitable investment instruments may expose you to greater risk and/or losses than are acceptable to you. In providing this Online Share Dealing Service We are not required to assess whether the investment decisions that you have chosen to undertake are appropriate and/or suitable for you.
    
    
18. Discretion to Execute
    
    Orders to purchase or sell securities over the Website are transmitted by AIB Bank to Goodbody Stockbrokers and accepted by Goodbody Stockbrokers for execution at its sole discretion. The Goodbody order execution policy can be viewed here.
    
    
19. Timely Execution
    
    Customers are advised that execution may be at a later time than that at which the order is input into the Website. Neither AIB Bank nor Goodbody Stockbrokers will be held liable for any delays.
    
    
20. Large Orders
    
    Certain transactions may be of a size that We may be unable or unwilling to execute immediately. In these circumstances you should contact AIB Phone & Internet Banking, during market opening hours, who will transfer you to Goodbody Stockbrokers. Goodbody Stockbrokers may process your order but are not obliged to do so. Orders of this nature may incur higher commission than the standard Online Share Dealing charges.
    
    
21. Transaction Postings
    
    AIB Bank does not accept responsibility for any errors arising from delays or erroneous postings of transactions to your Nominated Bank Account for Online Share Dealing. Notwithstanding the fact that such delays or errors may occur, it is your responsibility to ensure that:
    21.1 when you place an instruction to sell stock you have sufficient stock in hand to enable you to settle the transaction. If you fail to do so AIB Bank may instruct Goodbody Stockbrokers to repurchase the shares on your behalf without being responsible for any losses or diminution in value. The cost of the repurchase together with normal commission charges will be applied to your Nominated Bank Account.
    
    21.2 when placing an order to purchase stock you have sufficient funds in your Nominated Bank Account to pay for the purchase and to discharge any liabilities already due or which may become due as a result of previous transaction. Furthermore, if the transaction is carried out AIB Bank may instruct Goodbody Stockbrokers to sell the stock and charge your Nominated Bank Account with any losses including associated costs.
    
    
22. Third Party Executions
    
    AIB Bank will take all reasonable steps to make sure that your orders are passed completely, accurately and unaltered to Goodbody Stockbrokers as requested. To fulfil your order Goodbody Stockbrokers may pass your order on to third party brokers for execution. AIB Bank accepts no liability for any errors or losses resulting directly or indirectly from omissions by such third party brokers.
    
    
23. Online Valuations
    
    The valuation of your investments may be derived from sources, which are subject to time delay and accordingly AIB Bank does not warrant that such valuations are up to date and accurate at all times. As AIB Bank cannot guarantee the accuracy of such data, AIB Bank will not be held liable for any losses incurred by your use of it.
    
    
24. Stock Exchanges
    
    24.1 The Online Share Dealing service will be limited to shares listed on the following Stock Exchanges: Irish Stock Exchange, FTSE 350, NASDAQ, Dow Jones and selected stocklines at the discretion of Goodbody Stockbrokers.
    
    24.2 AIB Bank and Goodbody Stockbrokers reserve the right to change and/or expand the category of Stock Markets where you may purchase shares without further notice to you.
    
    24.3 Your attention is drawn to the fact that certain shares may fall off the market where they are listed. If you hold any shares that We no longer make available through this service, you will be able to sell your holding but you will not be able to purchase any further of these shares from the market in question.
    
    
25. Complaints Procedure
    
    25.1 Should you have a complaint regarding the service you have received please contact AIB Phone & Internet Banking on 0818 724724. If the matter is not resolved to your satisfaction, you may write to: The Manager, Customer Support Centre, AIB Bankcentre, Dublin 4.
    
    25.2 If the matter relates specifically to share dealing, it will be referred to the Online Manager, Goodbody Stockbrokers who will ensure that your complaint is dealt with. At all times however you are entitled to refer the matter to the Financial Services Ombudsman, 3rd Floor Lincoln House, Lincoln Place, Dublin 2
    
    Lo Call: 1890 88 20 90.
    
