Central Bank Act 1942

F157 [ 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:

F157

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.