Central Bank Act 1942

Central Bank Act 1942


Number 22 of 1942


CENTRAL BANK ACT 1942

REVISED

Updated to 26 July 2017


This Revised Act is an administrative consolidation of the Central Bank Act 1942. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including National Shared Services Office Act 2017 (26/2017), enacted 26 July 2017, and all statutory instruments up to and including Appointment of Special Adviser (Minister for Rural and Community Development) Order 2017 (S.I. No. 388 of 2017), made 26 July 2017, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.


Number 22 of 1942


CENTRAL BANK ACT 1942

REVISED

Updated to 26 July 2017


Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

Central Bank Acts 1942 to 2015: this Act is one of a group of Acts included in this collective citation ( Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), s. 9(2)). The Acts in the group are:

Central Bank Act 1942 (22/1942)

Central Bank Act 1961 (8/1961) (repealed)

Central Bank Act 1964 (3/1964) (repealed)

Central Bank Act 1971 (24/1971)

Central Bank Act 1989 (16/1989), Part II

Central Bank Act 1997 (8/1997), other than ss. 3, 36 to 49, 60, 64 to 68, 78 to 83 and 85

Central Bank Act 1998 (2/1998)

Euro Changeover (Amounts) Act 2001 (16/2001), s. 5 and s. 9(4)

Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

National Asset Management Agency Act 2009 (34/2009), s. 1(4), s. 232 and sch. 3 part 2

Central Bank Reform Act 2010 (23/2010)

Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), ss. 36 , 37 , 48 (2) and 56(3), Part 5 (in so far as it amends the Central Bank Acts 1942 to 2011), and Schedules 2 and 3 (in so far as they amend any of those Acts)

Central Bank (Supervision and Enforcement) Act 2013 (26/2013), other than section 5, in so far as it relates to Schedules 3 and 4, and sections 75 to 78 , 80 to 87 and 89 to 94

Central Bank Act 2014 (9/2014), s. 1

Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), other than s. 8

Credit Institutions (Financial Support) Act 2008 (18/2008) deals with similar subject matter.

Currency and Central Bank Acts 1927 to 1971: this Act is one of a group of Acts included in this collective citation ( Central Bank Act 1971, s. 1(2)). The Acts in the group are:

Currency Act 1927 (32/1927) (repealed)

Currency (Amendment) Act 1930 (30/1930) (repealed)

Central Bank Act 1942 (22/1942)

Central Bank Act 1961 (8/1961) (repealed)

Central Bank Act 1964 (3/1964) (repealed)

Central Bank Act 1971 (24/1971)

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations.

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1994, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

Financial Services and Pensions Ombudsman Act 2017 (22/2017)

Central Bank and Financial Services Authority of Ireland (Amendment) Act 2017 (21/2017)

Finance (Miscellaneous Provisions) Act 2015 (37/2015)

Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015)

Irish Collective Asset-management Vehicles Act 2015 (2/2015)

Central Bank (Amendment) Act 2015 (1/2015)

Freedom of Information Act 2014 (30/2014)

Competition and Consumer Protection Act 2014 (29/2014)

Court of Appeal Act 2014 (18/2014)

Central Bank Act 2014 (9/2014)

Credit Reporting Act 2013 (45/2013)

Central Bank (Supervision and Enforcement) Act 2013 (26/2013)

Irish Bank Resolution Corporation Act 2013 (2/2013)

Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012)

Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

Credit Institutions (Stabilisation) Act 2010 (36/2010)

Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010)

Central Bank Reform Act 2010 (23/2010)

Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010)

National Asset Management Agency Act 2009 (34/2009)

Financial Services (Deposit Guarantee Scheme) Act 2009 (13/2009)

Anglo Irish Bank Corporation Act 2009 (1/2009)

Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007)

Consumer Protection Act 2007 (19/2007)

Investment Funds, Companies and Miscellaneous Provisions Act 2006 (41/2006)

Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005)

Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

Asset Covered Securities Act 2001 (47/2001)

Euro Changeover (Amounts) Act 2001 (16/2001)

Central Bank Act 1998 (2/1998)

Finance Act 1998 (3/1998)

Credit Union Act 1997 (15/1997)

Central Bank Act 1997 (8/1997)

Central Bank Act 1989 (16/1989)

Postal and Telecommunications Services Act 1983 (24/1983)

Central Bank Act 1971 (24/1971)

National Bank Transfer Act 1966 (8/1966)

Credit Union Act 1966 (19/1966)

Copyright Act 1963 (10/1963)

Central Bank Act 1964 (3/1964)

Central Bank Act 1961 (8/1961)

Cheques Act 1959 (19/1959)

Trustee (Authorised Investments) Act 1958 (8/1958)

Coinage Act 1950 (32/1950)

Currency (Amendment) Act 1930 (30/1930)

Currency Act 1927 (32/1927)

All Acts up to and including National Shared Services Office Act 2017 (26/2017), enacted 26 July 2017, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2017 (S.I. No. 54 of 2017)

Central Bank Act 1942 (Section 32D) Regulations 2016 (S.I. No. 508 of 2016)

European Union (Payment Accounts) Regulations 2016 (S.I. No. 482 of 2016)

European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016)

European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016)

Financial Services Ombudsman Bureau Staff Superannuation Scheme 2016 (S.I. No. 210 of 2016)

Financial Services Ombudsman Bureau Ombudsman and Deputy Ombudsman Superannuation Scheme 2016 (S.I. No. 209 of 2016)

European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016)

European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (S.I. No. 143 of 2016)

European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2015 (S.I. No. 592 of 2015)

European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015)

European Union (European long-term investment funds) Regulations 2015 (S.I. No. 554 of 2015)

European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 (S.I. No. 550 of 2015)

European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015)

European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)

Central Bank Act 1942 (Section 32D) Regulations 2015 (S.I. No. 429 of 2015)

European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015)

European Union (Credit Institutions: Financial Statements) Regulations 2015 (S.I. No. 266 of 2015)

European Union (Insurance Undertakings: Financial Statements) Regulations 2015 (S.I. No. 262 of 2015)

European Union (European Venture Capital Funds) Regulations 2015 (S.I. No. 167 of 2015)

European Union (European Social Entrepreneurship Funds) Regulations 2015 (S.I. No. 166 of 2015)

Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Approval Fee Regulations 2015 (S.I. No. 106 of 2015 )

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2015 (S.I. No. 42 of 2015)

European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014)

European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014)

Central Bank Act 1942 (Section 32D) Regulations 2014 (S.I. No. 335 of 2014)

Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2014 (S.I. No. 268 of 2014)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees (Amendment) Regulations 2014 (S.I. No. 137 of 2014)

Central Bank Act 1942 (Financial Services Ombudsman Council) Complaint Information Regulations 2014 (S.I. No. 97 of 2014)

Central Bank Act 1942 (Financial Services Ombudsman Council) (Amendment) Regulations 2014 (S.I. No. 164 of 2014)

European Union (Capital Requirements) (No. 2) Regulations 2014 (S.I. No. 159 of 2014)

European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees (Amendment) Regulations 2014 (S.I. No. 137 of 2014)

Central Bank Act 1942 (Financial Services Ombudsman Council) Complaint Information Regulations 2014 (S.I. No. 97 of 2014)

Public Expenditure and Reform (Transfer of Departmental Administration and Ministerial Functions) Order 2013 (S.I. No. 574 of 2013)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2013 (S.I. No. 477 of 2013)

Central Bank Act 1942 (Section 32D) Regulations 2013 (S.I. No. 359 of 2013)

Central Bank Act 1942 (Service of Notices and Other Documents) Regulations 2013 (S.I. No. 300 of 2013)

European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013)

Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2013 (S.I. No. 135 of 2013)

European Union (Requirements for Credit Transfers and Direct Debits in Euro) Regulations 2013 (S.I. No. 132 of 2013)

Central Bank Act 1942 (Section 32E) Transparency Fee Regulations 2012 (S.I. No. 550 of 2012)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2012 (S.I. No. 506 of 2012)

Central Bank Act 1942 (Section 32D) Regulations 2012 (S.I. No. 350 of 2012)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2011 (S.I. No. 674 of 2011)

Central Bank Act 1942 (Section 32E) Prospectus Approval Fee Regulations 2011 (S.I. No. 632 of 2011)

Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011)

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011)

European Communities (Electronic Money) Regulations 2011 (S.I. No. 183 of 2011)

European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011)

European Communities (Directive 2009/111/EC) Regulations 2010 (S.I. No. 627 of 2010)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2010 (S.I. No. 576 of 2010)

Central Bank Act 1942 (Sections 33J and 33K) Regulations 2010 (S.I. No. 487 of 2010)

European Communities (Credit Rating Agencies) Regulations 2010 (S.I. No. 247 of 2010)

European Communities (Cross Border Payments) Regulations 2010 (S.I. No. 183 of 2010)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2009 (S.I. No. 500 of 2009)

European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 (S.I. No. 475 of 2009)

European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009)

Credit Union Act 1997 (Section 85) Rules 2009 (S.I. No. 344 of 2009)

Central Bank Act 1942 (Sections 33j and 33k) Regulations 2009 (S.I. No. 300 of 2009)

European Communities (Assessment of Acquisitions In the Financial Sector) Regulations 2009 (S.I. No. 206 of 2009)

Central Bank Act 1942 (Section 33J) Regulations 2008 (S.I. No. 598 of 2008)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2008 (S.I. No. 576 of 2008)

Central Bank Act 1942 (Sections 33J and 33K) Regulations 2008 (S.I. No. 297 of 2008)

Irish Financial Services Appeals Tribunal Rules 2008 (S.I. No. 224 of 2008)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008)

Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008 (S.I. No. 99 of 2008)

European Communities (Markets in Financial Instruments) (Amendment) Regulations (No. 2) 2007 (S.I. No. 773 of 2007)

Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 751 of 2007)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2007 (S.I. No. 726 of 2007)

Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 690 of 2007)

European Communities (Markets in Financial Instruments) (Amendment) Regulations 2007 (S.I. No. 663 of 2007)

European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007 (S.I. No. 366 of 2007)

Central Bank Act 1942 (Section 33J and 33K) Regulations 2007 (S.I. No. 294 of 2007)

Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2007 (S.I. No. 139 of 2007)

Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2007 S.I. No. 138 of 2007)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2007 (S.I. No. 100 of 2007)

European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2006 (S.I. No. 687 of 2006)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2006 (S.I. No. 556 of 2006)

Central Bank Act 1942 (Section 33J and 33K)(Amendment) Regulations 2006 (S.I. No. 528 of 2006)

Central Bank Act 1942 (Sections 33J And 33K) Regulations 2006 (S.I. No. 388 of 2006)

European Communities (Reinsurance) Regulations 2006 (S.I. No. 380 of 2006)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No. 3) 2005 (S.I. No. 828 of 2005)

Consumer Credit Act 1995 (Section 2) (Amendment) Regulations 2005 (S.I. No. 372 of 2005)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2005 (S.I. No. 371 of 2005)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No 2) 2005 (S.I. No. 330 of 2005)

Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2005 (S.I. No. 329 of 2005)

Central Bank Act 1942 (Section 33K) Regulations 2005 (S.I. No. 325 of 2005)

Prospectus (Directive 2003/71/Ec) Regulations 2005 (S.I. No. 324 of 2005)

Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005 (S.I. No. 273 of 2005)

Central Bank Act 1942 (Financial Services Ombudsman) Regulations 2005 (S.I. No. 191 of 2005)

Central Bank Act 1942 (Financial Services Ombudsman Council) Regulations 2005 (S.I. No. 190 of 2005)

European Communities (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005)

Central Bank and Financial Services Authority of Ireland Act 2004 (Commencement) Order (No. 2) 2004 (S.I. No. 760 of 2004)

European Communities (Supplementary Supervision of Insurance Undertakings in an Insurance Group) (Amendment) Regulations 2004 (S.I. No. 731 of 2004)

European Communities (Consolidated Supervision of Credit Institutions) (Amendment) Regulations 2004 (S.I. No. 730 of 2004)

European Communities (Financial Conglomerates) Regulations 2004 (S.I. No. 727 of 2004)

Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004 (S.I. No. 715 of 2004)

Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004)

Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2004 (S.I. No. 414 of 2004)

European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 (S.I. No. 198 of 2004)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2004 (S.I. No. 93 of 2004)

Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003)

Central Bank Act 1942 (Schedule 2) (Amendment) Order 2003 (S.I. No. 371 of 2003)

Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) Regulations 2003 (S.I. No. 161 of 2003)

European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 (S.I. No. 396 of 1992)

European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992)

Common Sole (Restriction on Fishing in The Irish Sea) Order 1993 (S.I. No. 149 of 1993)

Central Bank Act (Approval of Scheme of Northern Bank Limited and Northern Bank (Ireland) Limited) Order 1986 (S.I. No. 99 of 1986)

European Communities (Consolidated Supervision of Banks) Regulations 1985 (S.I. No. 302 of 1985)

European Communities (Licensing and Supervision of Banks) Regulations 1979 (S.I. No. 414 of 1979)

Central Bank Act (Approval of Scheme of the Royal Bank of Ireland Limited and Allied Irish Banks Limited) Order 1972 (S.I. No. 24 of 1972)

Central Bank Act (Approval of Scheme of Provincial Bank of Ireland Limited and Allied Irish Banks Limited) Order 1972 (S.I. No. 23 of 1972)

Central Bank Act (Approval of Scheme of the Munster and Leinster Bank Limited and Allied Irish Banks Limited) Order 1972 (S.I. No. 22 of 1972)

Central Bank Act (Approval of Scheme of the Hibernian Bank Limited and The Governor and Company of the Bank of Ireland) Order 1972 (S.I. No. 21 of 1972)

Central Bank Act (Approval of Scheme of the National Bank of Ireland Limited and The Governor and Company of the Bank of Ireland) Order 1972 (S.I. No. 20 of 1972)

Banker’s Deposit (Permission For Reduced Deposit) Order 1942 (S.I. No. 542 of 1942)

Central Bank Act 1942 (Appointed Day) Order 1942 (S.I. No. 505 of 1942)

Bankers’ Licences Regulations 1942 (S.I. No. 481 of 1942)

All statutory instruments up to and including Appointment of Special Adviser (Minister for Rural and Community Development) Order 2017 (S.I. No. 388 of 2017), made 26 July 2017, were considered in the preparation of this revision.


Number 22 of 1942


CENTRAL BANK ACT 1942

REVISED

Updated to 26 July 2017


ARRANGEMENT OF SECTIONS

PART I.

Preliminary and General.

Section

1.

Short title, collective citation, and construction.

2.

Interpretation.

2A.

Definition of ‘subsidiary company’.

3.

The appointed day.

4.

Repeals.

PART II.

Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.

5.

Establishment of Central Bank of Ireland.

5A.

General functions and powers of the Bank.

5B.

Specific powers of the Bank.

5C.

Supplementary powers of Bank with respect to certain responsibilities.

6.

Bank to perform functions of European System of Central Banks.

6A.

Objectives of Bank in discharging ESCB functions, etc.

6B.

Bank’s power to hold and deal in land etc.

6C.

Power of the Bank to establish divisions, etc. within the Bank

6D.

Staff of Bank.

6E.

Assignment of employees of Bank.

6F.

Bank may engage agents and act as agent for others. (Repealed)

6G.

General fund of the Bank. (Repealed)

6H.

Accounting and other records of Bank. (Repealed)

6I.

Report and returns by Bank. (Repealed)

6J.

Exemption of Bank from taxes.

6K.

Provisions relating to documents of the Bank.

7.

Certain particular powers of the Bank. (Repealed)

8.

Certain further powers of the Bank. (Repealed)

9.

The capital of the Bank.

10.

Seal of Bank.

11.

Interpretation of references to the Commission in the Currency Act, 1927.

12.

The Associated Banks. (Repealed)

13.

Admission of a bank to be an Associated Bank. (Repealed)

14.

Removal of a bank from being an Associated Bank. (Repealed)

15.

Dissolution of the Commission.

16.

Appointments to the staff of the Bank. (Repealed)

17.

Copyright in notes issued by the Bank. (Repealed)

18.

General adaptation of references to the Commission.

PART III.

The Board of Directors of the Bank.

18A.

Interpretation: Part III.

18B.

Functions of Central Bank Commission.

18BA.

Membership of Board and Regulatory Authority.

18C.

Acts, etc. of Commission to be acts, etc. of Bank.

18CA.

Membership of Commission.

18D.

Additional powers of Commission.

18E.

Bank may establish advisory groups.

18F.

Delegation of certain functions of Commission, etc.

19.

Appointment, tenure of office, etc., of the Governor.

19A.

Responsibilities and powers of the Governor.

19B.

Decisions about certain issues involving Treaties governing European Communities and ESCB Statute.

20.

Prohibition of the Governor holding shares in a financial institution.

21.

Removal of Governor from office.

22.

Acting Governor.

22A.

Head of Central Banking to carry out certain responsibilities of the Governor.

23.

Heads of Function.

23A.

Responsibilities of Heads of Function.

23B.

Appointment of Heads of Function.

23C.

Terms of appointment of Heads of Function.

23D.

Acting Heads of Function.

24.

Appointment of members of Commission.

24A.

Remuneration, etc., of appointed members of Commission.

24B.

Tenure of office of members of Commission.

25.

Vacation of office of members of Commission.

26.

Panel for appointment of the first banking Directors. (Repealed)

27.

Panel for the appointment of banking Directors other than the first such Directors. (Repealed)

28.

Filling of vacancies in Commission.

29.

Prohibition of certain Directors holding shares in a bank. (Repealed)

30.

Operation of disqualification of the Governor or a Director. (Repealed)

31.

Oath of secrecy to be taken by the Governor, Directors, and officers. (Repealed)

32.

Meetings and procedure of the Commission.

33.

Compensation and superannuation of Chairman, Commissioners, Governor, and Directors. (Repealed)

PART IIIA.

Management, Finance and Accountability

Chapter 1A

Management

32A.

Framework for assignment of responsibilities.

32B.

Bank to prepare strategic plan.

Chapter 2A

Finance and accounting

32C.

Annual estimates in relation to financial regulation functions.

32D.

Power to impose levies.

32E.

Power to prescribe fees.

32F.

General fund.

32G.

Surplus or deficiency in income of Bank during financial year.

32H.

Bank’s surplus income.

32I.

Provision of funds by Bank to meet shortfall.

32J.

Accounting and other records of Bank.

32K.

Report of operations, etc., by Bank.

Chapter 2A

Accountability

32L.

Annual performance statements.

32M.

International peer review of regulatory performance.

Irish Financial Services Regulatory Authority

Chapter 1

Constitution, functions and powers of Regulatory Authority

33A.

Interpretation: Part IIIB and Schedule 3.

33B.

Establishment of Regulatory Authority.

33C.

Functions and powers of Regulatory Authority.

33D.

Regulatory Authority to comply with certain guidelines.

33E.

Membership of Regulatory Authority.

33F.

Appointment of Chief Executive of the Regulatory Authority.

33G.

Appointment of acting Chief Executive in certain cases.

33H.

Responsibilities of Chief Executive of the Regulatory Authority.

33I.

Chairperson of the Regulatory Authority.

33J.

Power to impose levies.

33K.

Power of Chief Executive to prescribe fees.

33L.

Provision of funds by Bank to Regulatory Authority to meet shortfall.

33M.

Regulatory Authority to keep proper accounts.

33N.

Regulatory Authority to prepare annual estimate of income and expenditure.

33O.

Regulatory Authority to provide Minister with annual report and other reports.

33P.

Regulatory Authority to prepare strategic plan.

Chapter 2

Consumer Director

33Q.

Appointment of Consumer Director.

33R.

Appointment of acting Consumer Director in certain cases.

33S.

Responsibilities of Consumer Director.

33SA.

Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.

33T.

Consumer Director to prepare Annual Report.

33U.

Consumer Director to provide information, reports and advice to Chief Executive.

33V.

Consumer Director to prepare strategic plan.

Chapter 3

Registrar of Credit Unions

33W.

Interpretation: Chapter 3.

33X.

Appointment of Registrar of Credit Unions.

33Y.

Appointment of acting Registrar of Credit Unions in certain cases.

33Z.

Signature of Registrar of Credit Unions.

33AA.

Responsibilities and powers of Registrar of Credit Unions.

33AB.