    Tel: 01 6620899 Fax: 01-6620890
    
    Email: enquiries@financialombudsman.ie
    
    
26. Value of your Investment
    
    Most forms of investment involve some risk as to security of capital, certainty of income or marketability. The value of your investment may go down as well as up due to the volatile nature of stock market investment and you may not recover the total amount originally invested.
    
    The value of your investment may be subject to exchange rate fluctuations which may have a positive or adverse effect on the price or income of the financial instruments. Past performance should not be taken as an indication or guarantee of future performance and neither should simulated performance.
    
    
27. If We conduct a share dealing transaction for you in a currency other than euro it will be necessary for Us or Goodbody Stockbrokers to carry out a currency exchange deal to which the relevant exchange rates and charges, as determined by Us or Goodbody Stockbrokers, will be applied.
    
    
28. Conflicts of Interest Policy
    
    28.1 In providing investment services to retail clients, actual or potential conflicts of interest may arise between the interests of the service provider (including its employees and businesses within the same group) and the interests of its clients.
    
    28.2 AIB Bank acknowledges the legal and regulatory responsibility to effectively manage actual or potential conflicts of interest which entail a risk of damage to the interests of one or more of its clients. AIB Bank and Goodbody Stockbrokers have implemented a Conflicts of Interest Policy to manage such situations. The Policy sets out the legal and regulatory requirements:
    
    
    • 28.2.1 to identify actual or potential conflicts;
    • 28.2.2 to have procedures in place for managing such conflicts and:
    • 28.2.3 to keep necessary records.
    
    28.3 It is Our commitment to disclose to clients the general nature and/or source of conflicts where there is a potential risk of damage to the interests of a client and where Our arrangements to manage such conflicts may not be sufficient to ensure, with reasonable confidence, that the client will not be disadvantaged.
    
    28.4 The Policy is underpinned by procedures designed to manage conflicts of interest that could arise. This includes procedures:
    
    • 28.4.1 for internal information barriers to prevent or control exchange of confidential information that may harm the interest of clients;
    • 28.4.2 for the appropriate level of independence between persons engaged in business activities involving a conflict of interest;
    • 28.4.3 to ensure that employees adhere to the staff share dealing rules that apply in their business;
    • 28.4.4. to ensure that staff adhere to rules on company directorships and outside activities which could give rise to a conflict with the interests of a client;
    • 28.4.5. to ensure that staff adhere to the rules governing the giving or receiving of gifts, benefits or inducements;
    • 28.4.6 for the disclosure of information on soft commission arrangements, where relevant.
    
    28.5 We have set out below some examples of the type of interest, relationship or arrangement where a potential conflict may arise when providing services to you. We may:
    
    
    • 28.5.1 be acting as advisor to the company in which you are transacting;
    • 28.5.2 be advising a company in relation to a new issue in which you wish to participate;
    • 28.5.3 be dealing as principal or as a registered market-maker in the security; be advising a company in relation to a takeover bid as either offeror or offeree;
    • 28.5.4 be dealing as agent with other clients and matching your transaction against these clients orders;
    • 28.5.5 have a holding or a dealing position in the financial instrument concerned;
    • 28.5.6 have other business relationships including the provision of banking and investment banking services to companies in whose securities you are transacting.
    
    
29. Aggregation of Orders
    
    We may aggregate your order with the orders of other clients. There is a risk that on some occasions aggregation may work to your disadvantage.
    
    
30. Holding of financial Instruments, set off and remittance
    
    Financial instruments held by Us on your behalf will be dealt with strictly in accordance with the Central Bank of Ireland's requirements. To the extent that financial instruments are deposited with an eligible custodian or an AIB Group member in connection with the Online Share Dealing services, it is acknowledged that such financial instruments are not the property of the custodian nor the relevant AIB Group member and that such are held on trust for you.
    
    Without prejudice and in addition to any other rights We may have at law or otherwise, We shall be entitled without notice to set off any amount from time to time owing by you under or in respect of these AIB Terms and Conditions or any transaction or otherwise howsoever against any amount owing by Us to you under or in respect of the same or against all monies at any time held to the credit of any account or accounts of yours with Us (whether or not such amounts are denominated in the same currency).
    
