18. Financial Services and Credit Institutions

Updated to 3 July 2020 (Act No. 2 of 2020 and S.I. No. 236 of 2020)

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18.1. Central Bank and Financial Services Regulation

18.1.1. Financial Services Regulation: General

Finance 22/1942
Finance 24/1971
Finance 16/1989
Finance 8/1997
Finance 2/1998
Finance 12/2003
Finance 21/2004
Finance 18/2008
Finance 13/2009
Finance 23/2010
Finance 26/2013
Finance 45/2013
Finance
  • none
9/2014
Finance
  • none
1/2015
Finance
  • none
21/2015
Finance 37/2015
Finance
  • none
21/2017
Finance 22/2017
Finance 36/2018
1 The enabling section, s. 33C, was deleted by the Central Bank and Financial Services Act 2010 (23/2010), ss. 2, 14(1), sch. 1, pt. 1, item 39; this SI is therefore spent and should be revoked.
2 This SI provides for a scheme of levies for the year ended 31 December 2007, is obsolete and should be revoked.
3 This SI imposed an additional levy, payable within one month. It is now obsolete/spent and should be revoked. Its enabling provision, s. 33J, was repealed in 2010.
4 Although the enabling provision, s. 33, has been heavily amended, the power to make orders remains unaffected. This applies equally to the following SIs.
5 The enabling provision, Currency Act 1927 (32/1927), s. 31(4) was repealed by Central Bank Act 1989 (16/1989), s. 4 and sch., repeal commenced on enactment. There is a saver in s. 15(6) - (6) Every scheme made under subsection (4) of section 31 of the Currency Act, 1927, shall, to the extent that it is still in force immediately before the coming into operation of this section, continue in force as if that subsection had not been repealed by this Act. This saver was commenced by S.I. No. 176 of 1989. The saver was repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1, part 9, but this repeal has yet to be commenced. It appears that the 1928 order was no longer in effect in 1989, as it concerned redeployment of moneys available for the expenses of the Currency Commission, the legislation for which was abolished by the 1989 Act. It appears to be obsolete and should be revoked.
6 The Currency Act 1927 (32/1927) was repealed by Central Bank Act 1989 (16/1989), subject to a saver in s. 23(3) for regulations made under s. 63(5): - (3) Any regulations made under section 63 (5) of the Currency Act, 1927 , shall, to the extent that they are still in force immediately before the coming into operation of this section, be deemed to have been made under this section. This saver was repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1, part 9, commenced by S.I. No. 160 of 2003, without changing its original effect.
7 The enabling section, s. 6(1), was substituted by Credit Institutions (Stabilisation) Act 2010 (36/2010), s. 74 and sch. 1, part 4, item 1, but retained the power to make orders.
8 Ibid.
9 Ibid.
10 This SI appears to be obsolete/spent as it only specifies a period of time during which credit institutions may incur borrowings, liabilities and obligations in respect of which financial support is provided under the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (S.I. No. 490 of 2009), and this period has passed.
11 The enabling section, s. 6(1), was substituted by Credit Institutions (Stabilisation) Act 2010 (36/2010), s. 74 and sch. 1, part 4, item 1, but retained the power to make orders.
12 This SI appears to be obsolete/spent as it only specifies a period of time during which credit institutions may incur borrowings, liabilities and obligations in respect of which financial support is provided under the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (S.I. No. 490 of 2009), and this period has passed. Its enabling provision, s. 6(3B), was deleted by the Credit Institutions (Stabilisation) Act 2010 (36/2010), s. 74 and sch. 1, part 4, item 3. It should be revoked for clarity.
13 Ibid.
14

This SI provides for financial support to 30 June 2016.

 

15

This SI provides for financial support to 31 December 2016.

 

16 Ibid.
17 Ibid.
18

This SI provides for financial support to 30 June 2017.

19 This SI appears to be obsolete/spent as it only specifies a period of time during which credit institutions may incur borrowings, liabilities and obligations in respect of which financial support is provided under the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (S.I. No. 490 of 2009), and this period has passed.
20 This SI was superseded by S.I. No. 520 of 2012 and should be revoked.