Bank to provide Registrar with adequate funds.

33AC.

Registrar to prepare annual report.

33AD.

Registrar to provide information, reports and advice to Head of Financial Regulation.

33AE.

Registrar to prepare work plan.

33AF.

Registrar to keep proper accounts.

PART IIIB.

Provisions Applicable to the Bank and its Constituent Parts.

33AG.

Superannuation schemes for the benefit of officers and employees of Bank and its constituent parts.

33AH.

Special provisions for superannuation schemes established under Currency Act 1927 and Central Bank Act 1989.

33AI.

Provisions applicable to superannuation schemes established under section 33AG or continued under section 33AH.

33AJ.

Bank and associates not liable for certain acts and omissions.

33AK.

Disclosure of information.

33AL.

Bank to inform persons of their obligations under section 33AK.

33AM.

Certain persons required to attend proceedings of Oireachtas committees.

PART IIIC.

Enforcement of Designated Enactments and Designated Statutory Instruments.

Chapter 1

Interpretation

33AN.

Interpretation (Part IIIC).

33ANA.

Application of Part to credit unions. (Repealed)

33ANB.

Application of Part to credit unions pursuant to Payment Services Directive. (Repealed)

33ANC.

Application of Part under Capital Requirements Directive.

33AND.

Application of Part for SSM and SSM Framework Regulations.

33ANE.

Application of Part under Bank Recovery and Resolution Directive.

33ANF.

Application of Part to insurance holding companies and mixed financial holding companies.

Chapter 2

Power of Bank to hold inquiries

33AO.

Bank may hold inquiry into conduct of regulated financial service provider or person concerned in its management.

33AP.

Bank to give notice to regulated financial service provider with respect to inquiry.

33AQ.

What decisions Bank can make at conclusion of inquiry held under section 33AO.

33AR.

Alternative procedure when commission of, or participation in, prescribed contravention is acknowledged.

33AS.

Limitations on imposing monetary penalties.

33AT.

Financial service provider, etc. not to be liable to be penalised twice for same contravention.

33AU.

Person not to be concerned in management of regulated financial service provider while disqualified.

33AV.

Power of Bank to resolve suspected contraventions, etc.

33AW.

When decisions of the Bank under this Part take effect.

33AX.

Decision of Bank to be appealable.

Chapter 3

Conduct of inquiries

33AY.

Proceedings at inquiries.

33AZ.

Inquiry normally to be held in public.

33BA.

Power to summon witnesses and take evidence.

33BB.

Bank may refer to Court question of law arising at inquiry.

33BC.

Bank may publish its decisions.

33BD.

Bank may make guidelines with respect to the conduct of proceedings under this Part.

33BE.

Performance and exercise of regulatory functions.

33BF.

Limitation of period within which judicial review may be sought.

PART IV.

Extinction of Consolidated Bank Notes.

34.

Definitions in respect of this Part of this Act.

35.

Restrictions on amount of consolidated bank notes outstanding.

36.

Payment in respect of consolidated bank notes outstanding after cesser of issue.

37.

Payments by Associated Banks on consolidated bank notes.

38.

Stamp duty in respect of consolidated bank notes.

39.

Notes of former banks of issue.

40.

Power of banks of issue to write off certain notes.

PART V.

Deposits by Bankers.

41.

Construction of references to holding oneself out as a banker. (Repealed)

42.

Obligation to make deposit in the High Court. (Repealed)

43.

General provisions in relation to deposits under this Part of this Act. (Repealed)

44.

Deposit on behalf of a company before its incorporation. (Repealed)

45.

Payment of debts out of deposit. (Repealed)

PART VI.

Bankers’ Licences and the Duties of Licensed Bankers.

46.

Application of this Part of this Act. (Repealed)

47.

Bankers’ licences. (Repealed)

48.

Publication of financial statements by licensed bankers. (Repealed)

49.

Publication of balance sheets by licensed bankers. (Repealed)

50.

Power to require deposit by licensed bankers in certain circumstances. (Repealed)

51.

Powers in respect of licensed bankers’ clearances. (Repealed)

PART VII.

Counterfeit and Unauthorised Currency.

52.

Definition of “ bank note” in this Part of this Act.

53.

Extension of the Forgery Act, 1913.

54.

Disposal of bank notes, etc. seized under the Forgery Act, 1913.

55.

Making, etc. a document purporting to be or resembling a bank note.

56.

Prohibition of unauthorised money.

57.

Amendment of the Customs Consolidation Act, 1876. (Repealed)

PART VIIA.

Irish Financial Services Appeals Tribunal.

Chapter 1

Preliminary

57A.

Interpretation: Part VIIA and Schedule 5.

57B.

Objects of this Part.

Chapter 2

Constitution and jurisdiction of appeals tribunal

57C.

Establishment of the Appeals Tribunal.

57D.

Membership of the Appeals Tribunal.

57E.

Eligibility for appointment as a member.

57F.

Appointment of acting members.

57G.

Jurisdiction and powers of the Appeals Tribunal.

57H.

Constitution of the Appeals Tribunal for particular proceedings.

57I.

Functions of Chairperson.

57J.

Registrar and staff of the Appeals Tribunal.

57K.

Responsibilities of Registrar of the Appeals Tribunal.

Chapter 3

Hearing and determination of appeals

57L.

Right of appeal to Appeals Tribunal against appealable decision.

57M.

Appeals Tribunal may decide persons whose interests affected by a decision.

57N.

Duty of Bank to give reasons on request.

57O.

Bank may refuse reasons in certain cases.

57P.

Appeals Tribunal may determine whether person entitled to reasons or made request within reasonable time.

57Q.

Appeals Tribunal may order Bank to provide a statement of reasons or an adequate statement of reasons.

57R.

Operation and implementation of appealed decision pending determination of appeal.

57S.

Conditions of stay order.

57T.

Opportunity of parties to make submissions.

57U.

Representation of parties.

57V.

Procedure of the Appeals Tribunal.

57W.

Proceedings on hearing to be normally conducted in public.

57X.

Power to remit matters to Bank for further consideration.

57Y.

Reconstitution of Appeals Tribunal during hearing of appeal.

57Z.

What decisions the Appeals Tribunal can make in determining an appeal.

57AA.

How decisions of the Appeals Tribunal are to be made and given.

57AB.

Appeals Tribunal may reserve decision.

57AC.

Effect of decision of Appeals Tribunal.

57AD.

Amendments and irregularities.

57AE.

Recovery of amounts ordered to be paid.

57AF.

Powers in relation to witnesses.

57AG.

Power to correct decisions of the Appeals Tribunal.

57AH.

Appeals Tribunal may award costs in certain circumstances.

57AI.

Appeals Tribunal may make rules of procedure.

Chapter 4

References and appeals to High Court

57AJ.

References of questions of law to High Court.

57AK.

Right of appeal to High Court.

57AL.

Orders on appeal to the High Court.

57AM.

Appeal does not stay decision of the Appeals Tribunal.

Chapter 5

Miscellaneous

57AN.

Contempt of Appeals Tribunal.

57AO.

Act or omission that is both an offence and contempt.

57AP.

Appeals Tribunal to have seal.

57AQ.

Authentication of documents.

57AR.

Judicial notice to be taken of certain signatures.

57AS.

Proof of certain matters not required.

57AT.

Protection of barristers, solicitors, witnesses and others.

57AU.

Allowances and expenses of witnesses.

57AV.

Notices, service and lodgement of documents.

57AW.

Annual report of the Appeals Tribunal.

57AX.

How the cost of operating the Appeals Tribunal is to be met.

57AY.

Registrar to keep proper accounting records.

57AZ.

Government may make regulations with respect to the Appeals Tribunal.

PART VIIB.

Financial Services Ombudsman.

Chapter 1

Interpretation and objects of Part

57BA.

Definitions.

57BB.

Objects of this Part.

Chapter 2

Financial Services Ombudsman Council

57BC.

Establishment of Financial Services Ombudsman Council.

57BD.

Functions and powers of Financial Services Ombudsman Council.

57BE.

Council may impose levies and fees for the purposes of this Part.

57BF.

Council to make regulations for the purposes of this Part.

57BG.

Council chairperson to provide Minister with reports.

57BH.

Council chairperson to appear before Oireachtas committee when required.

Chapter 3

Financial Services Ombudsman’s Bureau

57BI.

Financial Service Ombudsman’s Bureau.

57BJ.

Financial Services Ombudsman.

57BK.

Functions and powers of Financial Services Ombudsman.

57BL.

Deputy Financial Services Ombudsman.

57BM.

Acting Financial Services Ombudsman.

57BN.

Bureau staff.

57BO.

Immunity of Financial Services Ombudsman and others.

Chapter 4

Accounts and reports

57BP.

Financial Services Ombudsman to ensure proper accounts are kept in respect of the Bureau.

57BQ.

Financial Services Ombudsman to arrange for preparation of annual statement of accounts.

57BR.

Financial Services Ombudsman to prepare annual report of activities of the Bureau.

57BS.

Financial Services Ombudsman to publish certain other reports.

57BT.

Financial Services Ombudsman to arrange for preparation of annual estimate of income and expenditure.

57BU.

Financial Services Ombudsman to prepare strategic plan.

57BV.

Financial Services Ombudsman to provide Council and Minister with reports.

57BW.

Financial Services Ombudsman to appear before Oireachtas committee when required.

Chapter 5

How consumer complaints are to be dealt with

57BX.

Complaints about conduct of regulated financial service providers.

57BY.

Duty of Financial Services Ombudsman to investigate complaints.

57BZ.

Financial Services Ombudsman may decline to investigate or to continue to investigate complaint.

57CA.

Financial Services Ombudsman to attempt to deal with complaint by mediation in first instance.

57CB.

Persons entitled to make certain submissions to Financial Services Ombudsman.

57CC.

Financial Services Ombudsman to conduct investigations in private.

57CD.

Progress report to complainant.

57CE.

Financial Services Ombudsman can require regulated financial service provider to give information.

57CF.

Financial Services Ombudsman may enter premises of regulated financial service provider or associated entity of such a provider.

57CG.

Circuit Court may order person to comply with requirements, etc., of Financial Services Ombudsman.

57CH.

Obstruction of Financial Services Ombudsman in the performance or exercise of functions and powers.

57CI.

Adjudication of complaints.

57CJ.

Enforcement of Financial Services Ombudsman’s directions.

Chapter 6

References and Appeals under this Part to the High Court

57CK.

Financial Services Ombudsman may refer question of law to High Court.

57CL.

Right of appeal to High Court against Financial Services Ombudsman’s finding.

57CM.

Orders on appeal to the High Court relating to Financial Services Ombudsman’s finding.

57CN.

Appeal stays the finding of the Financial Services Ombudsman.

Chapter 7

Supplementary provisions

57CO.

Protection and other provisions relating to disclosures of information.

57CP.

Power of Court to grant injunctions in certain cases.

57CQ.

Financial Services Ombudsman and Council to co-operate with Bank and others.

Chapter 8

Reciprocal arrangements with corresponding agencies of other EEA countries

57CR.

Definitions (Chapter 8).

57CS.

Financial Services Ombudsman may subscribe to EEA Memorandum of Understanding.

57CT.

Financial Services Ombudsman may refer complaints to other EEA dispute settlement body.

57CU.

Financial Services Ombudsman may mediate, investigate and adjudicate complaints referred by other EEA dispute settlement bodies.

PART VIIC.

Consultative Panels.

Chapter 1

General

57CV.

Interpretation: Part VIIC. (Repealed)

57CW.

Establishment and membership of Consultative Panels. (Repealed)

Chapter 2

Consultative Consumer Panel

57CX.

Membership of Consultative Consumer Panel. (Repealed)

57CY.

Functions of Consultative Consumer Panel. (Repealed)

57CZ.

Regulatory Authority to provide sufficient resources to enable Consultative Consumer Panel to function. (Repealed)

Chapter 3

Consultative Industry Panel

57DA.

Membership of Consultative Industry Panel. (Repealed)

57DB.

Functions of Consultative Industry Panel. (Repealed)

57DC.

Regulatory Authority to provide sufficient resources to enable Consultative Industry Panel to function. (Repealed)

Chapter 4

Provisions Applying to Both Consultative Panels

57DD.

Schedule 8 to have effect with respect to Consultative Panels. (Repealed)

57DE.

Consultative Panel to prepare annual report. (Repealed)

57DF.

Responsibilities of Regulatory Authority and Minister with respect to Consultative Panels. (Repealed)

57DG.

Establishment and operation of advisory groups. (Repealed)

57DH.

Chairperson of Consultative Panel to attend meetings of relevant Oireachtas Joint Committee when required. (Repealed)

PART VIII.

Coinage.

58.

Amendment of the Coinage Act, 1926. (Repealed)

59.

Amendment of the Gold and Silver (Export Control, etc.) Act, 1920. (Repealed)

60.

The issue of coins under the Coinage Act, 1926. (Repealed)

61.

Copyright in coins. (Repealed)

PART VIIIA.

Regulations and Orders.

61A.

Regulations for purposes of this Act.

61B.

Power to amend or revoke certain orders.

61C.

Regulations and orders to be laid before each House of Oireachtas.

61D.

House of Oireachtas may annul regulation or order.

61DA.

Prosecution of offences.

PART IX.

Miscellaneous.

61E.

Bank and certain other persons required to consult.

61F.

Expenses incurred by Minister in administering this Act.

61G.

How the Bank may give or serve notices or other documents.

61H.

Arrangements for collection of certain levies.

62.

Winding-up of the note reserve fund and establishment of the currency reserve.

63.

Amendment of section 61 of the Currency Act. (Repealed)

64.

Amendment of section 3 of the Currency (Amendment) Act, 1930. (Repealed)

65.

Power of Bank to obtain information as to hire-purchase businesses.

66.

Amendment of the Bills of Exchange Act, 1882, in respect of banker’s drafts. (Repealed)

67.

Legalisation of bank deposit as a trustee investment. (Repealed)

68.

Amendment of section 22 of the Bankers (Ireland) Act, 1845.

SCHEDULE 1.

PROCEDURE OF THE COMMISSION

SCHEDULE 2.

DESIGNATED ENACTMENTS AND DESIGNATED STATUTORY INSTRUMENTS

SCHEDULE 3.

PROVISIONS APPLICABLE TO REGULATORY AUTHORITY. (Repealed)

SCHEDULE 4.

MAXIMUM AMOUNTS OF CONSOLIDATED BANK NOTES WHICH MAY BE OUTSTANDING WITH THE ASSOCIATED BANKS RESPECTIVELY.

SCHEDULE 5.

PROVISIONS APPLICABLE TO MEMBERS OF THE APPEALS TRIBUNAL.

SCHEDULE 6.

FINANCIAL SERVICES OMBUDSMAN COUNCIL.

SCHEDULE 7.

FINANCIAL SERVICES OMBUDSMAN, DEPUTY FINANCIAL SERVICES OMBUDSMEN AND OTHER BUREAU STAFF MEMBERS.

SCHEDULE 8.

PROVISIONS APPLYING TO BOTH CONSULTATIVE PANELS. (Repealed)



Number 22 of 1942


CENTRAL BANK ACT 1942

REVISED

Updated to 26 July 2017


AN ACT TO ESTABLISH A BANK TO BE THE PRINCIPAL CURRENCY AUTHORITY IN THE STATE, TO DISSOLVE THE CURRENCY COMMISSION AND TRANSFER ITS POWERS AND DUTIES (WITH CERTAIN MODIFICATIONS) TO THE SAID BANK, TO CONFER ON THE SAID BANK DIVERS OTHER POWERS AND DUTIES, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH BANKING, CURRENCY, COINAGE, AND THE MATTERS AFORESAID AND IN PARTICULAR FOR THE GRADUAL EXTINCTION OF CONSOLIDATED BANK NOTES. [4 th November, 1942.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations:

Modifications etc. (not altering text):

C1

C1

Prospective affecting provision: functions of Financial Services Ombudsman’s Bureau under Act transferred by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 74, not commenced as of date of revision.

Financial Services Ombudsman’s Bureau

74. Any function that, immediately before the establishment day, was vested in the Financial Services Ombudsman’s Bureau shall on and from the establishment day be transferred to the Office.

Powers under collectively cited Central Bank Acts 1942 to 2015 applied with modifications (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), regs. 35(1) and 37(1), in effect as per reg. 2.

Supervision of mortgage credit intermediaries

35. (1) As part of its functions under the Central Bank Acts 1942 to 2015 to monitor the provision of financial services to consumers, the Central Bank shall take such steps as it considers appropriate to supervise the ongoing activities of mortgage credit intermediaries, and, accordingly, the powers conferred on it (by those Acts) in respect of the foregoing functions are exercisable by it in that behalf.

...

Obligation to cooperate

37. (1) The Central Bank shall cooperate with the competent authorities of other EEA Member States whenever necessary for the purpose of performing its functions under these Regulations, making use of the powers available to it, whether those contained in these Regulations or the Central Bank Acts 1942 to 2015 or otherwise in any enactment.

...

C3

Application of collectively cited Central Bank Acts restricted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

Effect of special management.

119. ...

(2) The special management of the institution under resolution has effect notwithstanding anything in—

(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,

(b) any other rule of law or equity,

(c) any code of practice made under an enactment,

...

C4

Functions transferred and references to “Department of Public Expenditure and Reform” and “Minister for Public Expenditure and Reform” construed (10.12.2013) by Public Expenditure and Reform (Transfer of Departmental Administration and Ministerial Functions) Order 2013 (S.I. No. 574 of 2013), arts. 2-4 and 9, subject to transitional provisions in arts. 5-7, in effect as per art. 1(2).

2. (1) The administration and business in connection with the exercise, performance or execution of any functions transferred by this Order are transferred to the Department of Finance.

(2) References to the Department of Public Expenditure and Reform contained in any Act or instrument made under an Act and relating to the administration and business transferred by paragraph (1) shall, from the commencement of this Order, be construed as references to the Department of Finance.

3. The functions conferred on the Minister for Public Expenditure and Reform by or under subparagraphs (i) and (ii) of section 9(1)( a) of the Ministers and Secretaries (Amendment) Act 2011 (No. 10 of 2011) are transferred to the Minister for Finance, in so far as those functions relate to—

( a) the appointment, and terms and conditions of service, of the following:

(i) a member of the Central Bank Commission under section 18CA(1)( b) (inserted by section 14(1) of the Central Bank Reform Act 2010 (No. 23 of 2010) (“Act of 2010”)) or section 28 (as amended by section 14(1) of the Act of 2010) of the Central Bank Act 1942 (No. 22 of 1942) (“Act of 1942”);

(ii) a Head of Function of the Central Bank appointed by the Commission under section 23B(1) (inserted by section 14(1) of the Act of 2010) of the Act of 1942;

(iii) an acting Head of Function of the Central Bank appointed by the Governor under section 23D(1) (inserted by section 14(1) of the Act of 2010) of the Act of 1942;

(iv) a member of staff of Investor Compensation Company Limited;

(v) a member of staff of the Financial Services Ombudsman’s Bureau under section 57BN (inserted by section 16 of the Central Bank and Financial Services Authority of Ireland Act 2004 (No. 21 of 2004)) of the Act of 1942;

(vi) a Registrar of Credit Unions under section 33X(4) (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942;

(vii) an acting Registrar of Credit Unions under section 33Y(2) of the Act of 1942,

( b) the approval of—

(i) a superannuation scheme established under section 33AG(2) (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942 in respect of persons mentioned in subsection (1) of that section;

(ii) a merger of a staff superannuation scheme mentioned in clause (i) with a staff superannuation scheme continued by section 33AH (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942, under subsection (3) of that section,

or

( c) a determination that a trust fund established for the purposes of a staff superannuation scheme established under section 33AG, or continued in being under section 33AH, of the Act of 1942 is to be public funds for the purposes of the Superannuation Act 1892 under section 33AI(2) (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942.

C5

Application of collectively cited Central Bank Acts 1942 to 2011 restricted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 69(6)(a), S.I. No. 548 of 2011, as amended (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 187(e), in effect as per reg. 2.

Effect of appointment of special manager.

69.— ...

(6) A special management order has effect notwithstanding anything in—

(a) the Companies Acts, [... ] the Credit Union Act 1997 or the Central Bank Acts 1942 to 2011,

...

except to any extent to which the special management order expressly provides otherwise.