    Should you at any stage ask Us to remit cash to a third party you will confirm this request to Us in writing. We may operate an upper limit on such payments, details of which are available on request. Payments of amounts exceeding this limit can only be made payable directly to the client or to the client's own bank account.
    
    
31. Nominee Facilities
    
    All financial instruments purchased via the Online Share Dealing service through Goodbody Stockbrokers will be held in the name of a Nominee Company wholly owned by Goodbody Stockbrokers or in a Nominee Company controlled by an eligible custodian or clearing house. We may hold your financial instruments with an eligible custodian which is an AIB Group member or an associated company or a company associated with Goodbody Stockbrokers. The Nominee Company is operated in accordance with the requirements of the Central Bank of Ireland.
    
    If you are using the Nominee Company We have the following obligation towards you:
    31.1 All firms carrying out investment business in the Republic of Ireland need to be authorised or exempt from authorisation by a competent authority. It is a requirement of the Central Bank of Ireland that before We provide you with nominee facilities We notify you of the obligations We have to you in relation to:
    
    
    • 31.1.1 registration of your financial instruments and collateral if these will not be registered in your name.
      We will ensure that any registerable (including electronic) financial instruments are registered in the name of a Nominee Company wholly owned by Goodbody Stockbrokers or in a Nominee Company controlled by an eligible custodian or clearing house. The Nominee Company's sole function is to act as a Nominee Company for Goodbody Stockbrokers clients and in certain instances AIB Group members.
    • 31.1.2 Claiming and receiving dividends, interest payments and other rights accruing to you.
      We will account to you promptly for all dividends, interest payments and other rights accruing to you and will pay these into your Nominated Bank Account unless instructed otherwise by you. Our policy in relation to any scrip dividend being offered will be to elect for the cash alternative unless you specifically instruct Us to take the share alternative.
    • 31.1.3 Exercising conversion and subscription rights; and
    • 31.1.4 Dealing with take-overs, other offers or capital re-organisations.
      We will advise you in writing, by telephone or orally of the options available to you in respect of these events and will act on your instructions. In the event of Us not being able to contact you to ascertain your instructions We will apply the default option notified by the relevant securities registration agent.
    • 31.1.5 Exercising voting rights`
      We will not notify you of Annual General Meetings or Extraordinary General Meetings applicable to your investments, nor will We exercise any voting rights attaching to your investments unless you specifically request Us to do so.
    • 31.1.6 The extent of Our liability in the event of a default by an eligible custodian.
      
      We accept responsibility for the safe custody obligations of any custodians or their nominees which are associates or otherwise a member of the AIB Group or Goodbody Stockbrokers or its associates, however We do not accept responsibility for the obligations of any other custodian outside the AIB Group or Goodbody Stockbrokers or its associates.
      It is the policy of AIB Bank not to provide Annual Reports relating to investments which you hold through a Nominee Company arrangement.
    
    
32. Combined Account
    
    Financial instruments that are held on your behalf in a client account opened with a central bank, a qualifying money market fund, an eligible credit institution, relevant party or eligible custodian may be held in an account with other client assets. In accordance with the Central Bank of Ireland's requirements AIB Bank will ensure that any such account is:
    
    32.1 Designated as a client account in the name of Goodbody Stockbrokers or a Nominee Company wholly owned by Goodbody Stockbrokers or in a Nominee Company controlled by an eligible custodian or clearing house.
    
    32.2 Reconciled to Goodbody Stockbrokers' own records on a regular basis.
    
    32.3 Segregated on an accounting basis from other clients funds.
    
    
33. Passing Assets Outside Ireland
    
    The AIB Group and Goodbody Stockbrokers may from time to time place your client assets with third party entities that are situated outside Ireland. The legal and regulatory regime applying to any central bank, qualifying money market fund, eligible credit institution, relevant party or eligible custodian, to whom your client assets may be passed, may be different to that of Ireland and in the event of a default of such an institution those assets may be treated differently from the position which would apply if the assets were held in a central bank, qualifying money market fund, eligible credit institution, relevant party or eligible custodian in Ireland. By signing this agreement you hereby consent to the AIB Group and Goodbody Stockbrokers passing your client assets to such third parties outside Ireland. . Should you have concerns about the implications of passing your assets outside Ireland, We recommend that you take independent legal advice.
    