18.1.2. Credit Institutions Insolvency and Resolution

Finance 27/2011
Finance 36/2010
Finance 2/2013
Finance
  • none
13/2016

18.1.3. Banks and Savings Banks

Finance
  • none
8 & 9 Vict., c. 37
Finance 21 24 & 25 Vict., c. 14
Finance 10 & 11 Geo. 5, c. 12
Finance
  • none
23/1958
Finance
  • none
19/1959
Finance 8/1966
Finance 2/1978
Finance 21/1989
Finance 31/1990
Finance
  • none
29/1999
Finance 32/2000
Finance
  • none
6/2001
Finance 12/2001
Finance 1/2009
21 Functions partly delegated to National Treasury Management Agency by S.I. No 277 of 1990.
22 Unclear what the enabling section is and if in force. This SI is superseded as by S.I. No. 121 of 1955 and should be revoked.
23 Unclear what the enabling section is and if in force. It is superseded as regards reg. 45 by S.I. No. 57 of 1969.
24 Superseded by S.I. No. 181 of 1989, this SI should be revoked.
25 Enablement continued by Agricultural Credit Act 1978 (2/1978), s. 7(2).
26 The enabling provision, Finance Act 1940 (14/1940), s. 31, was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1 and the repeal was commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2) and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved: (2) In so far as any instrument made or other thing whatsoever done under any provision repealed by this Act could have been made or done under a corresponding provision of this Act, it shall not be invalidated by the repeal of that provision but, if in force immediately before that provision was repealed, shall have effect as if made or done under the corresponding provision of this Act.
27 Ibid. This SI amends S.I. No. 336 of 1940, reg. 7. If the 1940 SI is considered not to remain in force, this SI will be obsolete.
28 The enabling provision, s. 5(2) of the Saving Banks Act 1958 (23/1958), s. 5(2) was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1 in so far as it relates to former banks, and the repeal was commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2) but it is unclear if these regulations are saved (see above).
29 The enabling provision, Finance Act 1940 (14/1940), s. 31 was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1 and the repeal was commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved. This SI amends S.I. No. 336 of 1940, reg. 7. If the 1940 SI is considered not to remain in force, this SI will be obsolete.
30 The enabling Act, Savings Bank (Barrister) Act 1876 (39 & 40 Vict., c. 52) was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1 in so far as it relates to former banks, repeal commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved.
31 The enabling provision, Finance Act 1940 (14/1940), s. 31 was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1 and the repeal was commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved. This SI amends S.I. No. 336 of 1940, reg. 7. If the 1940 SI is considered not to remain in force, this SI will be obsolete. This SI was superseded by S.I. No. 14 of 1969, is obsolete and should be revoked.
32 The enabling Act, Finance Act 1968 (33/1968), s. 41, was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1, repeal commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved.
33 The enabling Act, Trustee Saving Banks Act 1965 (11/1965), s. 2(c), was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1, repeal commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, but it does not appear to apply to these regulations, which prescribe a financial amount for the purposes of s. 2(c) of the 1965 Act. They are therefore obsolete and should be revoked.
34 The enabling provision, Finance Act 1940 (14/1940), s. 31 was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1 and the repeal was commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved. This SI amends S.I. No. 336 of 1940, reg. 7. If the 1940 SI is considered not to remain in force, this SI will be obsolete. This SI was superseded by S.I. No 223 of 1971, is obsolete and should be revoked.
35 The enabling provision, Finance Act 1940 (14/1940), s. 31 was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1 and the repeal was commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved. This SI amends S.I. No. 336 of 1940, reg. 7. If the 1940 SI is considered not to remain in force, this SI will be obsolete. This SI was superseded by S.I. No 223 of 1971, is obsolete and should be revoked.
36 The enabling act, Finance (No. 2) Act 1968 (37/1968), s. 9(2), was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1, repeal commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and as the minister has corresponding powers under s. 32 of the 1989 Act, it is appears that these regulations are saved.
37 The enabling Act, Finance Act 1968 (33/1968), s. 41, was repealed by Trustee Savings Banks Act 1989 (21/1989), s. 7 and sch. 1, repeal commenced by S.I. No. 21 of 1990. There is a saver in s. 7(2), see above, and given the general nature of s. 4 of the 1989 Act, it appears that these regulations are saved.
38 The Irish Bank Resolution Corporation Act 2013 (2/2013) provides for the dissolution of that Corporation, formerly known as the Anglo Irish Bank Corporation.

18.1.4. Building Societies

Finance 17/1989
Finance 24/2006
39 The Building Societies Act 1989 (17/1989) repealed the Building Societies Act 1976 (38/1976) and the Building Societies (Amendment) Act 1983 (25/1983): see sch. 1 of the 1989 Act and the Building Societies Act 1989 (Commencement) Order 1989 (S.I. No. 182 of 1989). The repeal of the 1976 and 1983 Acts was subject to savers: see s. 6 of the 1989 Act.