C6

Construction of references in Act extended in certain circumstances (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 90(1), S.I. No. 548 of 2011.

Application of this Part to bodies incorporated outside State.

90.—(1) In the case of the winding-up of an authorised credit institution, or a body that was formerly an authorised credit institution, that is a company incorporated outside the State, references in the Central Bank Acts 1942 to 2011 to—

(a) the winding-up of an authorised credit institution or a body that was formerly an authorised credit institution, or

(b) any provision of the Companies Acts which relates to winding-up,

shall be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned if the context so admits and the circumstances so require.

(2) For the purposes of a winding-up referred to in subsection (1), the Court may order that the Central Bank Acts 1942 to 2011 apply, if necessary, with such modifications as the Court orders.

C7

Application of collectively cited Central Bank Acts (designated as relevant applicable enactments for purpose of regulations) restricted (4.02.2011) by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011), regs. 5 and 12.

What law applies to credit institution in respect of which reorganisation measure is imposed

5.—(1) The relevant applicable enactment applies to and in relation to a reorganisation measure imposed, or to be imposed, in respect of an authorised credit institution (including its branches in other Member States) except as otherwise expressly provided by these Regulations.

(2) The provisions of a relevant applicable enactment forming part of a reorganisation measure or applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with that enactment as provided by the Directive.

(3) Provisions of this Regulation applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with those provisions as provided by the Directive.

(4) A reorganisation measure imposed by a competent authority of another Member State in respect of a credit institution authorised in that State (including any branch of the institution in the State) is to be recognised in the State as soon as the measure takes effect in that other State. This paragraph applies even if, had the particular matter been dealt with under the relevant applicable enactment, the measure would not be provided for, or would be provided for subject to the fulfilment of specified conditions that would not have been fulfilled in the particular case.

...

What law applies to winding up of credit institution

12.—(1) The relevant applicable enactment applies to proceedings to wind up an authorised credit institution, except in so far as these Regulations otherwise provide.

(2) The laws and administrative provisions applicable in another Member State apply to proceedings to wind up a credit institution authorised in that other State.

C8

Powers under collectively cited Central Bank Acts 1942 to 2001 (included in the supervisory enactments) affected (22.03.2002) by Asset Covered Securities Act 2001 (47/2001), s. 25, S.I. No. 94 of 2002, as amended (31.08.2007) by Asset Covered Securities (Amendment) Act 2007 (13/2007), s. 16, S.I. No. 591 of 2007.

Provisions of certain other Acts not affected.

25.—If the registration of an institution is revoked under this Part and the institution is—

(a) the holder of a licence issued under the Central Bank Act, 1971,

[(b) a trustee savings bank, or

(c) a building society, ]

[(d) ... ]

the power of the Authority to exercise in relation to the institution any power conferred on it by the supervisory enactments is affected only in so far as the exercise of that power would be inconsistent with this Act.

C9

Application of collectively cited Central Bank Acts 1942 to 1997 extended (9.04.1997) by Central Bank 1997 (8/1997), ss. 31 and 53, S.I. No. 150 of 1997; s. 53 as amended (1.0.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 28, S.I. No. 455 of 2004.

Application of section 17 of Act of 1971 to bureaux de change.

31.Without prejudice to section 30 of this Act, section 17 of the Act of 1971 shall apply as if every person authorised by the Bank to carry on bureau de change business were the holder of a licence for the purposes of the Central Bank Acts, 1942 to 1997.

...

Application of section 47 of Act of 1989.

53.— Section 47 of the Act of 1989 shall apply—

(a) to every financial institution to which Chapter VII of Part II of the Act of 1989 relates,

(b) to every exchange to which Chapter VIII of Part II of the Act of 1989 relates and every member of that exchange, and

(c) to every person authorised by the Bank to carry on money broking business,

as if each such institution, exchange, member or person so authorised were the holder of a licence for the purposes of the Central Bank Acts [... ].

C10

Application of collectively cited Central Bank Acts 1942 to 1997 restricted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 84(5), S.I. No. 150 of 1997, as amended (1.0.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 32, S.I. No. 455 of 2004.

Representative offices.

84. ...

(5) Notwithstanding anything contained in the Central Bank Acts [... ], a representative office may use in its name or title the words “ bank”, “ banker” or “ banking” or any variant or derivative thereof, subject to such terms or conditions as may be specified by the Bank.

...

C11

Provision for summary prosecution and liability for offences under collectively cited Central Bank Acts 1942 to 1989 extended (12.07.1989) by Central Bank Act 1989 (16/1989), ss. 10 and 11, S.I. No. 176 of 1989.

Prosecution of offences by Bank.

10.—An offence under the Central Bank Acts, 1942 to 1989, which is being tried summarily may be prosecuted by the Bank and a statement made by the person conducting such prosecution that the prosecution has been commenced with the authority of the Bank shall be sufficient evidence that the prosecution was so commenced.

Offences in relation to certain bodies.

11.—Where an offence under the Central Bank Acts, 1942 to 1989, is committed by a body corporate or by a person purporting to act on behalf of a body corporate or an unincorporated body of persons and is proved to have been so committed with the consent or approval of, or to have been facilitated by any wilful neglect on the part of, another person (being a director, manager, secretary, member of any committee of management or other controlling authority of such body or official of such body) that other person shall, as well as the body corporate or the person so purporting to act, be guilty of an offence and shall be liable to be proceeded against and punished accordingly.

C12

Construction of references in collectively cited Central Bank Acts 1942 to 1989 extended in certain circumstances (12.07.1989) by Central Bank Act 1989 (16/1989), s. 51, S.I. No. 176 of 1989. This provision is construed (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg 152, which replaces the construction of reference previously prescribed (1.01.1993) by European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992), reg. 38.

Construing of references to winding up, etc.

51.Where the context so admits and the circumstances may so require, references in the Central Bank Acts, 1942 to 1989, to the winding up of a holder or former holder of a licence or to any provision of the Companies Acts, 1963 to 1986, which relates to winding up shall, where a holder or former holder of a licence is a company incorporated outside the State or is an institution to which section 9(1A) (as amended by this Part) of the Act of 1971 relates, be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned and, accordingly, the provisions of the Central Bank Acts, 1942 to 1989, shall apply to the winding up or dissolution concerned and, where necessary, with such modifications as the Court may order.

C13

Application of collectively cited Currency and Central Bank Acts 1927 to 1971 extended (13.07.1983) by Postal and Telecommunications Services Act 1983 (24/1983), s. 67(2)(b), commenced on enactment but subject to vesting order made (1.01.1984) by S.I. No. 407 of 1983.

Provision of banking services.

67. (1) The company may, after consultation with the Minister and as authorised by order of the Minister for Finance (made after consultation with the Central Bank), provide banking services, including the service commonly known as the Giro System and also including the lending of money.

(2) Any such order may—

( a) specify the services which the company may provide,

( b) contain such other provisions in relation thereto, including provisions concerning the application of the Currency and Central Bank Acts, 1927 to 1971, and any other enactment, as the Minister for Finance, after consultation with the Minister, the company, the Central Bank and any other appropriate Minister, considers necessary or desirable.

...

Editorial Notes:

E1

Certain duties and obligations imposed by or under the Central Bank Acts 1942 to 2013 confirmed (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 73, S.I. No. 287 of 2013.

E2

Bank may have regard to statements made under Central Bank Reform Act 2010 (23/2010), s. 37(5) for the purposes of the exercise of its powers and the performance of its functions under the collectively cited Central Bank Acts 1942 to 2010 as provided (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 37, S.I. No. 469 of 2010.

E3

Previous affecting provision: application of collectively cited Central Bank Acts (designated as relevant applicable enactments for purpose of regulations) restricted (5.05.2004) by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2004 (S.I. No. 198 of 2004), regs. 2(2)(b), 5, 12(1), 17(1) and (3); revoked (4.02.2011) by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011), reg. 41.

E4

Previous affecting provision: application of collectively cited Central Bank Acts 1942 to 1997 restricted (1.10.1997) by Credit Union Act 1997 (15/1997), s. 184(a), S.I. No. 403 of 1997; substituted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 34, S.I. No. 280 of 2013.

E5

Previous affecting provision: application of collectively cited Central Bank Acts 1942 to 1989 restricted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 18(1), S.I. No. 176 of 1989; repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35 and sch. 1 part 9, S.I. No. 160 of 2003.

E6

Previous affecting provision: application of Act restricted (1.03.1967) by Credit Union Act 1966 (19/1966), s. 29, S.I. No. 29 of 1967; repealed (1.10.1997) by Credit Union Act 1997 (15/1997), s. 5(1)(a), S.I. No. 403 of 1997.

PART I.

Preliminary and General.

Short title, collective citation, and construction.

1

1. (1) This Act may be cited as the Central Bank Act, 1942.

(2) The Currency Acts, 1927 and 1930, and this Act may be cited together as the Currency and Central Bank Acts, 1927 to 1942.

(3) This Act shall be construed as one with the Currency Acts, 1927 and 1930.

(4) The expression “ this Act” wherever it occurs in the Currency Act shall be construed and have effect as including the Currency (Amendment) Act, 1930 (No. 30 of 1930), and this present Act.

2

F1 [ Interpretation.

2. (1) In this Act, unless the context otherwise requires

F2 [ ]

Appeals Tribunal means the Irish Financial Services Appeals Tribunal established by section 57C;

F3 [ ]

F4 [ appointed member or appointed member of the Commission means a member of the Commission referred to in section 18CA(1)( b ); ]

F5 [ associated entity in relation to a financial service provider, means

( a ) a holding company of the financial service provider, or

( b ) a subsidiary company of the financial service provider, or

( c ) a company that is a subsidiary of a body corporate, if the financial service provider is also a subsidiary of the body, but neither company is a subsidiary of the other, or

( d ) if a financial service provider is a company, any other body corporate that is not a subsidiary of the company but in respect of which the company is beneficially entitled to more than 20 per cent of the nominal value of either

(i) the allotted share capital, or

(ii) the shares carrying voting rights (other than voting rights which arise only in specified circumstances) in that other body corporate,

or

( e ) a partnership or joint venture in which the financial service provider has a financial interest; ]

approved stock exchange means a stock exchange approved under section 9 of the Stock Exchange Act 1995 ;

F6 [ Bank means the Central Bank of Ireland; ]

F7 [ ]

Central Bank Acts means the Central Bank Acts 1942 to 1998 and includes any later Act that is to be construed as one with those or any of those Acts;

F8 [ Commission means the Central Bank Commission; ]

consolidated bank note has the same meaning as in the Currency Act 1927 ;

F9 [ ]

F9 [ ]

credit union has the meaning given by the Credit Union Act 1997 ;

Currency Act 1927 means that Act as adapted in consequence of the Constitution;

F5 [ Deputy Financial Services Ombudsman means the person holding office under section 57BL; ]

F10 [ designated enactments means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments; ]

designated statutory instruments means the statutory instruments specified in Part 2 of Schedule 2;

F11 [ ]

F12 [ ECB means the European Central Bank; ]

F5 [ EEA country means a country that is a member of the European Economic Area; ]

employee , in relation to the Bank, includes the F13 [ Secretary of the Bank ] ;

enactment includes any instrument made under an enactment;

ESCB Statute means the Statute of the European System of Central Banks and of the European Central Bank as set out in Protocol (No. 3) (annexed by the Treaty on European Union done at Maastricht on February 1992) to the Rome Treaty;

F14 [ ex-officio member or ex-officio member of the Commission means a member of the Commission referred to in section 18CA(1)( a ); ]

financial futures and options exchange has the meaning given by section 97 of the Central Bank Act 1989;

financial services include financial products;

F5 [ Financial Services Ombudsman means the person holding office under section 57BJ or acting as Financial Services Ombudsman under section 57BM;

financial service provider means a person who carries on a business of providing one or more financial services; ]

financial year means a period of 12 months ending on 31 December or, if the Minister, by order notified in Iris Oifigi ú il , has prescribed a different period for the purposes of this Act, that other period;

function includes duty;

F15 [ general fund means the fund referred to in section 32F; ]

Governor means the person holding office as the Governor of the Bank, and includes

( a ) any person appointed to act as Governor in accordance with section 22, and

( b ) the F16 [ Head of Central Banking ] when carrying out responsibilities of the Governor in accordance with section 22A;

F17 [ Head of Central Banking , Head of Financial Regulation and Head of Function shall be construed in accordance with section 23; ]

F5 [ holding company means a company that has one or more subsidiary companies; ]

law includes the Rome Treaty and the ESCB Statute;

local authority means a local authority for the purposes of the Local Government Act 2001 ;

F18 [ member or member of the Commission means an appointed member or an ex-officio member; ]

Minister means the Minister for Finance;

F19 [ officer means each Head of Function, the Secretary of the Bank and the Registrar of Credit Unions; ]

F20 [ ]

power includes right and privilege;

F5 [ publication , in relation to a report or other document, includes publishing the report or document in an accessible form on an Internet website; ]

record means any record of information, however compiled, recorded or stored, and includes

( a ) any book, a register and any other document containing information,and

( b ) any disc, tape or other article from which information is capable of being produced in any form capable of being reproduced visually or aurally;

F21 [ regulated financial service provider means

( a ) a financial service provider whose business is subject to regulation by the Bank under this Act or under a designated enactment or a designated statutory instrument,

( b ) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under this Act or under a designated enactment or designated statutory instrument, or

F12 [ ( bb ) a financial service provider whose business is subject to supervision by the ECB under a designated enactment, or ]

( c ) in relation to Part VIIB only, any other financial service provider of a class specified in the regulations for the purposes of this paragraph; ]

the regulations means regulations made by the Minister under section 61A and in force under this Act;

F22 [ ]

F23 [ Rome Treaty means the Treaty on the Functioning of the European Union done at Rome on 25 March 1957, as amended by the Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community signed at Lisbon on 13 December 2007; ]

F24 [ SRB means the Single Resolution Board established under Article 42 of the SRM Regulation;

SRM Regulation means Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 2 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010; ]

F12 [ SSM Framework Regulation means Regulation (EU) No. 468/2014 of the European Central Bank of 16 April 2014 4 establishing the framework for co-operation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities; ]

F12 [ SSM Regulation means Council Regulation (EU) No. 1024/2013 of 15 October 2013 3 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions; ]

F5 [ subsidiary company has the meaning given by section 2A;

voting rights means

( a ) in relation to a company that has a share capital, the rights conferred on shareholders by virtue of their shares, or

( b ) in relation to a company that does not have a share capital, the rights conferred on members,

to vote at general meetings of the company on all, or substantially all, matters. ]

(2) In this Act

( a ) a reference to an enactment is, unless the context otherwise requires, a reference to that enactment as amended or extended by or under any subsequent enactment (including this Act), and

( b ) a reference to a section is a reference to a section of this Act unless it is indicated that a reference to some other enactment is intended, and

( c ) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.

F25 [ (2A) The following shall be taken to be designated enactments:

( a ) Commission Regulation (EC) No 1287/2006 of 10 August 2006 2 ;

( b ) Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 3 ;

( c ) Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 4 ;

( d ) Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013 5 ;

( e ) Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013 6 ;

F26 [ ( f ) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 6 ;

( g ) Commission Implementing Regulation (EU) No 1249/2012 of 19 December 2012 7 ;

( h ) Commission Delegated Regulation (EU) No 152/2013 of 19 December 2012 8 ;

( i ) Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 9 ;

F12 [ ( j ) Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 5 ;

( k ) the SSM Regulation;

F27 [ ( l ) the SSM Framework Regulation;

( m ) Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 2 ; ] ]

F28 [ ( n ) Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 2 ; ]

F29 [ ( o ) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) 32 ;

( p ) Commission Implementing Regulation (EU) 2015/460 of 19 March 2015 laying down implementing technical standards with regard to the procedure concerning the approval of an internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council 33 ;

( q ) Commission Implementing Regulation (EU) 2015/461 of 19 March 2015 laying down implementing technical standards with regard to the process to reach a joint decision on the application to use a group internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council 34 ;

( r ) Commission Implementing Regulation (EU) 2015/462 of 19 March 2015 laying down implementing technical standards with regard to the procedures for supervisory approval to establish special purpose vehicles, for the co-operation and exchange of information between supervisory authorities regarding special purpose vehicles as well as to set out formats and templates for information to be reported by special purpose vehicles in accordance with Directive 2009/138/EC of the European Parliament and of the Council 35 ;

( s ) Commission Implementing Regulation (EU) 2015/498 of 24 March 2015 laying down implementing technical standards with regard to the supervisory approval procedure to use undertaking-specific parameters in accordance with Directive 2009/138/EC of the European Parliament and of the Council 36 ;

( t ) Commission Implementing Regulation (EU) 2015/499 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items in accordance with Directive 2009/138/EC of the European Parliament and of the Council 37 ;

F30 [ ( u ) Commission Implementing Regulation (EU) 2015/500 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be followed for the supervisory approval of the application of a matching adjustment in accordance with Directive 2009/138/EC of the European Parliament and of the Council 37 ; ] ]

( v ) Regulation (EU) No 2015/760 of the European Parliament and of the Council of F31 [ 29 April 2015; 3

F32 [ ( va ) Commission Delegated Regulation No 1125/2014 of 19 September 2014 supplementing Directive 2014/17/EU of the European Parliament and of the Council with regard to regulatory technical standards on the minimum monetary amount of the professional indemnity insurance or comparable guarantee to be held by F33 [ credit intermediaries 2 ; ] ]

F34 [ ( w ) the SRM Regulation;

( x ) Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March 2012 8 ;

( y ) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC 9 ;

( z ) Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 10 ;

( aa ) Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 11 ;

( ab ) Commission Delegated Regulation (EU) 2016/909 of 1 March 2016 12 ;

( ac ) Commission Delegated Regulation (EU) 2016/957 of 9 March 2016 13 ;

( ad ) Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 14 ;

( ae ) Commission Delegated Regulation (EU) 2016/523 of 10 March 2016 15 ;

( af ) Commission Delegated Regulation (EU) 2016/347 of 10 March 2016 16 ;

( ag ) Commission Delegated Regulation (EU) 2016/378 of 11 March 2016 17 ;

( ah ) Commission Delegated Regulation (EU) 2016/959 of 17 May 2016 18 ;

( ai ) Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 19 ;

( aj ) Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 20 ;

( ak ) Commission Implementing Regulation (EU) 2016/1055 of 29 June 2016 21 ; ]

(3) A function or responsibility imposed, or a power conferred, on a person by a provision of this Act is not to be taken to be limited merely by implication from another provision, whether of this or any other Act, that imposes a function or responsibility, or confers a power, on that person. ]

F5 [ (4) For the purposes of this Act, a person is concerned in the management of a body corporate, or a firm, that is a regulated financial service provider if the person is in any way involved in directing, managing or administering the affairs of the body or firm.

(5) In this Act, a reference to the directors of a company, in relation to a company that does not have a board of directors, is a reference to the persons responsible for directing the operations of the company. ]

F35 [ (6) References in this Act to a regulated financial service provider shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider at the relevant time. ]

Annotations:

Amendments:

F1

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 3, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F2

Deleted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(a), S.I. 366 of 2014.

F3

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 2, S.I. No. 469 of 2010.

F4

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 1, S.I. No. 469 of 2010.

F5

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 2(a)-(f), (i) and (j), S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F6

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 3, S.I. No. 469 of 2010.

F7

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 3, S.I. No. 469 of 2010.

F8

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 4, S.I. No. 469 of 2010.

F9

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 5, S.I. No. 469 of 2010.

F10

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 1(a), S.I. No. 287 of 2013.

F11

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 7, S.I. No. 469 of 2010.

F12

Inserted and substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 4.

F13

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 8, S.I. No. 469 of 2010.

F14

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 9, S.I. No. 469 of 2010.

F15

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 10, S.I. No. 469 of 2010.

F16

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 11, S.I. No. 469 of 2010.

F17

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 12, S.I. No. 469 of 2010.

F18

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 13, S.I. No. 469 of 2010.

F19

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 14, item 14, S.I. No. 469 of 2010.

F20

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 15, S.I. No. 469 of 2010.

F21

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 16, S.I. No. 469 of 2010.

F22

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 17, S.I. No. 469 of 2010.

F23

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 18, S.I. No. 469 of 2010.