    
34. Security
    
    Your attention is drawn to the fact that We reserve the right at all times and without prior notice to you to sell or realise (or have sold or realised) any investments which We (or Goodbody Stockbrokers or any Custodian) are holding (or entitled to receive) on your behalf in order to meet any liabilities which you may have incurred to Us and failed to discharge. You agree that all your investments held at any time by Us or any custodian pursuant hereto shall be and remain a continuing security for the payment and satisfaction when due of all monies, securities and other indebtedness and liabilities of whatever nature (including, without limitation, any resulting from any commitment entered into for you and contingent indebtedness, interest and any of Our costs and charges, whether paid or incurred in obtaining or attempting to obtain payment or satisfaction from you in perfecting or enforcing this security, or otherwise) which may at any time be or become due or outstanding to Us, from you. We may at any time take legal action to recover amounts owing to Us which you have failed to discharge. Details of any such legal action may be communicated to you in writing, by service of proceedings or otherwise.
    
    
35. Certificates and Documentation
    
    We reserve the right not to carry out any sale of certificated stock until We receive certificates and properly completed transfer documentation in respect of the sale. If, however We do carry out such transactions (a) We shall not be under any obligation to carry out further such transactions and (b) We reserve the right to repurchase the shares on your behalf without being responsible for any loss or diminution in value. The cost of the repurchase together with normal transaction charges will be applied to your account.
    
    
36. Payment in Advance
    
    We reserve the right not to place instructions for any purchase order until (a) We receive payment in full in respect of that order and (b) We receive full payment for amounts due to Us or which may become due as a result of previous transactions. If, however We do carry out such transactions We shall not be under any obligation to carry out further such transactions.
    
    
37. At Market and Limit Orders
    
    We accept At Market and Limit Orders. Any Irish or US Limit Order which We accept will be valid for one calendar day, commencing the day the order is placed and expiring at the end of that day, unless previously cancelled on your instruction. Limit Orders in other stocks are valid for a period as determined by Our counterparty, unless previously cancelled on your instruction, and are subject to change.
    
    Where you place a Limit Order in financial instruments which are admitted to trading on a regulated market and that order is not immediately executed under prevailing market conditions, you hereby instruct Us and any agent acting on Our behalf not to make the order public where it is considered appropriate not to do so.
    
    If you wish to receive an update on the status of an order this can be provided to you on request.
    
    
38. Part Filled Orders
    
    Where any Irish order is part-filled, the balancing order will be placed as a new order the next day with an expiry date in line with the original order.
    
    
39. Money Laundering Regulations
    
    We reserve the right to seek evidence of identity to comply with applicable money laundering regulations and any other legislation. In the case of delay, or failure to provide satisfactory information, We may take such action as We think fit.
    
    
40. Investor Compensation Act, 1998
    
    40.1 Under the terms of section 38 (1) of the Investor Compensation Act 1998 (the “1998 Act”) We hereby notify you:
    
    • 40.1.1 that the 1998 Act provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain customers (also known as eligible investors) of authorised investment firms, as defined in the 1998 Act;
    • 40.1.2 that AIB Bank is a member of that compensation scheme;
    • 40.1.3 that compensation may be payable where money or investment instruments owed or belonging to customers and held, or in the case of investment instruments, administered or managed by AIB Bank, cannot be returned to those customers for the time being and there is no reasonably foreseeable opportunity of AIB Bank being able to do so;
    • 40.1.4 that a right to compensation will arise only:
      (a) if the customer is an eligible investor as defined in the 1998 Act;
      (b) if it transpires that AIB Bank is not in a position to return customer money or investment instruments owed or belonging to customers of AIB Bank; and
      (c) to the extent that the client's loss is recognised for the purposes of the 1998 Act;
      
    • 40.1.5 that where an entitlement to compensation is established, the compensation payable will be a lesser of:
      (a) 90 per cent of the amount of the customer's loss which is recognised for the purposes of the 1998 Act; or
      (b) compensation of up to €20,000.
      