18.1.5. Credit Unions

Finance 40 15/1997
Finance 40/2012
40 The regulations under this Act were originally made by the Minister for Industry and Commerce, but were continued in force by the Minister for Enterprise and Employment, see below. Later regulations were made by the Minister for Finance and the Central Bank in accordance with changes made by 12/2003, sch. 1 part 24.
41

The enabling act, Credit Union Act 1966 (19/1966), was repealed by Credit Union Act 1997 (15/1997), s. 5(1)(a), commenced by S.I. No. 403 of 1997. However, there is a wide saver for regulations in s. 189 which appears to include these regulations: 189.—(1) In so far as any order, regulation, rule, agreement, application, decision or reference made, approval, consent or direction given, requirement imposed, certificate or other instrument issued, register kept, resolution passed, notice served or other thing done under an enactment repealed by this Act could have been made, given, imposed, issued, kept, passed, served or done under a corresponding provision of this Act, it shall not be invalidated by the repeal effected by this Act but, except in so far as this Act otherwise provides, shall have effect as if made, given, imposed, issued, kept, passed, served or done under that corresponding provision. The Department of Finance clarifies: the Regulations deal with certain dates and procedures in the Credit Union Act 1966 which was repealed by the 1997 Act. The repealing Act substituted provisions of the earlier 1966 Act as follows:

1966 Act provision affected by the Regulations 1997 Act provision equivalent
Reg. 7(4) Reg. 107(1)
7 (5) 64
12 (3) 77 (3)
17 (4) 66 (2)
19 (1) 78 (2)
19 (2) 80 (3)
22 (1) amendment at (f) This regulation deleted a provision in the 1966 Act
22 (1) (amendment at (g)) 30 (2)
42 For levy period 1 January to 31 December 2014.
43 For levy period 1 October 2015 to 30 September 2016.
44 For levy period 9 December 2015 to 28 February 2016.

18.1.6. Friendly Societies 45

45 See also Heading 4.5: Co-operatives and Friendly Societies.
Enterprise
  • none
59 & 60 Vict., c. 25
Enterprise 51/1936
Enterprise
  • none
28/1953
Enterprise
  • none
17/1977

18.1.7. Industrial and Provident Societies 46

46 See also Heading 4.5: Co-operatives and Friendly Societies.
Enterprise 56 & 57 Vict., c. 39
Enterprise
  • none
3 & 4 Geo. 5, c. 31
Enterprise 23/1978
Enterprise 19/2014
47 Now expired.
48 Ibid.

18.1.8. Investment Funds and Irish Collective Asset-Management Vehicles

Enterprise 12/2005
Enterprise 41/2006
Finance 2/2015
49 Parts 3, 4, 5 and 6 repealed by Companies Act 2014 (38/2014), s. 5 and sch. 2 part 1. S.I. Nos. 324 of 2005, 342 of 2005 (since revoked), 239 of 2012, 315 of 2012 and 317 of 2012 continued in effect under Companies Act 2014 (38/2014).
50 Originally made under this Act, S.I. Nos. 277 of 2007, 102 of 2010, 238 of 2012 and 316 of 2012 continued in effect under Companies Act 2014 (38/2014).

18.1.9. Investor Compensation

Finance 37/1998
51

Rendered obsolete by revocation of S.I. No. 280 of 1998, this SI should be revoked.

52

Rendered obsolete by revocation of S.I. No. 570 of 2004, this SI should be revoked.

18.2. Financial Products

Finance 37/1990
Finance 25/1995
Finance
  • none
30/1995
Finance 47/2001
Finance 13/2007
Finance 37/2007
Finance
  • none
25/2018
53

This SI repealed Stock Exchange Act 1995 (9/1995), and left S.I. No. 380 of 1997 without an enabling provision, rendering it obsolete.  It should be revoked.

18.3. Insurance

Finance
  • none
14 Geo. 3, c. 48
Finance
  • none
6 Edw. 7, c. 41
Finance 9 Edw. 7, c. 49
Finance 45/1936
Finance 31/1938
Finance
  • none
6/1947
Finance 54 18/1964
Finance
  • none
29/1983
Finance
  • none
8/1985
Finance 3/1989
Finance 42/2000
Finance
  • none
26/2011
Finance 21/2018
Finance 42/2018
Finance
  • none
53/2019
54 Functions partly delegated to National Treasury Management Agency by S.I. No 277 of 1990.
55 Superseded by S.I. No. 473 of 2000, this SI should be revoked.
56 The enabling sections are Insurance Act 1989 (3/1989), ss. 5 and 22. Section 22(1) was substituted by Insurance Act 2000 (42/2000), s. 5, subsitution commenced by S.I. No. 472 of 2000. The new subs. (1) enables the Minister to prescribe and the SI is unaffected.