F24

Inserted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(a), in effect as per reg. 1(2).

F25

Substituted (31.03.2014) by European Union (Capital Requirements) (No. 2) Regulations 2014 (S.I. No. 159 of 2014), reg. 4.

F26

Substituted and inserted (8.10.2014) by European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014), reg. 38(a).

F27

Substituted and inserted (20.05.2015) by European Union (European Social Entrepreneurship Funds) Regulations 2015 (S.I. No. 166 of 2015), reg. 4(1).

F28

Substituted (9.12.2015) by European Union (European long-term investment funds) Regulations 2015 (S.I. No. 554 of 2015), reg. 4(a).

F29

Inserted (1.01.2016) by European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), reg. 311(1), in effect as per reg. 1(2), subject to exception as per reg. 1(3).

F30

Substituted (9.12.2015) by European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 (S.I. No. 550 of 2015), reg. 11(a), in effect as per reg. 1(2).

F31

Substituted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 45(a), in effect as per reg. 2.

F32

Inserted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 45(b), in effect as per reg. 2.

F33

Substituted (26.04.2016) by European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016), reg. 7(a).

F34

Substituted (3.07.2016) by European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016), reg. 51(a), in effect as per reg. 1(2).

F35

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 1(b), S.I. No. 287 of 2013.

F36

Deleted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(i), not commenced as of date of revision.

F37

Deleted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(i), not commenced as of date of revision.

F38

Inserted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(ii), not commenced as of date of revision.

F39

Inserted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iii), not commenced as of date of revision.

F40

Substituted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iv)(I), not commenced as of date of revision.

F41

Deleted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iv)(II), not commenced as of date of revision.

Modifications (not altering text):

C14

Prospective affecting provision: definition of “Financial Services Ombudsman” deleted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(i), not commenced as of date of revision.

F36 [ ]

C15

Prospective affecting provision: definition of “Deputy Financial Services Ombudsman” deleted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(i), not commenced as of date of revision.

F37 [ ]

C16

Prospective affecting provision: definition of “Deputy Financial Services and Pensions Ombudsman” inserted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(ii), not commenced as of date of revision.

F38 [ Deputy Financial Services and Pensions Ombudsman means a person appointed under section 8 (1)(b) of the Financial Services and Pensions Ombudsman Act 2017 (No. __ of 2017); ]

C17

Prospective affecting provision: definition of “Financial Services and Pensions Ombudsman” inserted by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iii), not commenced as of date of revision.

F39 [ Financial Services and Pensions Ombudsman means a person appointed under section 8 (1)(a) of the Financial Services and Pensions Ombudsman Act 2017 (No. __ of 2017); ]

C18

Prospective affecting provision: definition of “Regulated Financial Service Provider” amended by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iv), not commenced as of date of revision.

F21 [ regulated financial service provider means

( a ) a financial service provider whose business is subject to regulation by the Bank under this Act or under a designated enactment or a designated statutory instrument,

( b ) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under this Act or under a designated enactment or designated statutory instrument, or

F12 [ ( bb ) a financial service provider whose business is subject to supervision by the ECB under a designated F40 [ enactment; ] ]

( c ) F41 [ ] ]

C19

Definition of “regulated financial service provider” extended for purposes of Part IIIC (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 54(4).

Administrative penalties and other administrative measures for breaches of authorisation requirements and requirements for acquisitions of qualifying holdings

54.— ...

(4) Notwithstanding the definition of regulated financial service provider as provided for in the Act of 1942, a person that engages in conduct listed in paragraph (2) shall be treated as a regulated financial services provider for the purposes of Part IIIC of the Act of 1942.

C20

Definition of “regulated financial service provider” extended (1.04.2005) by Central Bank Act 1942 (Financial Services Ombudsman) Regulations 2005 (S.I. No. 191 of 2005), reg. 2, subject to saver in reg. 3.

Extension of definition of “regulated financial services provider” for the purposes of Part VIIB of the Central Bank Act 1942 (Financial Services Ombudsman)

2. The following classes of persons are specified as being regulated financial service providers for the purposes of paragraph (c) of the definition of “regulated financial service provider” in section 2(1) of the Central Bank Act 1942 (as amended by section 2 of the Central Bank and Financial Services Authority of Ireland Act 2004 ):

(a) credit intermediaries who are required to be authorised by the Director of Consumer Affairs under Part IX of the Consumer Credit Act 1995 (No. 24 of 1995);

(b) pawnbrokers who are required to be authorised by the Director of Consumer Affairs under Part XV of the Consumer Credit Act 1995;

(c) creditors with respect to the performance of their obligations under the Consumer Credit Act 1995 and under the contract for the provision of credit to a consumer, and under any contract of guarantee relating to the provision of that credit;

(d) owners of goods that are subject to a hire-purchase agreement under a hire-purchase agreement with respect to the performance of their obligations under the Consumer Credit Act 1995 and under the agreement, and under any contract of guarantee relating to the agreement or any right to recover the goods from the hirer under the agreement;

(e) owners of goods that are subject to a consumer-hire agreement with respect to the performance of their obligations under the Consumer Credit Act 1995 and under the agreement, and under any contract of guarantee relating to the agreement or any right to recover the goods from the hirer under the agreement;

(f) mortgage lenders within the meaning of section 2 of the Consumer Credit Act 1995;

(g) the Voluntary Health Insurance Board established under the Voluntary Health Insurance Act 1957 (No. 1 of 1957).

Saving

3. Nothing in Regulation 2 affects the application of the provisions of the Central Bank Act 1942 (apart from Part VIIB) to any of the classes of persons mentioned in that Regulation to the extent (if any) that those classes fall within paragraph (a) or (b) of the definition of “regulated financial service provider” in section 2(1) of the Central Bank Act 1942 (as amended by section 2 of the Central Bank and Financial Services Authority of Ireland Act 2004).

Editorial Notes:

E7

Conduct for purpose of treatment of person as ‘regulated financial service provider’ for purpose of Part IIIC specified (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 54(2).

E8

Previous affecting provision: subs. (2A)(w) amended (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(b), in effect as per reg. 1(2); substituted as per F-note above.

E9

Previous affecting provision: subs. (2A)(w) amended (26.04.2016) by European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016), reg. 7(b); substituted as per F-note above.

E10

Previous affecting provision: subs. (2A)(x) amended (26.04.2016) by European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016), reg. 7(c). ; substituted as per F-note above.

E11

Previous affecting provision: subs. (2A)(v) substituted (9.12.2015) by European Union (European long-term investment funds) Regulations 2015 (S.I. No. 554 of 2015), reg. 4(a); substituted as per F-note above.

E12

Previous affecting provision: subs. (2A)(v) inserted (9.12.2015) by European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 (S.I. No. 550 of 2015), reg. 11(a), in effect as per reg. 1(2); substituted as per F-note above.

E13

Previous affecting provision: subs. (2A)(n) inserted (20.05.2015) by European Union (European Venture Capital Funds) Regulations 2015 (S.I. No. 167 of 2015), reg. 4(1); substituted as per F-note above.

E14

Previous affecting provision: subs. (2A)(j) inserted (8.10.2014) by European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014), reg. 38(a); substituted as per F-note above.

E15

Previous affecting provision: subs. (2A)(f) substituted (31.03.2014) by European Union (Capital Requirements) (No. 2) Regulations 2014 (S.I. No. 159 of 2014), reg. 4; substituted as per F-note above.

E16

Previous affecting provision: definition of “Agency” inserted (1.05.2007) by Consumer Protection Act 2007 (19/2007), s. 94(2), S.I. No. 178 of 2007; deleted as per F-note above.

E17

Previous affecting provision: definition of “regulated financial service provider” inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 2(g), S.I. No. 455 of 2004; substituted as per F-note above.

E18

Previous affecting provision: definition of “Rome treaty” amended (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 2(h), S.I. No. 455 of 2004; substituted as per F-note above.

E19

Previous affecting provision: subs. (2A) amended (16.07.2013) by European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), reg. 63(1); substituted as per F-note above.

E20

Previous affecting provision: subs. (2A) inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 19, S.I. No. 469 of 2010, substituted as per F-note above.

10 OJ L 88, 5.4.2016, p.1.

11 OJ L 153, 10.6.2016, p. 3.

12 OJ L 153, 10.6.2016, p. 13.

13 OJ L 160, 17.6.2016, p. 1.

14 OJ L 160, 17.6.2016, p. 15.

15 OJ L 88, 5.4.2016, p. 19.

16 OJ L 65, 11.3.2016, p. 49.

17 OJ L 72, 17.3.2016, p. 1.

18 OJ L 160, 17.6.2016, p. 23.

19 OJ L 160, 17.6.2016, p. 29.

2 OJ No. L 225, 30.07.2014, p. 1

20 OJ L 173, 30.6.2016, p. 34.

21 OJ L 173, 30.6.2016, p. 47.

3 OJ No. L287, 29.10.2013, p.63

32 OJ No. L12, 17.1.2015, p. 1

33 OJ No. L76, 20.3.2015, p. 13

34 OJ No. L76, 20.3.2015, p. 19

35 OJ No. L76, 20.3.2015, p. 23

36 OJ No. L79, 25.3.2015, p. 8

37 OJ No. L79, 25.3.2015, p. 12

4 OJ No. L 141, 14.5.2014, p. 1

5 OJ No. L 132, 16.05.2013, p. 1

6 OJ No. L 132, 16.05.2013, p. 3

7 OJ No. L 352, 21.12.2012, p. 32

8 OJ No. L 52, 23.02.2013, p. 37

9 OJ No. L 52, 23.02.2013, p. 41

F42 [ Definition of subsidiary company .

2A

2A. (1) For the purposes of this Act, a company is a subsidiary of another company if (but only if)

( a ) that other company

(i) holds a majority of the shareholders or members voting rights in the first-mentioned company, or

(ii) is a shareholder or member of that company and controls the composition of its board of directors, or

(iii) is a shareholder or member of that company and controls alone, in accordance with an agreement with other shareholders or members, a majority of the shareholders or members voting rights,

or

( b ) that other company has the right to exercise a dominant influence over the first-mentioned company

(i) because of provisions contained in its memorandum or articles, or

(ii) because of a control contract,

or

( c ) that other company has a participating interest in the first-mentioned company and

(i) that other company actually exercises a dominant influence over the first-mentioned company, or

(ii) that other company and the first-mentioned company are managed on a unified basis,

or

( d ) the undertaking is a subsidiary of a company that is that other s subsidiary company.

(2) In determining whether one company controls the composition of the board of directors of another company for the purposes of subsection (1)( a )(ii), section 155(2) of the Companies Act 1963 applies to companies that are subject to this Act in the same way as it applies to companies that are subject to that section.

(3) The following provisions apply for the purposes of paragraph ( a ) of subsection (1)( a ):

( a ) any shares held, or power exercisable

(i) by a person as a nominee of that other company referred to in that paragraph, or

(ii) by, or by a nominee for, a subsidiary company of that other company (not being the subsidiary company whose shares or board of directors are involved),

are to be treated as held or exercisable by that other company;

( b ) despite paragraph ( a )

(i) any shares held or power exercisable by that other company, or a subsidiary company of that other company, on behalf of a person or company that is neither that other company nor a subsidiary company of that other company is to be treated as not held or exercisable by that other company,

(ii) any shares held, or power exercisable, by that other company or by its nominee or subsidiary company are to be treated as not held or exercisable by that other company if they are held as security, but only if the power is, or the rights attaching to the shares are, exercised in accordance with instructions received from the person providing the security;

( c ) any shares held or power exercisable by that other company or its nominee or subsidiary company are to be treated as not held or exercisable by that other company if the ordinary business of that other company or its subsidiary company includes lending money and those shares are held as security, but only if the power is, or the rights attaching to the shares are, exercised in the interest of the person who is providing the security.

(4) For the purposes of subsection (1)( a )(i) and (iii), the total of the voting rights of the shareholders or members in the subsidiary undertaking are to be reduced by the following:

( a ) the voting rights attached to shares held by the subsidiary company in itself; and

( b ) the voting rights attached to shares held in the subsidiary company by any of its subsidiary companies; and

( c ) the voting rights attached to shares held by a person acting in his own name but on behalf of the subsidiary company or one of its subsidiary companies.

(5) For the purposes of subsection (1)( b ), a company is not to be treated as having the right to exercise a dominant influence over another company unless it has a right to give directions with respect to the operating and financial policies of that other company and the directors of that other company are obliged to comply with those directions.

(6) In subsection (1)( b ), control contract means a contract in writing conferring a right that

( a ) is of a kind authorised by the memorandum or articles of the company in relation to which the right is exercisable, and

( b ) is permitted by the law under which that company is established.

(7) Subsection (5) does not limit the construction of the expression actually exercises a dominant influence in subsection (1)( c ). ]

Annotations:

Amendments:

F42

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 3, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

The appointed day.

3

3. (1) The Minister shall, by order appoint a day to be the appointed day for the purposes of this Act.

(2) In this Act the expression “ the appointed day” means the day appointed under this section to be the appointed day for the purposes of this Act.

Annotations:

Editorial Notes:

E21

Power pursuant to section exercised (1.02.1943) by Central Bank Act 1942 (Appointed Day) Order 1942 (S.I. No. 505 of 1942).

2. The 1st day of February, 1943, is hereby appointed to be the appointed day for the purposes of the Central Bank Act, 1942 (No. 22 of 1942).

Repeals.

4

4. (1) The several sections of the Currency Act mentioned in the first column of Part I of the First Schedule to this Act are hereby repealed to the extent mentioned in the second column, and as on and from the date specified in the third column, of the said Part of the said Schedule opposite the mention of such section in the said first column.

(2) The several enactments specified in Part II of the First Schedule to this Act are hereby repealed to the extent mentioned in the third column, and as on and from the respective dates mentioned in the fourth column, of the said Part of the said Schedule.

Annotations:

Editorial Notes:

E22

This section refers to Acts repealed in the First Schedule. With the substitution of the First Schedule (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 31, S.I. No. 160 of 2003, the Schedule referred to has been removed.

PART II.

Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.

Constitution, functions and powers of the Bank

5

F43 [ Establishment of Central Bank of Ireland.

5. (1) The body corporate formerly called the Central Bank and Financial Services Authority of Ireland is continued in existence under the name Central Bank of Ireland .

(2) The Bank

( a ) has perpetual succession, and

( b ) may take legal proceedings and be proceeded against in its corporate name.

(3) The Bank is required to have a seal. The seal shall be judicially noticed.

(4) Except as expressly provided by this Act, the affairs and activities of the Bank are to be managed and controlled by the Central Bank Commission. ]

Annotations:

Amendments:

F43

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 20, S.I. No. 469 of 2010.

Editorial Notes:

E23

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 4, S.I. No. 160 of 2003; substituted as per F-note above.

E24

Previous affecting provision: subs. (4) substituted (23.05.2002) by Central Bank Act 1998 (2/1998), s.3, S.I. No. 338 of 2002; substituted as per F-note above.

E25

Previous affecting provision: subs. (3) amended (1.09.1971) by Central Bank Act 1971 (24/1971), s. 53(1), S.I. No. 228 of 1971 and (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(a), S.I. No. 176 of 1989, subject to transitional provisions in s.14(3); substituted as per F-note above.

5A

F44 [ General functions and powers of the Bank.

5A

5A. (1) The Bank has the following functions:

( a ) to carry out the efficient and effective co-ordination of

(i) the activities of the Bank,

(ii) activities undertaken by persons who provide services to, or receive services from, the Bank, and

(iii) the exchange of information between the Bank and any of those persons;

F45 [ ( aa ) the functions provided for by the Central Bank and Credit Institutions (Resolution) Act 2011; ]

F46 [ (ab) the functions of the resolution authority under the European Union (Bank Recovery and Resolution) Regulations ( S.I No. 289 of 2015 ); ]

( b ) where appropriate, to represent and co-ordinate the representation of the Bank on international financial bodies and at international meetings relating to financial or economic matters;

( c ) to establish and maintain, either directly or indirectly, contact with the monetary authorities established in other countries and in territories;

( d ) whenever it thinks fit, to provide governments of, and financial institutions and other bodies established in, other countries and in territories with advice or other assistance on matters within its expertise;

( e ) the function of holding an inquiry under Part IIIC;

( f ) the function of monitoring the provision of financial services to consumers of those services to the extent that the Bank considers appropriate, for the purposes of protecting the public interest and the interests of consumers;

( g ) to provide for the collection and study of data that deal with monetary and credit problems and to publish information about that data;

( h ) to provide advice and assistance to the Central Statistics Office about the collection, compilation, analysis and interpretation of statistics relating to the balance of payments, national accounts and other financial statistics and, where appropriate, to collect data for that purpose;

( i ) to perform such other functions as are imposed on it by or under this and any other Act or law.

(2) The Bank has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.

(3) In particular, the powers of the Bank include powers of a kind that, in accordance with normal banking practice, may be exercised by a bank.

(4) The functions of the F47 [ the Competition and Consumer Protection Commission ] specified in subsection (5) are, in so far as they relate to a financial service provided by a regulated financial service provider, also functions of the Bank and subsections (6) to (8) have effect for the purposes of this subsection.

F48 [ (5) The functions of the Competition and Consumer Protection Commission referred to in subsection (4) are the following functions, namely, functions under

(a) subsections (1), (5), (6) and (8) of section 10 of the Competition and Consumer Protection Act 2014 in relation to

(i) sections 41 to 56 (other than section 50) of the Consumer Protection Act 2007 , and

(ii) the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 and 2000,

(b) sections 34 , 35 and 36 of the Competition and Consumer Protection Act 2014, and

(c) sections 71 , 72 , 73 , 75 , 81 , 82 , 84 , 86 , 88 and 90 of the Consumer Protection Act 2007 . ]

(6) Subsection (4) operates to vest in the Bank, concurrently with the vesting in the F47 [ the Competition and Consumer Protection Commission ] of those functions by the Consumer Protection Act 2007 F49 [ and the Competition and Consumer Protection Act 2014 ] , the functions specified in subsection (5).

(7) Accordingly

( a ) the functions so specified are, subject to any relevant co-operation agreement entered into F50 [ under section 19 of the Competition and Consumer Protection Act 2014 ] , capable of being performed by either the F47 [ the Competition and Consumer Protection Commission ] or the Bank, and

( b ) subject to subsection (9), references to the F47 [ the Competition and Consumer Protection Commission ] in the provisions of that Act specified in subsection (5) are to be read as including references to the Bank and those provisions otherwise apply.

(8) Subject to subsection (9), sections 80 , 85 and 87 of the Consumer Protection Act 2007 apply to the Bank as they apply to the F47 [ the Competition and Consumer Protection Commission ] and, accordingly, references to the F47 [ the Competition and Consumer Protection Commission ] in those sections are to be read as including references to the Bank.

(9) Where any section of the Consumer Protection Act 2007 F49 [ or the Competition and Consumer Protection Act 2014 ] specified in subsection (5) or (8) provides for anything to be done in relation to the F47 [ the Competition and Consumer Protection Commission ] (whether the giving of notice to it, the submitting of a thing to it or the doing of any other thing) then, if a co-operation agreement entered into F50 [ under section 19 of the Competition and Consumer Protection Act 2014 ] so specifies, it is sufficient compliance with the section concerned if the thing is done in relation to the F47 [ the Competition and Consumer Protection Commission ] or the Bank as is specified in that agreement.

(10) The Bank is required to perform its functions and exercise its powers in a manner consistent with the Rome Treaty and the ESCB Statute.

(11) Subject to subsection (10), the Bank shall perform its functions and exercise its powers in a way that is consistent with

( a ) the orderly and proper functioning of financial markets,

( b ) the prudential supervision of providers of financial services, and

( c ) the public interest and the interest of consumers.

(12) The Bank can perform its functions and exercise its powers both within the State and elsewhere. ]

Annotations:

Amendments:

F44

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1 part 1, item 21, S.I. No. 469 of 2010.

F45

Inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110 and sch. 2 part 1 item 1, S.I. No. 548 of 2011.

F46

Inserted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 185(a), in effect as per reg. 1(2).

F47

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(i), S.I. No. 366 of 2014.

F48

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(ii), S.I. No. 366 of 2014.

F49

Inserted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(iii), (v), S.I. No. 366 of 2014.