    
    40.2 Further information on your rights under the Investment Compensation Scheme are available from any of Our AIB branches.
    40.3 Further information regarding Investment Risk and Goodbody Stockbrokers' Order Execution Policy are available on www.aib.ie/sharedealing under the legal terms & conditions link.
    
    
41. Termination of Service
    
    These arrangements may be terminated by either of Us at any time by providing written notice to the other. Unless We receive written instructions to the contrary all correspondence, including contract notes, shall be addressed to you at the last address We have on record for you.
    These AIB Terms and Conditions and any changes to them will remain in effect from the time you open your account until the account is closed..
    
    
42. E & O. E.
    
    Errors and Omissions Excepted. We reserve the right at any time to correct errors or omissions on Our contract notes, valuations or statements. You will be obliged to settle the trade as dealt by Us.
    
    
43. Miscellaneous
    
    43.1 We may contact you in writing, by telephone or in person in connection with your account.
    
    43.2 We do not provide taxation advice. It is your responsibility to seek independent professional advice regarding any taxation matter relating to your investments.
    
    43.3 A contract note will be sent to you by post in respect of every trade on your account. If Goodbody Stockbrokers has dealt as principal in any transaction this will be disclosed on the contract note. We will assume that you have received the contract note confirming your trade and that the details on it are correct and concur with your instructions unless you contact Us within five days of the trade date.
    
    43.4 On an annual basis We will provide you with a statement detailing the assets held in your account. This statement will be sent to you by post.
    
    43.5 The AIB Terms and Conditions are governed by and shall be construed in accordance with the laws of the Republic of Ireland and the Courts of Ireland will have exclusive jurisdiction to resolve any disputes.
    
    43.6 All information and communications provided to you will be in the English language and all information and communications provided by you must also be in the English language.
    
    43.7 We may from time to time introduce new terms to, amend or vary the AIB Terms and Conditions. If We do so We will provide reasonable notice to you of the changes. If you do not agree the to new terms, amendment or variation, you may at your discretion terminate the Online Share Dealing services contract with Us in accordance with clause 41 and you must pay to Us all sums owed by you to Us pursuant to the Online Share Dealing services. If you do not notify Us that you do not accept the changes we will regard you as having accepted them when they come into force.
    
    43.8 If We reasonably suspect fraud in connection with the Online Share Dealing Services, for your and Our protection, we may suspend access to the Online Share Dealing services and decline to authorise any further Online Share Dealing transactions until the matter has been resolved. You hereby agree and authorise us to take such actions.
    
    43.9 Notices - All notices given by you to Us should be given to Us to AIB Online Share Dealing, Block B, Ballsbridge Park, Ballsbridge, FREEPOST, Dublin 4. Subject to and unless otherwise specified in these AIB Terms and Conditions We may give notice to you at the postal address you provide to Us during the registration process or the last address we have on record for you.
    
    Notice will be deemed received and properly served immediately when posted on Our website, or three days after the date of posting of any letter. In proving the service of any notice, it will be sufficient to prove, in the case of a letter, that such letter was properly addressed, stamped and placed in the post.
    
    43.10 Waiver - If We fail to insist upon strict performance of any of your obligations under any of these AIB Terms and Conditions, or if We fail to exercise any of the rights or remedies to which We are entitled under these AIB Terms and Conditions, this shall not constitute a waiver of such rights or remedies and shall not relieve you from compliance with such obligations. A waiver by Us of any default shall not constitute a waiver of any subsequent default. No waiver by Us of any of your obligations under these AIB Terms and Conditions shall be effective unless it is expressly stated to be a waiver and is communicated to you in writing in accordance the Notices clause above.
    
    43.11 Severability - If any of these AIB Terms and Conditions are determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision will to that extent be severed from the remaining terms, conditions and provisions which will continue to be valid to the fullest extent permitted by law.
    
    43.12 Entire Agreement - These AIB Terms and Conditions and any document expressly referred to in them represent the entire agreement between you and Us in relation to their subject matter and supersede any prior agreement, understanding or arrangement between you and Us, whether oral or in writing.
    
    Both you and Us acknowledge that neither you nor Us has relied on any representation, undertaking or promise given by the other or be implied from anything said or written in negotiations between you and Us except as expressly stated in these AIB Terms and Conditions.

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