18.4. International Financial Transfers (Exchange Control)

Finance 27/1992
57 The Financial Transfers Act 1992, which came into effect on 18 December 1992 on its signature by the President, in effect replaced the Exchange Control Act 1954 (30/1954), as amended. The 1954 Act expired on 31 December 1992, as provided for in Exchange Control (Continuance) Act 1990 (35/1990), s. 1. The 1954 Act had previously been continued or amended by the Exchange Control (Continuance and Amendment) Act 1978 (24/1978), the Exchange Control (Continuance) Act 1982 (25/1982) and the Exchange Control (Continuance) Act 1986 (38/1986). The 1954 Act, the 1978 Act, the 1982 Act, the 1986 Act and the 1990 Act now appear to be spent and should be repealed. The following SIs made under the 1954 Act are now obsolete and should be revoked: S.I. Nos. 128 of 1955, 44 of 1959, 140 of 1959, 62 of 1960, 19 of 1961, 205 of 1962, 51 of 1964, 215 of 1964, 266 of 1964, 66 of 1965, 150 of 1965, 230 of 1965, 11 of 1966, 252 of 1966, 121 of 1967, 253 of 1968, 62 of 1970, 288 of 1971, 354 of 1971, 157 of 1972, 234 of 1972, 21 of 1973, 265 of 1973, 24 of 1974, 188 of 1975, 136 of 1977, 14 of 1978, 114 of 1978, 204 of 1978, 257 of 1978, 349 of 1978, 6 of 1980, 176 of 1983, 230 of 1986, 307 of 1987, 15 of 1988, 48 of 1991, 134 of 1992. The following SIs made under the 1978 Act are now obsolete and should be revoked: S.I. Nos. 348 and 350 of 1978.
58 This SI revoked S.I. No. 351 of 1993 and its function is spent. It should now be revoked.
59 This SI revoked S.I. No. 415 of 1992 and its function is spent. It should now be revoked.
60 This SI revoked S.I. No. 410 of 1993 and its function is spent. It should now be revoked.
61 This SI revoked S.I. No. 75 of 2002 and its function is spent. It should now be revoked.
62 This SI revoked S.I. No. 146 of 2005 and its function is spent. It should now be revoked.
63 This SI revoked S.I. No. 458 of 2004 and its function is spent. It should now be revoked.
64 This SI revoked S.I. No. 398 of 2009 and its function is spent. It should now be revoked.
65 Revoked S.I. No. 10 of 2012.
66 Revoked S.I. No. 175 of 2011.

18.5. Investment Intermediaries

Finance 11/1995
67 The enabling provision was repealed by Investor Compensation Act 1998 (37/1998), s. 7 and sch. in so far as it imposes an obligation to hold a bond. It appears that these regulations fall under the repeal, and should be revoked for clarity.
68

The enabling provision was repealed by 21/2004, rendering this SI obsolete.  It should be revoked.

18.6. Stock Exchange

Finance
  • none
S.I. No. 286 of 2007

18.7. Unclaimed Property: Bank Accounts and Life Assurance 69

69 See also Heading 9.6.3: Unclaimed Property: Funds of Suitors, above.

18.7.1. Dormant Bank Accounts

Gaeltacht 70 32/2001
Environ 71 8/2005
Gaeltacht 72 23/2012
70 Transferred to Environment, Community and Local Government by S.I. No. 196 of 2011, it was transferred (9.06.2016) to Arts, Heritage and the Gaeltacht by S.I. No. 308 of 2016.
71 See S.I. No. 196 of 2011.
72 Transferred (9.06.2016) to Arts, Heritage and the Gaeltacht by S.I. No. 308 of 2016.

18.7.2. Life Assurance Policies

Gaeltacht 73 2/2003
73 Transferred to Environment, Community and Local Government by S.I. No. 196 of 2011, it was transferred (9.06.2016) to Arts, Heritage and the Gaeltacht by S.I. No. 308 of 2016.

18.8. ECA Section 3 Statutory Instruments

Foreign 27/1972
74

Rendered obsolete by revocation of S.I. No. 115 of 1976.

75

Rendered obsolete by revocation of S.I. No. 57 of 1984.

76

Rendered obsolete by revocation of S.I. No. 115 of 1976.

77

Rendered obsolete by revocation of S.I. No. 115 of 1976.

78

Rendered obsolete by revocation of S.I. No. 57 of 1984.

79

Rendered obsolete by revocation of S.I. No. 115 of 1976.

80

Rendered obsolete by revocation of S.I. No. 437 of 1986.

81

Rendered obsolete by revocation of S.I. No. 115 of 1976.

82

Rendered obsolete by revocation of S.I. No. 57 of 1984.

83

Rendered obsolete by revocation of S.I. No. 115 of 1976.

84

Rendered obsolete by revocation of S.I. No. 168 of 1995.

85

Rendered obsolete by revocation of S.I. No. 168 of 1995.

86

Rendered obsolete by revocation of S.I. No. 395 of 1992.

87

Rendered obsolete by revocation of S.I. No. 462 of 2002.

88

Rendered obsolete by revocation of S.I. No. 294 of 1992.

89

Rendered obsolete by revocation of S.I. No. 115 of 1976.

90

Rendered obsolete by revocation of S.I. No. 57 of 1984.

91

Rendered obsolete by revocation of S.I. No. 395 of 1992.