F50

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(iv), (v), S.I. No. 366 of 2014.

Editorial Notes:

E26

Previous affecting provision: subss. (3A)-(3F) inserted (1.05.2007) by Consumer Protection Act 2007 (19/2007), s. 94(3), S.I. No. 178 of 2007; substituted as per F-note above.

E27

Previous affecting provision: section inserted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 4, S.I. No. 338 of 2002; substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 5, S.I. No. 160 of 2003; substituted as per F-note above.

5B

F51 [ Specific powers of the Bank.

5B

5B. Without limiting section 5A, the powers of the Bank include power to do all or any of the following:

( a ) subject to paragraph ( b ), acquire, hold, dispose of or otherwise deal in all kinds of property (including real property, securities, coins, gold or silver bullion and other precious metals, and any kinds of currency or currency units);

( b ) acquire, hold or dispose of shares in a bank or other institution formed wholly or mainly by banks that are the principal currency authority in their respective countries, but only with the approval of the Minister;

( c ) enter into, carry out, assign or accept the assignment of, vary or rescind, any contract, agreement or other obligation;

( d ) provide loans and other kinds of financial accommodation to credit institutions and other persons on the security of such assets and on such terms and conditions as the Board considers appropriate;

( e ) give guarantees and make payments under them;

( f ) receive funds on deposit;

( g ) open accounts in other countries or act as agent, depository, or correspondent of any credit institution carrying on business in or outside the State;

( h ) re-discount exchequer notes or bills, local authority bills, bills of exchange and promissory notes on such terms and conditions as the Board considers appropriate;

( i ) keep registers of securities generally;

( j ) operate or participate in a depository of securities or other instruments;

( k ) keep the accounts for the clearing and settlement of securities or payment instruments;

( l ) become a member of, or a party to, the establishment or operation of one or more payment systems;

( m ) operate or participate in a system that provides a settlement service for transactions in securities or other instruments for its members;

( n ) enter into agreements with depositories of securities or of other instruments, and carry out transactions under the terms of those agreements so far as necessary for the settlement of transactions between members of those depositories and the members of any depository operated by the Bank;

( o ) transfer assets, income or liabilities to the European Central Bank where required under the ESCB Statute. ]

Annotations:

Amendments:

F51

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 5, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F52 [ Supplementary powers of Bank with respect to certain responsibilities.

5C

5C. (1) To enable the Bank to carry out its responsibilities, the Bank may

( a ) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers,

( b ) collect and compile information for that purpose, and

( c ) publish the results of any such studies, analyses or surveys.

(2) In undertaking such a study, analysis or survey, the Bank

( a ) may, by notice in writing, require any person who, in the opinion of the Bank, has information, or has control of a record or other thing, that is relevant to the study, analysis or survey, to provide the information, record or thing to the Bank, and

( b ) may, by the same or another notice in writing, require the person to attend before an officer or employee of the Bank for that purpose.

F53 [ (3) Subject to section 33AK, if the Competition and Consumer Protection Commission is of the opinion that information obtained by the Bank pursuant to subsections (1) and (2) is relevant to the exercise of that Commission s functions under section 10 (3)(j) of the Competition and Consumer Protection Act 2014, the Bank shall provide the requested information to the Commission at the Commission s request. ]

(4) A person commits an offence if the person

( a ) intentionally prevents the Bank from exercising a power conferred by subsection (1),

( b ) intentionally obstructs or hinders the Bank in the exercise of such a power,

( c ) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or

( d ) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Bank with information that the person knows, or ought reasonably to know, is false or misleading in a material respect.

(5) The Head of Financial Regulation may, in writing, authorise an officer or employee of the Bank to investigate the business, or any aspect of the business, of a financial service provider who has been required under this section to provide information, or a record or other thing. Such an officer or employee may take whatever steps are necessary for or in connection with carrying out such an investigation.

(6) A financial service provider who

( a ) without reasonable excuse, fails to co-operate with an investigation carried out under subsection (5), or

( b ) intentionally prevents such an investigation from being carried out, or intentionally obstructs or hinders the investigation,

commits an offence.

(7) A person who is convicted of an offence under this section is liable

( a ) on conviction on indictment, to a fine not exceeding 30,000 or to imprisonment for a term not exceeding five years, or to both, or

( b ) on summary conviction, to a fine not exceeding 3,000 or to imprisonment for a term not exceeding 12 months, or to both.

(8) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences. ]

Annotations:

Amendments:

F52

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 22, S.I. No. 469 of 2010.

F53

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(c), S.I. No. 366 of 2014.

6

F54 [ Bank to perform functions of European System of Central Banks.

6. (1) The Bank shall perform all functions imposed, and exercise all powers conferred, on the Bank by or under the Rome Treaty or the ESCB Statute.

F55 [ (1A) Nothing in the Central Bank Acts 1942 to 2010 affects the independence of the Bank, the Governor and the Commission required by the Rome Treaty and the ESCB Statute.

(1B) Without limiting the generality of subsection (1A), nothing in the Central Bank Acts 1942 to 2010 authorises any person or authority to give any direction to, or require any action (including the provision of information) by, the Bank, the Governor or the Commission if compliance by the Bank, the Governor or the Commission (as the case may be) with the direction or requirement would be inconsistent with the Rome Treaty or the ESCB Statute. ]

(2) This section is subject to section 19A.

(3) Section 9 of the Ministers and Secretaries Act 1924 does not apply to the Bank. ]

Annotations:

Amendments:

F54

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 6, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F55

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 23, S.I. No. 469 of 2010.

Editorial Notes:

E28

Previous affecting provision: section substituted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 5, S.I. No. 338 of 2002; substituted as per F-note above.

6A

F56 [ Objectives of Bank in discharging ESCB functions, etc.

6A

6A. (1) In discharging its functions and exercising its powers as part of the European System of Central Banks, the primary objective of the Bank is to maintain price stability.

F57 [ (2) The Bank also has the following objectives:

( a ) the stability of the financial system overall;

( b ) the proper and effective regulation of financial service providers and markets, while ensuring that the best interests of consumers of financial services are protected;

( c ) the efficient and effective operation of payment and settlement systems;

F58 [ ( ca ) the resolution of financial difficulties in credit institutions; ]

( d ) the provision of analysis and comment to support national economic policy development;

( e ) the discharge of such other functions and powers as are conferred on it by law.

(3) The Minister may, from time to time, request the Governor or the Commission to consult with the Minister, in relation to their respective functions, as regards the performance by the Bank of any function of the Bank (other than one imposed on it by the Rome Treaty or the ESCB Statute). ]

(4) The Minister may, from time to time, request the Governor to inform the Minister with respect to the pursuit of the primary objective of the Bank.

F59 [ (5) The Governor or the Commission (as the case requires) shall comply with a request to the Governor or the Commission under subsection (3) or (4) in so far as the request is consistent with the Rome Treaty, the ESCB Statute and the law of the State. ]

(6) Without prejudice to the objective of maintaining price stability, the Bank is required to support the general economic policies of the European Union with a view to contributing to the achievement of the objectives of that Union as laid down in Article 2 of the Rome Treaty. ]

Annotations:

Amendments:

F56

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003.

F57

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 24, S.I. No. 469 of 2010.

F58

Inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110 and sch. 2, pt. 1, item 2, S.I. No. 548 of 2011.

F59

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 25, S.I. No. 469 of 2010.

6B

F60 [ Bank s power to hold and deal in land, etc.

6B

6B. (1) For the purpose of enabling the Bank to perform its functions, the Bank

( a ) may acquire and hold land, and

( b ) may build, establish, equip and maintain offices and other premises,

in such places, whether in the State or elsewhere, as it considers appropriate.

(2) The Commission is responsible for administering the provision of accommodation and office and other equipment with a view to enabling the Bank to perform and exercise its functions and powers.

(3) The Bank may sell, lease or otherwise dispose of land held by the Bank whenever the Commission considers that the land is no longer required for the purpose of enabling the Bank to perform its functions.

(4) In this section acquire includes acquire by purchase, lease or exchange. ]

Annotations:

Amendments:

F60

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

Editorial Notes:

E29

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003; substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 4, S.I. No. 455 of 2004; substituted as per F-note above.

6C

F61 [ Power of the Bank to establish divisions, etc. within the Bank.

6C

6C. F62 [ ] ]

Annotations:

Amendments:

F61

Inserted (1.05.2003) by Central Bank and Financial Serviecs Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003.

F62

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

6D

F63 [ Staff of Bank.

6B

6D. (1) Subject to this section, the Commission shall appoint a Secretary of the Bank and such other employees of the Bank as they consider necessary for the effective performance and exercise of the functions and powers of the Bank.

(2) The Commission is responsible for administering the staff of the Bank with a view to enabling the Bank to perform and exercise its functions and powers.

(3) Except as regards the appointment of a Secretary of the Bank, the Governor has the same power to appoint employees of the Bank as the Commission has under subsection (1), but that power is only exercisable in relation to responsibilities specified in paragraphs ( a ) and ( b ) of subsection (1), and subsection (2), of section 19A.

(4) Employees appointed under subsection (3) are taken, for the purposes of this Act, to have been appointed under subsection (1).

(5) The employees of the Bank are to be employed on such conditions (including conditions as to remuneration and allowances) as the Commission fixes from time to time.

(6) Subject to subsection (8), an appointment under this section shall be made by competition to be conducted in accordance with rules made by the Commission.

(7) The Commission may, in relation to a particular competition, impose conditions of entry, limitations and safeguards.

(8) Subsection (6) does not apply to an appointment to a position if the Commission decides that appointment to the position by competition would be inappropriate.

(9) The Commission shall establish and operate a policy under which provision is made for employees of the Bank to be given opportunities for training and experience in various activities of the Bank. ]

Annotations:

Amendments:

F63

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

Editorial Notes:

E30

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003; substituted as per F-note above.

6E

F64 [ Assignment of employees of Bank.

6E

6E. F65 [ ] ]

Annotations:

Amendments:

F64

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003.

F65

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

6F

F66 [ Bank may engage agents and act as agent for others.

6F

6F. The Bank may engage agents, and act as agent for other persons. ]

Annotations:

Amendments:

F66

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F67 [ Financial and administrative matters

6G
6G
6G

General fund of the Bank.

6G. F68 [ ] ]

Annotations:

Amendments:

F68

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 1, S.I. No. 469 of 2010.

F67

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

6H

F69 [ Accounting and other records of Bank.

6H

6H. F70 [ ] ]

Annotations:

Amendments:

F69

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F70

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 1, S.I. No. 469 of 2010.

6I

F71 [ Report and returns by Bank.

6I

6I. F72 [ ] ]

Annotations:

Amendments:

F71

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F72

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 1, S.I. No. 469 of 2010.

6J

F73 [ Exemption of Bank from taxes.

6J

6J. Profits, income and chargeable gains of the Bank are exempt from corporation tax, income tax and capital gains tax despite any contrary provisions of any enactment providing for corporation tax, income tax or capital gains tax. ]

Annotations:

Amendments:

F73

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

6K

F74 [ Provisions relating to documents of the Bank.

6K

6K. (1) The Bank may keep its documents wholly or partly in a non-legible form so long as they are capable of being reproduced in a legible form.

(2) The Bank is not required to keep any of its documents (including accounting records) for longer than 6 years after the latest date of the period to which such documents relate. This subsection has effect despite any other enactment to the contrary.

(3) In any legal proceedings, a copy or reproduction in legible form of a document, or an entry in a document, kept or formerly kept by the Bank is admissible as evidence of the entry and the matters contained in it where the document has been destroyed or is kept by the Bank in a non-legible form.

(4) In this section, document means any record of information, and includes

( a ) anything on which there is writing, or

( b ) anything on which there are marks, figures, symbols or perforations having a meaning for persons qualified to interpret them, or

( c ) anything from which sounds, images or writings can be reproduced with or without the aid of anything else, or

( d ) a map, plan, drawing or photograph. ]

Annotations:

Amendments:

F74

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Certain particular powers of the Bank.

7

7. F75 [ ]

Annotations:

Amendments:

F75

Repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 8, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Editorial Notes:

E31

Previous affecting provision: section amended (23.05.1998) by Central Bank Act 1998 (2/1998), s. 6, S.I. No. 338 of 2002; repealed as per F-note above.

E32

Previous affecting provision: section substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 21, S.I. No. 150 of 1997; repealed as per F-note above.

E33

Previous affecting provision: section amended (3.03.1964) by Central Bank Act 1964 (3/1964), ss. 1 and 3, commenced on enactment; repealed as per F-note above.

Certain further powers of the Bank.

8

8. F76 [ ]

Annotations:

Amendments:

F76

Repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 9, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Editorial Notes:

E34

Previous affecting provision: section amended (9.04.1997) by Central Bank Act 1997 (8/1997), s. 25, S.I. No. 150 of 1997; repealed as per F-note above.

The capital of the Bank.

9

9. (1) The capital of the Bank shall be the sum of forty thousand pounds whereof the sum of twenty-four thousand pounds shall be paid to the Bank by the Minister on the appointed day or as soon thereafter as may be and whereof the residue shall be paid to the Bank by the Minister at such time or times as may be agreed upon by the Board and the Minister.

(2) All moneys payable to the Bank by the Minister under the foregoing sub-section of this section shall be charged on and paid out of the Central Fund or the growing produce thereof.

(3) When the Minister has paid to the Bank the sum of twenty-four thousand pounds in pursuance of the foregoing provisions of this section, the Bank shall forthwith repay to every bank which is a Shareholding Bank immediately before the appointed day all sums paid by such bank to the Commission in pursuance of section 64 of the Currency Act together with the appropriate dividend on every such sum for the period from the last date up to which dividend had been paid thereon to the date of such repayment.

(4) F77 [ ]

Annotations:

Amendments:

F77

Deleted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 10, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Editorial Notes:

E35

Forty thousand pounds, referred to in subs. (1) above, converts to €50,789.52. Twenty four thousand pounds, referred to in subss. (1) and (3) above, converts to €30,473.71. See Euro Changeover (Amounts) Act 2001 (16/2001), s. 1.

F78 [ Seal of Bank.

10

10. (1) The seal of the Bank shall be kept in such custody as the Commission directs.

(2) The seal of the Bank may be used only as authorised

( a ) if the seal is to be used in relation to a function or power of the Bank that is to be performed or exercised by the Commission, by the Commission, or

( b ) if the seal is to be used in relation to a function or power of the Bank that is to be performed or exercised by the Governor, by the Governor.

(3) The seal of the Bank shall be authenticated by

( a ) the signature of the Governor or a member of the Commission authorised in that behalf by the Commission, and

( b ) the counter-signature of the Secretary of the Bank or some other officer or employee of the Bank authorised in that behalf by the Commission.

(4) A document purporting to be made or issued by the Bank and to be sealed with the seal of the Bank authenticated in accordance with subsection (3) is admissible in evidence and shall be taken to have been made or issued by the Bank until the contrary is proved, without proof of the signature or authority of any person purporting to have signed or counter-signed it. ]

Annotations:

Amendments:

F78

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 27, S.I. No. 469 of 2010.

Editorial Notes:

E36

Previous affecting provision: section amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 11, S.I. No. 160 of 2003; substituted as per F-note above.

Interpretation of references to the Commission in the Currency Act, 1927.

11

11. (1) On and after the appointed day and subject to the repeals and amendments effected by this Act, the Currency Acts, 1927 and 1930, shall have effect with and subject to the modification that every mention of or reference to the Chairman shall be construed as a mention of or reference to the Governor and every mention of or reference to the Commission shall be construed as a mention of or reference to the Bank, save that any such mention or reference which, expressly or by necessary implication, refers to the members of the Commission shall be construed as a mention of or reference to the Board.

(2) A legal tender note may, on and after the appointed day, be either of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall have been prescribed (whether before or after the passing of this Act) by the Commission under sub-section (2) of section 45 of the Currency Act (as modified by the foregoing sub-section of this section) before the appointed day or of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall be prescribed by the Bank under the said sub-section (2) of the said section 45 (as modified as aforesaid) on or after the appointed day.

(3) A consolidated bank note may, on and after the appointed day, be either of such form, size and design, and printed in such manner and on such, paper and numbered and authenticated in such manner as shall have been prescribed (whether before or after the passing of this Act) by the Commission under sub-section (3) of section 51 of the Currency Act (as modified by the first sub-section of this section) before the appointed day or of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall be prescribed by the Bank under the said sub-section (3) of the said section 51 (as modified as aforesaid) on or after the appointed day.

The Associated Banks.

12

12. F79 [ ]

Annotations:

Amendments:

F79

Repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

Admission of a bank to be an Associated Bank.

13

13. F80 [ ]

Annotations:

Amendments:

F80

Repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

Removal of a bank from being an Associated Bank.

14

14. F81 [ ]

Annotations:

Amendments:

F81

Repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

Editorial Notes:

E37

Previous affecting provision: subs. (5) deleted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(b), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3)(b); repealed as per F-note above.

Dissolution of the Commission.

15

15.— (1) F82 [ ]

(2) F82 [ ]

(3) F82 [ ]

(4) Every person who, immediately before the appointed day, is in the employment of the Commission in any capacity shall, on the appointed day, become and be transferred to the employment of the Bank in the same capacity and with the same tenure, remuneration, and conditions of service as he had in the employment of the Commission immediately before the appointed day, and in order to secure to every such person on and after the appointed day the like rights and benefits (if any) in relation to superannuation and compensation for loss of employment as he had immediately before the appointed day, the following provisions shall have effect, that is to say:—

( a) every scheme made by the Commission under sub-section (4) of section 31 of the Currency Act which is in force immediately before the appointed day shall continue in force on and after the appointed day and shall be observed and performed by the Bank accordingly;

( b) for the purposes of every scheme continued in force by the foregoing paragraph of this sub-section and of every scheme which may be made by the Bank under the said sub-section (4) of section 31 on or after the appointed day, service in the employment of the Commission (including service in any other employment which is deemed by such scheme to be service in the employment of the Commission) shall be deemed to be service in the employment of the Bank and the period of service (including service deemed as aforesaid) of any person in the employment of the Commission ending immediately before the appointed day and the period of service of such person in the employment of the Bank beginning on and continuing after the appointed day shall be deemed to be one continuous period of service in the employment of the Bank.

Annotations:

Amendments:

F82

Repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 12, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F83

Repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 12, S.I. No. 160 of 2003, not commenced as of date of revision, subject to transitional provisions in s. 36 and sch. 3.

Modifications (not altering text):

C21

Prospective affecting provision: subs. (4) repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 12, not commenced as of date of revision.

(4) F83 [ ]

Editorial Notes:

E38

Previous affecting provision: subs. (3) repealed (27.03.1998) by Finance Act 1998 (3/1998), s. 125 and sch. 8, commenced on enactment.

Appointments to the staff of the Bank.

16

16. F84 [ ]

Annotations:

Amendments:

F84

Repealed (12.07.1989) by Central Bank Act 1989 (16/1989), s. 4 and sch., commenced as per s. 2.

Copyright in notes issued by the Bank.

17

17. F85 [ ]

Annotations:

Amendments:

F85

Repealed (1.10.1964) by Copyright Act 1963 (10/1963), s. 6 and sch. 2, S.I. No. 177 of 1964.

Editorial Notes:

E39

Copyright Act 1963 (10/1963) was almost all repealed (1.01.2001) by Copyright and Related Rights Act 2000 (28/2000), s. 10 and sch. 2 part 1. The 2000 Act, s. 200 makes provision for copyright in Irish legal tender notes, euro notes, consolidated bank notes and in Irish and euro coins.

General adaptation of references to the Commission.

18

18.Every mention of or reference to the Commission which is contained in any enactment (other than the Currency Acts, 1927 and 1930) in force on the appointed day shall, on and after that day, be construed and have effect as a mention of or reference to the Bank.

PART III.

The Board of Directors of the Bank.

F86 [ Interpretation: Part III.

18A

18A. In this Part, unless the context otherwise requires

credit institution means an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit on its own account but does not include the European Central Bank;

financial institution means an undertaking, other than a credit institution, that provides one or more of the kinds of financial services that are set out in the Schedule to the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 395 of 1992 );

insurance undertaking has the meaning given by the Insurance Act 1989 . ]

Annotations:

Amendments:

F86

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3, paras. 2 and 3.

