Central Bank Act 1942

F159 [ 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:

F159

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.