Central Bank Act 1942

F116 [ 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:

F116

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:

E49

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.