F87 [ Functions of Central Bank Commission.

18B

18B. (1) Except as expressly provided otherwise by this Act, the affairs and activities of the Bank shall be managed and controlled by the Central Bank Commission.

(2) The Commission shall ensure that the Bank s central banking functions and financial regulation functions are integrated and coordinated.

(3) Without prejudice to section 19A, the Commission shall ensure that the powers and functions conferred on the Bank by sections 5A, 5B and 5C are properly exercised and discharged.

(4) The performance and exercise of the functions and powers of the Commission are not affected by there being one or more vacancies in the membership of the Commission. ]

Annotations:

Amendments:

F87

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

Editorial Notes:

E40

Previous affecting provision: subs. (2) deleted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 232 and sch. 3 pt. 2, item 1, S.I. No. 545 of 2009; substituted as per F-note above.

E41

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I. No. 160 of 2003; substituted as per F-note above.

F88 [ Membership of Board and Regulatory Authority.

18BA

18BA. F89 [ ] ]

Annotations:

Amendments:

F88

Inserted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 232 and sch. 3 pt. 2, item 2, S.I. No. 545 of 2009.

F89

Deleted by substitution of ss. 18B to 18D (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 part 1 item 28, S.I. No. 469 of 2010.

F90 [ Acts, etc., of Commission to be acts, etc., of Bank.

18C

18C. Any act, matter or thing done in the name of, or on behalf of, the Bank by the Commission in the performance or exercise of the Commission s functions or powers shall be taken to have been done by the Bank. ]

Annotations:

Amendments:

F90

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

Editorial Notes:

E42

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I. No. 160 of 2003; substituted as per F-note above.

F91 [ Membership of Commission.

18CA

18CA. (1) The Commission comprises

( a ) the persons for the time being holding or performing the duties of the following offices:

(i) Governor;

(ii) Head of Central Banking;

(iii) Head of Financial Regulation;

(iv) Secretary General of the Department of Finance, and

( b ) at least 6, but no more than 8, other members appointed by the Minister.

(2) The Governor is the Chairperson of the Commission. ]

Annotations:

Amendments:

F91

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

F92 [ Additional powers of Commission.

18D

18D. (1) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.

(2) Without prejudice to the generality of subsection (1) and subject to subsection (3), the Commission

( a ) may establish committees of the Commission consisting of one or more members of the Commission either solely or together with one or more officers or employees of the Bank F93 [ or with one or more persons with relevant knowledge of any of the matters specified in section 24(1) (or with both) ] , and

( b ) may determine the procedure and define the functions and powers of such committees.

(3) Subsection (2) does not authorise the Commission to delegate to a committee any function of the Bank that a provision of this Act requires to be performed by the Governor. ]

Annotations:

Amendments:

F92

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

F93

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 2, S.I. No. 287 of 2013.

Editorial Notes:

E43

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I No. 160 of 2003; substituted as per F-note above.

F94 [ Bank may establish advisory groups.

18E

18E. (1) Subject to subsection (2), the Bank may establish an advisory group or groups to advise it on the performance of its functions and the exercise of its powers and shall in particular establish the following:

( a ) an advisory group to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services;

( b ) an advisory group to advise the Bank, where the Bank so requests, on the performance of its functions and the exercise of its powers in relation to credit unions.

(2) The Bank shall not establish an advisory group in relation to the Governor s ESCB-related functions.

(3) Subject to subsection (4), an advisory group established under subsection (1) shall be made up of persons who have expertise, knowledge or experience relevant to the functions of the advisory group concerned, and may include members of the Commission, officers of the Bank or employees of the Bank.

(4) The advisory group (in this section called the consumer advisory group ) established to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services shall not include members of the Commission, officers of the Bank or employees of the Bank.

(5) The consumer advisory group shall advise the Bank on the exercise of the Bank s powers and the performance of the Bank s functions in relation to the consumers of financial services and in particular in relation to

( a ) the effects of the Bank s Strategic Plans on consumers of financial services,

( b ) initiatives aimed at further enhancing the protection of consumers of financial services, and

( c ) if the Bank so requests, documents, consultation papers or other materials prepared by the Bank.

(6) The period for which a member of the consumer advisory group is appointed may be up to 3 years. A member is eligible for re-appointment.

(7) The Bank shall determine the manner in which, and the reasons for which, a member of an advisory group may be removed from membership of the advisory group.

(8) The Bank shall provide an advisory group with such administrative services and funds as the Bank believes necessary to carry out its functions. ]

Annotations:

Amendments:

F94

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

F95 [ Delegation of certain functions of Commission, etc.

18F

18F. (1) Subject to subsection (3), the Commission may delegate to the Governor, a Head of Function or an employee of the Bank any function or power of the Commission, if the Commission considers it appropriate to do so in the interests of the efficient and effective management of the Bank and the exercise of its powers and functions.

(2) Without prejudice to the generality of subsection (1), the Commission may in particular

( a ) delegate to a specified person or body (including a committee established under section 18D(2)) the performance or exercise of any one or more of the functions and powers of the Commission;

( b ) impose conditions, limitations, or restrictions on the performance or exercise by any such person or body of functions or powers delegated under this subsection;

( c ) provide in appropriate cases for the review by the Commission of decisions taken or things done by any such person or body in the performance or exercise of any function or power so delegated.

(3) Subsection (2) does not authorise the Commission to delegate to a committee any function of the Bank that a provision of this Act requires to be performed by the Governor. ]

Annotations:

Amendments:

F95

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

Appointment, tenure of office, etc., of the Governor.

19

19. (1) The Governor shall be appointed by the President on the advice of the Government and shall receive such remuneration and allowances and be subject to such conditions of service as the Board shall from time to time determine.

F96 [ (2) A person is not eligible for appointment as Governor if the person

( a ) is a member of either House of the Oireachtas or is, with the person s consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad É ireann, or

( b ) is a member of the European Parliament or is, with the person s consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

( c ) is a member of a local authority or is, with the person s consent, nominated as a candidate for election as such a member.

(3) A person appointed as Governor holds office for 7 years from the date of the person s appointment, unless the person previously ceases to hold that office as provided by this Part.

(4) The President, on the advice of the Government, may appoint a person holding office as Governor for a further period of 7 years to take effect at the end of the person s current period of appointment. This subsection applies whether the person was appointed under subsection (1) or this subsection.

(5) A person holding office as Governor is disqualified from being a director of a credit institution, financial institution or insurance undertaking.

(6) If a person who is appointed to the office of Governor is a director of a credit institution, financial institution or insurance undertaking, the person ceases to hold that office at the end of 10 days after the date of the appointment unless, within that period, the person ceases to be such a director.

(7) A person ceases to hold office as Governor if the person

( a ) dies, or

( b ) completes a term of office and is not re-appointed, or

( c ) resigns by notice in writing given to the President, or

( d ) is, with the person s consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad É ireann, or

( e ) is, with the person s consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or

( f ) is, with the person s consent, nominated as a candidate for election as a member of a local authority, or

( g ) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person s creditors, or

( h ) becomes physically or mentally incapable of performing the duties of Governor, or

( i ) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

( j ) ceases to hold the office because of subsection (6), or

( k ) becomes disqualified from holding the office under section 20, or

( l ) is removed from the office under section 21. ]

Annotations:

Amendments:

F96

Substituted by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 14, subject to transitional provisions in s. 36 and sch. 3. Subss. (2)-(5) were commenced (4.06.2003) by S.I. No. 218 of 2003. Subss. (6) and (7) were commenced (1.05.2003) by S.I. No. 160 of 2003.

Editorial Notes:

E44

Previous affecting provision: subs. (4)(a) repealed (3.03.1964) by Central Bank Act 1964 (3/1964), s. 3(ii), commenced on enactment.

E45

Previous affecting provision: subss. (4)(b) and (5) substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 26, S.I. No. 150 of 1997; substituted as per F-note above.

F97 [ Responsibilities and powers of the Governor.

19A

19A. (1) The Governor is responsible for

( a ) holding and managing by the Bank of the foreign reserves of the State, and

( b ) promoting the efficient and effective operation of payment and settlement systems, and

( c ) performing such other functions as are imposed on the Governor by or under this Act or by or under another law.

(2) The Governor has sole responsibility for the performance of the functions imposed, and the exercise of powers conferred, on the Bank by or under the Rome Treaty or the ESCB Statute.

F98 [ (3) Subject to the requirements of the Rome Treaty and the ESCB Statute, the Governor shall provide the Commission with information about, and may discuss with the Commission, the performance by the Governor of the functions and powers referred to in subsections (1) and (2). ]

(4) The Governor has power to do whatever is necessary for or in connection with, or reasonably incidental to, carrying out the Governor s responsibilities.

(5) In carrying out or exercising the Governor s responsibilities or powers, the Governor shall, as far as reasonably practicable, ensure that the resources of the Bank allocated for carrying out those responsibilities or exercising powers are used effectively, efficiently and economically.

(6) Any act, matter or thing done in the name of, or on behalf of, the Bank by the Governor in the performance or exercise of the Governor s responsibilities or powers is to be taken to have been done by the Bank. ]

Annotations:

Amendments:

F97

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 15, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F98

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 29, S.I. No. 469 of 2010.

F99 [ Decisions about certain issues involving Treaties governing European Union and ESCB Statute.

19B

19B. Where the Commission is considering a budgetary or funding issue relating to the Bank, and in the opinion of the Governor the issue has implications for the independence of the Bank or the performance by the Governor of the functions conferred on the Governor and the Bank by or under the treaties governing the European Union (within the meaning given by section 1 of the European Communities Act 1972 as amended by section 2 of the European Communities Act 2009 ) or the ESCB Statute, the Governor shall so inform the Commission and thereafter

( a ) the Commission shall cease to consider the issue,

( b ) the Governor has the sole right to determine the issue, and

( c ) the Governor s decision is final. ]

Annotations:

Amendments:

F99

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt.1, item 30, S.I. No. 469 of 2010.

Editorial Notes:

E46

Previous affecting provision: section inserted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 232 and sch. 3, pt. 2, item 3, S.I. No. 545 of 2009; substituted as per F-note above.

Prohibition of the Governor holding shares in a F100 [ financial institution ].

20

20. (1) Every person appointed to be Governor shall within three months after his appointment absolutely sell or otherwise dispose of all shares in any F100 [ financial institution ] which he shall, at the time of his appointment, own or be interested in for his own benefit.

(2) If and whenever any shares in a F100 [ financial institution ] shall come to or vest in the Governor by will or succession for his own benefit, he shall, within three months after the same shall have so come to or vested in him, absolutely sell or otherwise dispose of the same or his interest therein.

(3) The Governor shall not purchase, take or become interested in for his own benefit any shares in any F100 [ financial institution ].

(4) If the Governor shall retain, purchase, take, or become or remain interested in any shares in any F100 [ financial institution ] in contravention of this section he shall forthwith become and be disqualified from holding the office of Governor.

F101 [ (4A) This section does not prohibit the Governor from

( a ) entering into a policy of insurance, or

( b ) purchasing units of, or participating in, a collective investment scheme whose funds are invested in bonds or equities generally (including the bonds or shares of a financial institution), or

( c ) establishing and maintaining an ordinary savings account with a building society or a friendly society.

(5) In this section

bank includes a bank incorporated outside the State as well as a bank incorporated in the State;

financial institution includes a credit institution and an insurance undertaking;

shares , in relation to a bank, include stock, shares, debentures, debenture stock, bonds and other securities of the bank. ]

Annotations:

Amendments:

F100

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 5(a), S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F101

Inserted and substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 5(b) and (c), S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

Editorial Notes:

E47

Previous affecting provision: construction of “Bank” extended (9.04.1997) by Central Bank Act 1997 (8/1997), s. 27(1); substituted as per F-note above.

21

F102 [ Removal of Governor from office.

21. (1) The President may, on the advice of the Government, remove the Governor from office on the ground that the Governor has, because of ill-health, become permanently incapacitated from carrying out the responsibilities of Governor.

(2) The President may, on the advice of the Government, remove the Governor from office F103 [ ] on one or more specified grounds of serious misconduct.

(3) A decision of the President removing a Governor from office under this section takes immediate effect from the date on which the decision is notified to the Governor or the date on which the decision is first published, whichever date first occurs.

(4) A decision of the President removing a Governor from office under this section can be referred to the European Court of Justice in such manner and on grounds consistent with Article 14.2 of the ESCB Statute. ]

Annotations:

Amendments:

F102

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 16, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F103

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt.1, item 31, S.I. No. 469 of 2010.

Editorial Notes:

E48

Previous affecting provision: subs. (2) amended and (3) inserted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 7, S.I. No. 338 of 2002; substituted as per F-note above.

22

F104 [ Acting Governor.

22. (1) The Governor may appoint one of the other F105 [ members ] to act as Governor to carry out the designated responsibilities of the Governor s office whenever the Governor is temporarily unable to carry out those responsibilities, whether because of absence or ill-health or for any other reason.

(2) If the Governor fails to make an appointment in the circumstances specified in subsection (1), the other F106 [ members ] may appoint one of them to carry out the designated responsibilities.

F107 [ (3) If the office of Governor becomes vacant, the Commission may appoint another member of the Commission to act as Governor to carry out the designated responsibilities of the Governor during the vacancy. A member so appointed shall not continue to act after the end of 3 months from the occurrence of the vacancy which occasioned his or her appointment.

(4) A member appointed under this section, while acting as Governor, has the designated responsibilities of the office of Governor and also the powers relating to the carrying out of those responsibilities.

(5) A member appointed under this section to act as Governor is entitled to be paid such remuneration (including travelling and subsistence allowances) as the Commission determines from time to time.

(6) A member appointed under this section to act as Governor does not, by reason of that appointment, vacate his or her office as a member.

(7) This section does not apply to responsibilities of the Governor that are required, by virtue of section 22A, to be carried out by the Head of Central Banking in any of the circumstances specified in that section. ]

(8) In this section, designated responsibilities , in relation to the office of Governor, means those responsibilities of the Governor other than those specified in section 19A(1)( a ) and ( b ) and (2). ]

Annotations:

Amendments:

F104

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 17, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F105

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 32, S.I. No. 469 of 2010.

F106

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 33, S.I. No. 469 of 2010.

F107

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 34, S.I. No. 469 of 2010.

F108 [ F109 [ Head of Central Banking ] to carry out certain responsibilities of the Governor.

22A

22A. The F109 [ Head of Central Banking ] is required to carry out the responsibilities of the Governor under section 19A (other than under subsection (1)( c )) and paragraph 3(3) of Schedule 1 whenever

( a ) the Governor is, because of absence or ill-health or for any other reason, unable to carry out those responsibilities, or

( b ) the office of Governor is vacant. ]

Annotations:

Amendments:

F108

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 18, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F109

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt.1, item 35, S.I. No. 469 of 2010.

F110 [ Heads of Function.

23

23. (1) In this Act a reference to the Heads of Function is a reference to the Head of Central Banking and the Head of Financial Regulation.

(2) With the consent of the Minister, the Commission may substitute another title for either or both of the titles Head of Central Banking and Head of Financial Regulation . If the Commission does so, the Commission shall cause a notice of the substitution to be published in the Iris Oifigi ú il . The substitution has effect only on and after the date of that publication.

(3) If the Commission substitutes a title in accordance with subsection (2), a reference in this Act or in any other enactment or statutory instrument to the title Head of Central Banking or Head of Financial Regulation , as the case may be, shall be construed in accordance with the substitution. ]

Annotations:

Amendments:

F110

Substituted (1.10.2010) by Central Bank Reform 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. No. 469 of 2010.

Editorial Notes:

E49

Previous affecting provision: subss. (1) and (3) deleted and subs. (4) amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 19, S.I. No. 160 of 2003; substituted as per F-note above.

E50

Previous affecting provision: subs. (5) repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

E51

Previous affecting provision: subs. (7) deleted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(b), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3)(b).

E52

Previous affecting provision: subs. (2) deleted and subs. (4) amended (1.09.1971) by Central Bank Act 1971 (24/1971), s. 5 and sch, S.I. No. 228 of 1971; substituted as per F-note above.

E53

Previous affecting provision: subs. (6) repealed (3.03.1964) by Central Bank Act 1964 (3/1964), s. 3(iii), commenced on enactment.

F111 [ Responsibilities of Heads of Function.

23A

23A. Subject to section 22A, the responsibilities of a Head of Function are those assigned to the office concerned by the Commission. ]

Annotations:

Amendments:

F111

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. No. 469 of 2010, subject to transitional provision in s. 4(6).

F111 [ Appointment of Heads of Function.

23B

23B. (1) The Commission shall, with the consent of the Minister, appoint suitably qualified persons as Heads of Function.

(2) Subject to subsection (3), an appointment as a Head of Function shall be made by open competition.

(3) Subsection (2) does not apply to the appointment of a Head of Function if the Commission, with the consent of the Minister, decides that appointment to the office by open competition would be inappropriate.

(4) A person is not eligible for appointment as a Head of Function if he or she

( a ) is a member of either House of the Oireachtas,

( b ) is, with his or her consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad É ireann,

( c ) is a member of the European Parliament or is, with his or her consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

( d ) is a member of a local authority or is, with his or her consent, nominated as a candidate for election as such a member. ]

Annotations:

Amendments:

F111

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. No. 469 of 2010, subject to transitional provision in s. 4(6).

F112 [ Terms of appointment of Heads of Function.

23C

23C. (1) An appointment as a Head of Function has effect from the date on which the Minister consents to the appointment or a later date agreed between the Commission and the person appointed.

(2) Subject to subsections (3) and (6), a Head of Function holds office for up to 5 years, as the Minister approves at the time of the Head of Function s appointment, and is eligible for reappointment provided that the total term in office of a person appointed as a Head of Function shall not exceed 10 years.

(3) The following do not count towards determining the period for which a person has held office as a Head of Function:

( a ) any period during which the person was acting in either office of Head of Function;

( b ) any period during which the person held the other office of Head of Function.

(4) A Head of Function shall receive such remuneration and allowances, and is subject to such conditions of service, as the Commission from time to time determines.

(5) A person appointed as a Head of Function may engage in other remunerative employment only with the consent of the Commission.

(6) A person ceases to hold office as a Head of Function if he or she

( a ) dies,

( b ) completes a term of office and is not re-appointed,

(c) resigns the office by notice in writing addressed to the Governor,

( d ) is, with his or her consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad É ireann,

( e ) is, with his or her consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament,

( f ) is, with his or her consent, nominated as a candidate for election as a member of a local authority,

( g ) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person s creditors,

( h ) becomes physically or mentally incapable of performing the duties of the relevant office of Head of Function,

( i ) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

( j ) is removed from office under subsection (7).

(7) The Commission may remove or suspend a Head of Function from office, but only for reasons previously notified in writing to the Head of Function concerned. ]

Annotations:

Amendments:

F112

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010, subject to transitional provision in s. 4(6).

F113 [ Acting Heads of Function.

23D

23D. (1) In the event of

( a ) the illness or absence of a Head of Function,

( b ) the suspension from office of the holder of such an office, or

( c ) a vacancy in such an office,

the Governor, with the consent of the other members of the Commission, may appoint a member of the Commission or an officer or employee of the Bank to act in the relevant office.

(2) A person acting as a Head of Function has, while acting in that office, all the responsibilities and powers of that office.

(3) The other members of the Commission may at any time remove from office a person who is acting as a Head of Function.

(4) If a person is to act as a Head of Function for a period of more than 6 months, the appointment does not take effect until the Minister approves it. A person acting as a Head of Function shall not continue to so act for more than 6 months without the consent of the Minister.

(5) A person acting as a Head of Function is entitled to be paid such remuneration (including travelling and subsistence allowances) as the Commission determines from time to time. ]

Annotations:

Amendments:

F113

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010.

F114 [ Appointment of members of Commission.

24

24. (1) The Minister may appoint a person as a member of the Commission if and only if the Minister is of the opinion that the person has relevant knowledge of

( a ) accountancy,

( b ) actuarial science,

( c ) banking,

( d ) consumer interests,

( e ) corporate governance,

( f ) economics,

( g ) financial control,

( h ) financial regulation,

( i ) financial services,

( j ) insurance,

( k ) law,

( l ) social policy, or

( m ) systems control.

(2) A person is not eligible for appointment as a member of the Commission if he or she

( a ) is a member of either House of the Oireachtas,

( b ) is, with his or her consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad É ireann,

( c ) is a member of the European Parliament or is, with his or her consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that F115 [ Parliament, ]

( d ) is a member of a local authority or is, with his or her consent, nominated as a candidate for election as such a F115 [ member, ] ]

F116 [ ( e ) performs a pre-approval controlled function (within the meaning given by section 22 of the Central Bank Reform Act 2010 ) or has what in the opinion of the Minister constitutes a significant shareholding in a regulated financial service provider,

( f ) has been adjudged bankrupt (either in the State or elsewhere) or has entered into a composition with his or her creditors, or

( g ) has been convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence. ]

Annotations:

Amendments:

F114

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 36, S.I. 469 of 2010.

F115

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 3(a), (b), S.I. No. 287 of 2013.

F116

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 3(b), S.I. No. 287 of 2013.

Editorial Notes:

E54

Previous affecting provisions: section substituted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(c), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3)(b); substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 50, S.I. No. 150 of 1997; substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 20, S.I. No. 160 of 2003; substituted as per F-note above.

F117 [ Remuneration, etc., of appointed members of Commission.

24A

24A. An appointed member of the Commission is entitled to receive such remuneration and allowances, and is subject to such conditions of service, as the Minister from time to time determines. ]

Annotations:

Amendments:

F117

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010.

F118 [ Tenure of office of members of Commission.

24B

24B. (1) An ex-officio member of the Commission holds office as such for as long as he or she holds or performs the duties of the office by virtue of which he or she is such a member.

(2) Subject to subsections (3) and (4), an appointed member of the Commission holds office as such for a period of 5 years unless he or she previously ceases to hold that office in accordance with a provision of this Part.

(3) Of the first 8 persons appointed as members of the Commission

( a ) 2 or 3 of those persons shall be appointed for a first term of 5 years,

( b ) 2 or 3 of those persons shall be appointed for a first term of 4 years, and

( c ) 2 or 3 of those persons shall be appointed for a first term of 3 years.

(4) An appointed member of the Commission shall not be entitled to serve more than 2 terms of office. ]

Annotations:

Amendments:

F118

Inserted (1.10.2010) by Central Bank Reform 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. No. 469 of 2010.

F119 [ Vacation of office of members of Commission.

25

25. (1) A person ceases to be an ex-officio member of the Commission if he or she ceases to hold or perform the duties of the office by virtue of which he or she is such a member.

(2) An appointed member of the Commission ceases to be an appointed member if he or she

( a ) dies,

( b ) completes a term of office and is not re-appointed,

( c ) resigns the office by notice in writing addressed to the Governor,

( d ) has, without the permission of the other members, been absent from meetings of the Commission for a consecutive period of 6 months,

( e ) is, with his or her consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad É ireann,

( f ) is, with his or her consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament,

( g ) is, with his or her consent, nominated as a candidate for election as a member of a local authority,

( h ) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person s creditors,

( i ) becomes physically or mentally incapable of performing the duties of a member of the Commission,

( j ) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

( k ) is removed from office under subsection (3).

(3) The Minister may remove an appointed member of the Commission from office

( a ) for proven misconduct or incompetence, or

( b ) if in the Minister s opinion it is necessary or desirable to do so to enable the Commission to function effectively. ]

Annotations:

Amendments:

F119

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010.

Editorial Notes:

E55

Previous affecting provision: section amended (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 323 and sch. 3 pt. 2 items 4-6, S.I. No. 545 of 2009; substituted as per F-note above.

E56

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 21, S.I. No. 160 of 2003; substituted as per F-note above.

E57

Previous affecting provision: subs. (d) deleted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch, pt. 1, S.I. No. 150 of 1997.

Panel for appointment of the first banking Directors.

26

26. F120 [ ]

Annotations:

Amendments:

F120

Repealed (1.09.1971) by Central Bank Act 1971 (24/1971), s. 5 and sch., S.I. No. 228 of 1971.

Panel for the appointment of banking Directors other than the first such Directors.

27

27. F121 [ ]

Annotations:

Amendments:

F121

Repealed (1.09.1971) by Central Bank Act 1971 (24/1971), s. 5 and sch., S.I. No. 228 of 1971.

F122 [ Filling of vacancies in Commission.

28

28. As soon as practicable after an appointed member of the Commission ceases to hold office, the Minister shall appoint a person to fill the vacancy. ]

Annotations:

Amendments:

F122

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 37, S.I. No. 469 of 2010.

Editorial Notes:

E58

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 22, S.I. No. 160 of 2003; substituted as per F-note above.

E59

Previous affecting provisions: subs. (1) substituted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(d), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3); substituted as per E-note above.

E60

Previous affecting provision: subs. (2) substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 51, S.I. No. 150 of 1997; substituted as per E-note above.

Prohibition of certain Directors holding shares in a bank.

29

29. F123 [ ]

Annotations:

Amendments:

F123

Repealed (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(b), S.I. No. 176 of 1989, subject to transitional provision in subs. (3).

Operation of disqualification of the Governor or a Director.

30

30. F124 [ ]

Annotations:

Amendments:

F124

Repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 23, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Oath of secrecy to be taken by the Governor, Directors, and officers.

31

31. F125 [ ]

Annotations:

Amendments:

F125

Repealed (12.07.1989) by Central Bank Act 1989 (16/1989), s. 4 and sch., commenced as per s. 2.

Editorial Notes:

E61

Previous affecting provision: application of section extended (21.12.1979) by European Communities (Licensing and Supervision of Banks) Regulations 1979 (S.I. No. 414 of 1979), reg. 7; superseded as per F-note above.

E62

Previous affecting provision: application of section extended (9.09.1985) by European Communities (Consolidated Supervision of Banks) Regulations 1985 (S.I. No. 302 of 1985), reg. 7; revoked (1.01.1993) by European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 (S.I. No. 396 of 1992), reg. 12.

32

F126 [ Meetings and procedure of the F127 [ Commission ] .

32. Schedule 1 has effect with respect to meetings and procedure of the F127 [ Commission ] . ]

Annotations:

Amendments:

F126

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 24, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F127

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 38, S.I. No. 469 of 2010.

Compensation and superannuation of Chairman, Commissioners, Governor, and Directors.

33

33.F128 [ ]

Annotations:

Amendments:

F128

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 2, S.I. No. 469 of 2010, subject to restriction in s. 8 (Saving of certain schemes).

Editorial Notes:

E63

Previous affecting provision: section repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 25, not commenced.

E64

Previous affecting provision: power to amend Scheme under section provided (1.09.1971) by Central Bank Act 1971 (24/1971), s. 54(2), S.I. No. 228 of 1971.

E65

Previous affecting provision: general power to amend Scheme under section provided (30.03.1961) by Central Bank Act 1961 (8/1961), s. 2, commenced on enactment, subject to limitations in s. 3.

F129 [ PART IIIA

Management, Finance, and Accountability

Chapter 1A

Management ]

Annotations:

Amendments:

F129

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Annotations:

Amendments:

F129

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E66

Previous affecting provisions: Part IIIA (ss. 33A-33AM) inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3; substituted (1.10.2010 except s. 32B) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1, item 39, S.I. No. 469 of 2010.

The previously inserted ss. 33A-33M and ss. 33N-33V are substituted by the newly numbered ss. 32A-32M. The numbering resumes with ss. 33N-33V, which are effectively deleted.

F129 [ Framework for assignment of responsibilities.

32A

32A. (1) The Governor shall propose to the Commission a plan of the assignment of responsibility for specified powers and functions of the Bank to himself or herself, a Head of Function or an officer or employee of the Bank.

(2) Where appropriate, the assignment of the responsibility for the performance of a function requires the person to whom the function is assigned

( a ) to provide policy advice in relation to the subject matter of the assignment and related matters,

( b ) to achieve any outputs specified in the assignment,

( c ) to accept responsibility for the operation of statutory schemes or programmes specified in the assignment,

( d ) to accept responsibility for the delivery of quality services pursuant to the assignment,

( e ) to ensure that the expenditure in relation to the area of the assignment accords with the purpose for which the expenditure is appropriate and chargeable to the accounts of the Bank and that value for money is obtained, and

( f ) to perform, on behalf of the Commission, functions in relation to appointments, performance and discipline of personnel in the area of the assignment.

(3) A Head of Function or an employee to whom the responsibility for the performance of a function has been assigned is accountable for the performance of the function to the Governor and to any other person specified for the purpose in the assignment. ]

Annotations:

Amendments:

F129

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F130 [ Bank to prepare strategic plan.

32B

32B. (1) At least 3 months before the beginning of each period specified in subsection (2), the Bank shall

( a ) prepare for the period a strategic plan that complies with this section, and

( b ) submit the plan to the Minister.

(2) The periods referred to in subsection (1) are

( a ) the period of 3 financial years that begins on 1 January F131 [ 2016 ] , and

( b ) each subsequent period of 3 financial years.

(3) A strategic plan shall specify

( a ) the objectives of the Bank s activities for the relevant period,

( b ) the nature and scope of the activities to be undertaken,

( c ) the strategies and policies for achieving those objectives,

( d ) targets and criteria for assessing the performance of the Bank, and

( e ) the uses for which the Bank proposes to apply its resources.

(4) If the Minister has notified the Bank in writing of any requirements with respect to the form in which a strategic plan is to be prepared, such a plan shall comply with those requirements.

(5) As soon as practicable after receiving the Bank s strategic plan, the Minister shall arrange for the plan to be laid before each House of the Oireachtas.

(6) As soon as practicable after becoming aware that a strategic plan has been laid before both Houses of the Oireachtas, the Bank shall publish the strategic plan and take all reasonably practical steps to implement it. ]

Annotations:

Amendments:

F130

Substituted and inserted (19.09.2013) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 39, S.I. No. 360 of 2013.

F131

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 4, S.I. No. 287 of 2013.

F132 [ Chapter 2A

Finance and accounting

Annual estimates in relation to financial regulation functions.

32C

32C. No later than one month before the end of each financial year, the Bank shall prepare and submit to the Minister an estimate of

( a ) its income from levies and fees imposed by regulations under sections 32D and 32E,

( b ) any other source of funds for the purposes of its powers and functions under the designated enactments and designated statutory instruments, and

( c ) its expenditure in relation to the exercise of those powers and functions,

during the next financial year. ]

Annotations:

Amendments:

F132

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F133 [ Power to impose levies.

32D

32D. (1) The Commission may make regulations prescribing levies to be paid by persons who are subject to regulation under the designated enactments and designated statutory instruments.

(2) In particular, regulations under subsection (1) may provide for any of the following matters:

( a ) the activities, services or other matters for which specified kinds of levies are payable;

( b ) the persons, or classes of persons, who are required to pay specified kinds of levies;

( c ) the amounts of specified kinds of levies;

( d ) the periods for which, or the dates by which, specified levies are to be paid to the Bank;

( e ) penalties payable by a person who does not pay a levy on time;

( f ) the keeping of records, and the making of returns to the Bank, by persons who are liable to pay a specified levy;

( g ) the collection and recovery of levies.

(3) Regulations made under this section do not take effect until approved by the Minister.

F134 [ (3A) A levy prescribed in relation to the functions of the resolution authority under the European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289 of 2015 ) F135 [ or the SRM Regulation is to be fixed ] so that the total amount of levy collected or recovered does not exceed the total costs incurred by the resolution authority, within the meaning of those Regulations, in performing its functions and exercising its powers under those Regulations. ]

(4) A levy prescribed in relation to credit unions is to be fixed so that the total amount of levy collected or recovered from credit unions does not exceed the total costs incurred by the Bank in performing its functions and exercising its powers under the Credit Union Act 1997 .

(5) The Bank may, by proceedings in a court of competent jurisdiction, recover as a debt an amount of levy payable under regulations in force under this section.

(6) The Bank may refund the whole or a part of a levy paid or payable under regulations in force under this section.

(7) The Commission may amend or revoke a regulation made under this section.

(8) An amendment or revocation of regulations made under this section does not take effect until approved by the Minister.

(9) In this section levy does not include a fee. ]

Annotations:

Amendments:

F133

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F134

Inserted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 185(b), in effect as per reg. 1(2).

F135

Substituted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(c), in effect as per reg. 1(3).

Editorial Notes:

E67

Power pursuant to section exercised (4.10.2016) by Central Bank Act 1942 (Section 32D) Regulations 2016 (S.I. No. 508 of 2016) for period 1.01.2016 to 31.12.2016, in effect as per reg. 18.

E68

Previous affecting provision: power pursuant to section exercised (7.10.2015) by Central Bank Act 1942 (Section 32D) Regulations 2015 (S.I. No. 429 of 2015) for period 1.01.2015 to 31.12.2015, in effect as per reg. 18.

E69

Previous affecting provision: power pursuant to section exercised (17.07.2014) by Central Bank Act 1942 (Section 32D) Regulations 2014 (S.I. No. 335 of 2014) for period 1.01.2014 to 31.12.2014, in effect as per reg. 18.

E70

Previous affecting provision: power pursuant to section exercised (17.09.2013) by Central Bank Act 1942 (Section 32D) Regulations 2013 (S.I. No. 359 of 2013) for period 1.01.2013 to 31.12.2013.

E71

Previous affecting provision: power pursuant to section exercised (5.09.2012) by Central Bank Act 1942 (Section 32D) Regulations 2012 (S.I. No. 350 of 2012) for period 1.01.2012 to 31.12.2012.

E72

Previous affecting provision: power pursuant to section exercised (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011) for period 1.01.2011 to 31.12.2011.

F136 [ Power to prescribe fees.

32E

32E. (1) The Commission may make regulations prescribing fees for the purpose of any enactment that provides, by reference to this section or to section 33K (as in force at any time before the coming into operation of this section), for the payment of a fee.

(2) The Commission may make regulations providing for all or any of the following matters:

( a ) the persons, or classes of persons, who are required to pay specified kinds of fees;

( b ) the amounts of specified kinds of fees;

( c ) the collection of fees.

(3) Regulations of the kind referred to in subsection (2) may be included in regulations made under subsection (1).

(4) Regulations made under this section do not take effect until approved by the Minister.

(5) The Bank may, by proceedings in a court of competent jurisdiction, recover as a debt an amount payable as a fee under regulations in force under this section.

(6) The Bank may refund the whole or a part of a fee paid pursuant to regulations made under this section.

(7) The Commission may amend or revoke a regulation made under this section.

(8) An amendment or revocation of regulations made under this section does not take effect until approved by the Minister. ]

Annotations:

Amendments:

F136

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E73

Power pursuant to section exercised (1.05.2015) by Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Approval Fee Regulations 2015 (S.I. No. 106 of 2015), in effect as per reg. 2.

E74

Power pursuant to section exercised (21.12.2012) by Central Bank Act 1942 (Section 32E) Transparency Fee Regulations 2012 (S.I. No. 550 of 2012).

E75

Previous affecting provision: power pursuant to section exercised (11.11.2011) by Central Bank Act 1942 (Section 32E) Prospectus Approval Fee Regulations 2011 (S.I. No. 632 of 2011); revoked (1.05.2015) by Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Approval Fee Regulations 2015 (S.I. No. 106 of 2015), in effect as per reg. 2.

F137 [ General fund.

32F

32F. (1) The Bank shall continue to keep and operate the fund called the general fund.

(2) The Bank shall pay into the general fund all money received by the Bank and shall pay from that fund all amounts that it is required to pay.

(3) The expenses incurred by the Bank in performing functions or exercising powers under this or any other Act or law are payable out of the general fund of the Bank, except where otherwise provided by or under this or any other Act.

(4) Any claims on or liabilities to the European Central Bank are to be treated as assets or liabilities of the general fund or any other fund that the Minister by order establishes for that purpose. ]

Annotations:

Amendments:

F137

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F138 [ Surplus or deficiency in income of Bank during financial year

32G

32G. (1) If the total sum received by the Bank on account of levies and fees prescribed under sections 32D and 32E during a financial year is greater than the Bank s expenditure on the performance of its functions and the exercise of its powers during that financial year, the Bank

( a ) shall apply the surplus to the performance of those functions and the exercise of those powers in the following financial year, and

( b ) shall reduce the levies and fees prescribed in relation to the latter financial year accordingly.

(2) If the sum received by the Bank on account of levies and fees prescribed under sections 32D and 32E during a financial year is less than the Bank s expenditure on the performance of its functions and the exercise of its powers during that financial year, the Bank may prescribe levies and fees in relation to the following financial year sufficient to

( a ) make good the deficiency, and

( b ) ensure that the sum received by the Bank on account of such levies and fees during the following financial year fully covers the performance of its functions and the exercise of its powers during both those financial years. ]

Annotations:

Amendments:

F138

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F139 [ Bank s surplus income.

32H

32H. (1) The Bank shall pay its surplus income as and when determined under this section into the Exchequer in such manner as the Minister directs and may at any time pending such determination pay into the Exchequer such sums on account of surplus income as may be agreed on by the Minister and the Bank.

(2) The Minister may, after consultation with the Bank, make regulations providing for the periodic determination of the Bank s surplus income and, in particular, such regulations may

( a ) enable provision to be made for reserves, depreciation and other similar matters before the surplus income is determined, and

( b ) provide for any matter arising from the implementation of Chapters VI, VIII and IX of the ESCB Statute.

(3) In exercising the powers conferred by this section, the Minister is required to have regard to the functions imposed and the powers conferred on the Bank by or under the Rome Treaty and the ESCB Statute. ]

Annotations:

Amendments:

F139

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F140 [ Provision of funds by Bank to meet shortfall.

32I

32I. (1) If at any time it appears to the Commission that the funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E are, or are likely to be, insufficient to enable the Bank to properly perform its regulatory functions, the Bank may apply to the performance of those functions such amount as the Commission considers necessary.

(2) The Bank may apply an amount under subsection (1) only if the Minister so approves.

(3) Before deciding whether or not to give approval under subsection (2), the Minister shall consult the Governor. The Governor may express his or her opinion on the amount of funds concerned, so far as it could affect

( a ) the carrying out by the Bank of its obligations with respect to the promotion of the financial stability of the State, and

( b ) the performance of the functions of the Bank in its capacity as a member of the European System of Central Banks.

(4) In approving the application of an amount of funds under subsection (2), the Minister shall have regard to the functions and powers of the Bank under the Rome Treaty and the ESCB Statute. ]

Annotations:

Amendments:

F140

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F141 [ Accounting and other records of Bank.

32J

32J. (1) The Bank shall keep all proper accounting records of all its transactions.

(2) The Bank s accounts shall show separately

( a ) receipts from funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E and expenditure on the performance of its functions and the exercise of its powers,

( b ) its income from penalties imposed under paragraphs ( c ) and ( f ) of section 33AQ(3), and

( c ) other receipts and expenditure.

(3) Within 6 months after the end of each financial year, the Bank shall prepare and transmit to the Comptroller and Auditor General a statement of accounts for the financial year concerned. The statement shall be in a form approved by the Minister after consulting the Bank. The approval of a form of statement of accounts under this subsection remains in force until superseded by the approval of another form of statement of accounts.

(4) The statement shall show separately

( a ) receipts from funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E and expenditure on the performance of its functions and the exercise of its powers, and

( b ) other receipts and expenditure.

(5) The Comptroller and Auditor General shall audit, certify and report on the statement of accounts and, as soon as practicable after completing the report, give it and the statement of accounts to the Minister.

(6) As soon as practicable after being given the report and statement of accounts, the Minister shall arrange for copies of those documents to be laid before each House of the Oireachtas.

(7) The accounts of the Bank may be audited in accordance with Article 27 of the ESCB Statute and, for that purpose, the Bank shall provide any auditors appointed in accordance with that Article with full information, books and records.

(8) The Bank shall keep its accounting records for at least 6 years. ]

Annotations:

Amendments:

F141

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F142 [ Report of operations, etc., by Bank.

32K

32K. (1) Within 6 months after the end of each financial year, the Bank shall prepare a report of its operations during the year and present the report to the Minister.

(2) The report shall include a statement of the role of each advisory group established by the Bank under section 18E, and a summary of the work of each such advisory group during the relevant financial year.

(3) As soon as practicable after being given the report and statement of accounts, the Minister shall arrange for copies of those documents to be laid before each House of the Oireachtas, together with any other reports required to be included in or attached to the report.

(4) The Bank shall give to the Minister for publication in the Iris Oifigi ú il such periodical returns concerning the transactions of the Bank as the Minister directs from time to time. ]

Annotations:

Amendments:

F142

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 39, S.I. No. 469 of 2010.

F143 [ F144 [ Chapter 3A

Accountability ] ]

F143 [ Annual performance statements.

32L

32L. (1) No later than 30 April in each year, the Bank shall prepare a statement relating to the Bank s performance in regulating financial services (in this section called a performance statement ).

(2) A performance statement is to be in 3 parts

( a ) details, including the aims and objectives, of regulatory activity planned for the current year (in this subsection called a Regulatory Per formance Plan ),

( b ) a review of the Bank s regulatory performance during the preceding year having regard to the Regulatory Performance Plan for that year and any other relevant matters, and

( c ) the report of any international peer review carried out during the preceding year under section 32M.

(3) The review of the Bank s regulatory performance required by subsection (2)( b ) shall include details of the activities carried out during the relevant year by

( a ) the part of the Bank responsible for internal audit, F145 [ ]

F146 [ ( aa ) the Bank in relation to the exercise of its powers under Part 2 of the Central Bank (Supervision and Enforcement) Act 2013, and ]

( b ) the Registrar of Credit Unions.

(4) A performance statement is to be in the form, and is to relate to the matters, that the Minister directs, but shall not relate to the exercise by the Governor of his or her functions under the ESCB Statute.

(5) Within one month after receiving a performance statement, the Minister will lay it before each House of the Oireachtas.

(6) If the Governor or a Head of Function is requested by a Committee of the Oireachtas to

( a ) attend before the Committee, and

( b ) provide that Committee with information relating to the Bank s performance statement,

the Governor or Head of Function shall

(i) appear before the Committee, and

(ii) subject to section 33AK(1A), provide the Committee with such information relating to the performance statement as the Committee requires.

(7) The reference in subsection (6) to a Committee of the Oireachtas is a reference to a Committee appointed by either House or by both Houses jointly to examine matters relating to the Bank and includes a subcommittee of such a Committee, but does not include the Committee on Members Interests of D á il É ireann or the Committee on Members Interests of Seanad É ireann. ]

Annotations:

Amendments:

F145

Deleted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 item 6, S.I. No. 287 of 2013.

F146

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 6, S.I. No. 287 of 2013.

F143

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 39, S.I. No. 469 of 2010.

F147 [ International peer review of regulatory performance.

32M

32M. At least every 4 years the Bank shall make appropriate arrangements for

( a ) another national central bank, or

( b ) another person or body certified by the Governor, after consultation with the Minister, as appropriate,

to carry out a review of the Bank s performance of its regulatory functions. ]

Annotations:

Amendments:

F147

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F148 [ Irish Financial Services Regulatory Authority

Chapter 1

Constitution, functions and powers of Regulatory Authority

Interpretation: Part IIIB and Schedule 3.

33A

33A. F149 [ ] ]

Annotations:

Amendments:

F149

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F148

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F150 [ Establishment of Regulatory Authority.

33B

33B. F151 [ ] ]

Annotations:

Amendments:

F150

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F151

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F152 [ Functions and powers of Regulatory Authority.

33C

33C. F153 [ ] ]

Annotations:

Amendments:

F152

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F153

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010, subject to saver in s. 7(1).

Editorial Notes:

E76

Previous affecting provision: functions under section performed (30.09.2009) by Credit Union Act 1997 (Section 85) Rules 2009 (S.I. No. 344 of 2009).

E77

Previous affecting provision: subs. (1)(ab) inserted (29.01.2007) by Investment Funds, Companies and Miscellaneous Provisions Act 2006 (41/2006), s. 34(1), S.I. No. 23 of 2007; substituted and deleted as per F-note above.

E78

Previous affecting provision: subs. (9) substituted and subss. (9A) and (9B) inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 8, S.I. No. 455 of 2004; substituted and deleted as per F-note above.

E79

Previous affecting provision: power pursuant to subs. (2) exercised (18.08.2003) by Central Bank Act 1942 (Schedule 2) (Amendment) Order 2003 (S.I. No. 371 of 2003); revoked (1.01.2016) by Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (S.I. No. 1 of 2016), reg. 49(a), in force as per reg. 1(2).

F154 [ Regulatory Authority to comply with certain guidelines.

33D

33D. F155 [ ] ]

Annotations:

Amendments:

F154

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F155

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F156 [ Membership of Regulatory Authority.

33E

33E. F157 [ ] ]

Annotations:

Amendments:

F156

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F157

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E80

Previous affecting provision: subs. (1) amended (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 231 and sch. 3 pt. 2 items 7-9, S.I. No. 545 of 2009; substituted and deleted as per F-note above.

F158 [ Appointment of Chief Executive of the Regulatory Authority.

33F

33F. F159 [ ] ]

Annotations:

Amendments:

F158

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F159

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F160 [ Appointment of acting Chief Executive in certain cases.

33G

33G. F161 [ ] ]

Annotations:

Amendments:

F160

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F161

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F162 [ Responsibilities of Chief Executive of the Regulatory Authority.

33H

33H. F163 [ ] ]

Annotations:

Amendments:

F162

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F163

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F164 [ Chairperson of the Regulatory Authority.

33I

33I. F165 [ ] ]

Annotations:

Amendments:

F164

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F165

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E81

Previous affecting provision: subs. (1A) inserted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 231 and sch. 3, pt. 2, item 10, S.I. No. 545 of 2009; substituted and deleted as per F-note above.

F166 [ Power to impose levies.

33J

33J. F167 [ ] ]

Annotations:

Amendments:

F166

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F167

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Modifications (not altering text):

C22

Application of section extended (7.12.2010) by European Communities (Credit Rating Agencies) Regulations 2010 (S.I. No. 247 of 2010), reg. 5(1), commenced as per reg. 2(2).

Supervisory levies and fees.

5. (1) The powers of the Chief Executive of the Bank to prescribe supervisory levies under section 33J of the Central Bank Act 1942 (No. 22 of 1942) extend to the prescription of a supervisory levy to be paid by a credit rating agency that is established in the State as if the EC Regulation were a designated enactment.

...

Editorial Notes:

E82

Power pursuant to section exercised (30.09.2010) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2010 (S.I. No. 487 of 2010); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1) (S.I. No. 469 of 2010).

E83

Previous affecting provision: power pursuant to section exercised (31.07.2009) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2009 (S.I. No. 300 of 2009).

E84

Previous affecting provision: power pursuant to section exercised (31.12.2008) by Central Bank Act 1942 (Section 33J) Regulations 2008 (S.I. No. 598 of 2008).

E85

Previous affecting provision: power pursuant to section exercised (22.07.2008) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2008 (S.I. No. 297 of 2008).

E86

Previous affecting provision: power pursuant to section exercised (15.06.2007) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2007 (S.I. No. 294 of 2007).

E87

Previous affecting provision: power pursuant to subs. (8) exercised (10.10.2006) by Central Bank Act 1942 (Sections 33J and 33K)(Amendment) Regulations 2006 (S.I. No. 528 of 2006).

E88

Previous affecting provision: power pursuant to section exercised (24.07.2006) by Central Bank Act 1942 (Sections 33J And 33K) Regulations 2006 (S.I. No. 388 of 2006).

E89

Previous affecting provision: power pursuant to section exercised (30.05.2005) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005 (S.I. No. 273 of 2005).

E90

Previous affecting provision: power pursuant to section exercised (16.07.2004) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004); revoked (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011), reg. 11, commenced on enactment.

F168 [ Power of Chief Executive to prescribe fees.

33K

33K. F169 [ ] ]

Annotations:

Amendments:

F168

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F169

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E91

Subs. (5)(ao), (ap) substituted and inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(1) and sch. 2 pt. 1 item 3, S.I. No. 548 of 2011; amendment not possible as section previously deleted.

E92

Power pursuant to section exercised (30.09.2010) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2010 (S.I. No. 487 of 2010); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1) (S.I. No. 469 of 2010).

E93

Previous affecting provision: application of section extended (7.12.2010) by European Communities (Credit Rating Agencies) Regulations 2010 (S.I. No. 247 of 2010), reg. 5(2), commenced as per reg. 2(2).

E94

Previous affecting provision: power pursuant to section exercised (31.07.2009) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2009 (S.I. No. 300 of 2009).

E95

E95

Previous affecting provision: power pursuant to section exercised (22.07.2008) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2008 (S.I. No. 297 of 2008).

E97

E97

Previous affecting provision: power pursuant to section exercised (15.06.2007) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2007 (S.I. No. 294 of 2007).

E99

Previous affecting provision: power pursuant to section exercised (24.07.2006) by Central Bank Act 1942 (Sections 33J And 33K) Regulations 2006 (S.I. No. 388 of 2006).

E100

Previous affecting provision: power pursuant to section exercised (30.05.2005) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005 (S.I. No. 273 of 2005).

E101

Previous affecting provision: power pursuant to section exercised (1.07.2005) by Central Bank Act 1942 (Section 33K) Regulations 2005 (S.I. No. 325 of 2005); revoked (11.11.2011) by Central Bank Act 1942 (Section 32E) Prospectus Approval Fee Regulations 2011 (S.I. No. 632 of 2011), reg. 2.

E102

Previous affecting provision: power pursuant to section exercised (16.07.2004) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004); revoked (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011), reg. 11, commenced on enactment.

F170 [ Provision of funds by Bank to Regulatory Authority to meet shortfall.

33L

33L. F171 [ ] ]

Annotations:

Amendments:

F170

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F171

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F172 [ Regulatory Authority to keep proper accounts.

33M

33M. F173 [ ] ]

Annotations:

Amendments:

F172

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F173

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F174 [ Regulatory Authority to prepare annual estimate of income and expenditure.

33N

33N. F175 [ ] ]

Annotations:

Amendments:

F174

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F175

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E103

Previous affecting provision: subs. (1) amended (1.11.2007) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 13(c), S.I. No. 730 of 2007; substituted and deleted as per F-note above.

E104

Previous affecting provision: application of section restricted (28.11.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003), regs. 3(1) and (2), commenced on enactment; superseded as per F-note above.

F176 [ Regulatory Authority to provide Minister with annual report and other reports.

33O

33O. F177 [ ] ]

Annotations:

Amendments:

F176

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F177

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F178 [ Regulatory Authority to prepare strategic plan.

33P

33P. F179 [ ] ]

Annotations:

Amendments:

F178

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F179

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E105

Previous affecting provision: application of section restricted (28.11.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003), regs. 3(1) and (3), commenced on enactment; superseded as per F-note above.

F180 [ Chapter 2

Consumer Director

Appointment of Consumer Director.

33Q

33Q. F181 [ ] ]

Annotations:

Amendments:

F181

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F180

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F182 [ Appointment of acting Consumer Director in certain cases.

33R

33R. F183 [ ] ]

Annotations:

Amendments:

F182

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F183

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F184 [ Responsibilities of Consumer Director.

33S

33S. F185 [ ] ]

Annotations:

Amendments:

F184

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F185

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E106

Power pursuant to section exercised (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), commenced as per reg. 2; continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E107

Power pursuant to section exercised (23.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2007 (S.I. No. 138 of 2007); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E108

Power pursuant to section exercised (21.12.2006) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2006 (S.I. No. 687 of 2006); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E109

Power pursuant to section exercised (20.07.2005) by Consumer Credit Act 1995 (Section 2) (Amendment) Regulations 2005 (S.I. No. 372 of 2005); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E110

Power pursuant to section exercised (16.11.2004) by Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004 (S.I. No. 715 of 2004); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E111

Previous affecting provision: power pursuant to section exercised (24.09.2007) by Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 690 of 2007); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E112

Previous affecting provision: power pursuant to section exercised (14.05.2007) by Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 751 of 2007); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E113

Previous affecting provision: subs. (2)(f) substituted and paras. (g), (h) inserted (1.05.2007) by Consumer Protection Act 2007 (19/2007), s. 94(4), S.I. No. 178 of 2007; substituted and deleted as per F-note above.

E114

Previous affecting provision: power pursuant to section exercised (30.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2007 (S.I. No. 139 of 2007); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E115

Previous affecting provision: power pursuant to section exercised (5.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2007 (S.I. No. 100 of 2007) and continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010; revoked (25.07.2014) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014 (S.I. No. 355 of 2014), reg. 3.

E116

Previous affecting provision: power pursuant to section exercised (20.07.2005) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2005 (S.I. No. 371 of 2005); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E117

Previous affecting provision: power pursuant to section exercised (1.07.2004) by Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2004 (S.I. No. 414 of 2004) and continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010; revoked (31.07.2015) by Consumer Credit Act 1995 (Section 2) Regulations 2015 (S.I. No. 352 of 2015), reg. 3.

E118

Previous affecting provision: power pursuant to section exercised (4.03.2004) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2004 (S.I. No. 93 of 2004); repealed (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), reg. 5.

F186 [ Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.

33SA

33SA. F187 [ ] ]

Annotations:

Amendments:

F186

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 6, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F187

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F188 [ Consumer Director to prepare annual report.

33T

33T. F189 [ ] ]

Annotations:

Amendments:

F188

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F189

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F190 [ Consumer Director to provide information, reports and advice to Chief Executive.

33U

33U. F191 [ ] ]

Annotations:

Amendments:

F190

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F191

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F192 [ Consumer Director to prepare strategic plan.

33V

33V. F193 [ ] ]

Annotations:

Amendments:

F192

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F193

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E119

Previous affecting provision: application of section restricted (28.11.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003), regs. 3(1) and (4), commenced on enactment; superseded as per F-note above.

F194 [ Chapter 3

Registrar of Credit Unions

Interpretation: Chapter 3.

33W

33W. In this chapter, Registrar means the Registrar of Credit Unions. ]

Annotations:

Amendments:

F194

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26 S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F195 [ Appointment of Registrar of Credit Unions.

33X

33X. (1) The F196 [ Bank shall ] appoint a person as the Registrar of Credit Unions.

(2) A person appointed as Registrar holds office for a period not exceeding 5 years from the date of appointment, unless the person previously ceases to hold that office as provided by this section.

(3) The F196 [ Bank ] may appoint a person holding office as Registrar for a further period, not exceeding 5 years, to take effect at the end of the person s current period of appointment. This subsection applies whether the person was appointed under subsection (1) or this subsection.

(4) The appointment of a person as Registrar does not take effect until the Minister approves it.

(5) A person is not eligible for appointment as Registrar if the person

( a ) is a member of either House of the Oireachtas or is, with the person s consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad É ireann, or

( b ) is a member of the European Parliament or is, with the person s consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

( c ) is a member of a local authority or is, with the person s consent, nominated as a candidate for election as such a member.

(6) A person appointed as Registrar holds office on such conditions of employment as are specified in the person s document of appointment or are later agreed between the person and the F196 [ Bank ] .

(7) The Registrar may engage in other remunerative employment only with the consent of the F196 [ Bank ] .

(8) A person ceases to hold office as Registrar if the person

( a ) dies, or

( b ) completes a term of office and is not re-appointed, or

( c ) resigns the office by notice in writing addressed to F196 [ Bank ] , or

( d ) is, with the person s consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad É ireann, or

( e ) is, with the person s consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or

( f ) is, with the person s consent, nominated as a candidate for election as a member of a local authority, or

( g ) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person s creditors, or

( h ) becomes physically or mentally incapable of performing the duties of Registrar, or

( i ) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

( j ) is removed from office under subsection (9).

(9) The F196 [ Bank ] may (but only after consulting the Minister) remove or suspend the Registrar from office, but only for reasons notified in writing to the Registrar. ]

Annotations:

Amendments:

F195

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26 S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F196

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, items 40-45, S.I. No. 469 of 2010.

F197 [ Appointment of acting Registrar of Credit Unions in certain cases.

33Y

33Y. (1) F198 [ The Governor, with the consent of the Commission, ] may, from time to time, appoint a qualified person to act in the office of Registrar

( a ) during the illness or absence of the holder of that office, or

( b ) while the holder is suspended from office, or

( c ) during a vacancy in that office.

A person so appointed has, while acting as Registrar, all the responsibilities and powers of that office.

(2) If a person is to be appointed under this section for a period of more than 6 months, the appointment does not take effect until the Minister approves it.

(3) The F199 [ Bank ] may, at any time, remove from office a person who is appointed under this section as Registrar.

(4) A person appointed under this section is entitled to be paid such remuneration (including travelling and subsistence allowances) as the F200 [ Bank ] determines from time to time.

(5) A person is a qualified person for the purposes of this section if the person is an employee of the Bank. ]

Annotations:

Amendments:

F197

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F198

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 46, S.I. No. 469 of 2010.

F199

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 47, S.I. No. 469 of 2010.

F200

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 48, S.I. No. 469 of 2010.

F201 [ Signature of Registrar of Credit Unions.

33Z

33Z. A signature purporting to be that of the Registrar is, in the absence of evidence to the contrary, to be presumed for all purposes to be that of the holder of that office. ]

Annotations:

Amendments:

F201

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F202 [ Responsibilities and powers of Registrar of Credit Unions.

33AA

33AA. (1) The Registrar is responsible

( a ) as the delegate of the F203 [ Bank ] , for managing the performance and exercise of the functions and powers of the Bank under the Credit Union Act 1997 , and

( b ) if management of the performance and exercise of the functions and powers of the Bank under any other Act or law are delegated to the Registrar, for managing the performance and exercise of those functions and powers.

(2) The Registrar has power to do whatever is necessary for or in connection with, or reasonably incidental to, carrying out the Registrar s responsibilities.

(3) In carrying out or exercising the Registrar s responsibilities or powers, the Registrar shall, as far as reasonably practicable, ensure that the resources of the F203 [ Bank ] allocated for carrying out those responsibilities or exercising powers are used effectively, efficiently and economically.

F204 [ (4) In carrying out the responsibilities and exercising the powers imposed or conferred by this section, the Registrar, through the Head of Financial Regulation, is subject to the control of the Bank and shall comply with any directions by the Commission with respect to the carrying out of those responsibilities or the exercise of those powers.

(5) A direction given in accordance with subsection (4) shall not be inconsistent with

( a ) in relation to a function or power to which subsection (1)( a ) relates, the Credit Union Act 1997 , and

( b ) in relation to a function or power the management of which stands delegated to the Registrar under subsection (1)( b ), any other relevant Act or law.

(6) In issuing directions to the Registrar under subsection (4) which relate to the exercise of the responsibilities and powers referred to in subsection (1)( a ), the Bank shall have regard to the particular nature of credit unions, and in particular by reference to

( a ) the conditions for the registration of a credit union set out in section 6 of the Credit Union Act 1997 and to the objects and common bonds referred to in that section, and

( b ) the voluntary ethos of credit unions.

(7) The Bank may, from time to time, issue to the Registrar guidelines, not inconsistent with any law, in relation to consultation and co-operation with the bodies and persons specified in subsection (8) on matters concerning the functions and powers of those bodies and persons. The Registrar shall comply with any such guidelines.

(8) The bodies and persons referred to in subsection (7) are the following:

( a ) the Bank;

( b ) the Commission;

( c ) the Governor;

( d ) the officers and employees of the Bank.

(9) The Registrar shall provide the Head of Financial Regulation with such information and assistance as the Head of Financial Regulation requests in relation to any complaint to the Bank about the conduct of a credit union. ] ]

Annotations:

Amendments:

F202

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F203

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, items 49 and 50, S.I. No. 469 of 2010.

F204

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 51, S.I. No. 469 of 2010.

F205 [ Bank to provide Registrar with adequate funds.

33AB

33AB. (1) The Bank shall provide the Registrar with such funds as the Bank considers necessary to enable the Registrar to perform the functions and exercise the powers of the Registrar.

(2) The provision of funds under this section is subject to such conditions as the Bank thinks fit to impose. ]

Annotations:

Amendments:

F205

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 52, S.I. No. 469 of 2010.

Editorial Notes:

E120

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003; substituted as per F-note above.

F206 [ Registrar to prepare annual report.

33AC

33AC. (1) The Registrar shall,