Central Bank Act 1942

F240 [ Bank and associates not liable for certain acts and omissions.

33AJ

33AJ. (1) This section applies to the following persons:

( a ) the Bank;

F241 [ ( b ) the Governor;

( ba ) the Heads of Function;

( bb ) the Secretary General of the Department of Finance, in his or her capacity as an ex-officio member of the Commission;

( bc ) the appointed members of the Commission; ]

( c ) the Registrar of Credit Unions;

( d ) the Registrar of the Appeals Tribunal;

( e ) employees of the Bank;

( f ) agents of the Bank F242 [ ] .

(2) A person to whom this section applies is not liable for damages for anything done or omitted in the performance or purported performance or exercise of any of its functions or powers, unless it is proved that the act or omission was in bad faith.

(3) The fact that the Bank has authorised or revoked the authorisation, or regulates the activities, of a person, under any of its functions is not a warranty by the Bank as to the person s solvency or performance.

(4) The fact that the Bank in performing any of its functions

( a ) has approved or revoked the approval, or regulates the affairs or activities, of a stock exchange or a financial futures and options exchange, or

( b ) has approved, amended, revoked or imposed rules, or has consented or refused to consent to amendments of rules,

is not a warranty by the Bank as to the solvency or performance of the exchange or any member of the exchange.

(5) Neither the State nor the Bank is liable for losses incurred because of the insolvency, default or performance of a person or body referred to in subsection (3) or (4).

(6) Nothing in subsections (3) to (5) limits the effect of subsection (2).

F243 [ (7) In this section, agent includes a person appointed or authorised by the Bank, the Governor or the F244 [ Head of Financial Regulation ] to perform any function or exercise a power under the Central Bank Acts or any other enactment. ] ]

Annotations:

Amendments:

F240

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.

F241

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 61, S.I. No. 469 of 2010.

F242

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 62, S.I. No. 469 of 2010.

F243

Substituted (6.07.2005) by Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005), s. 35, S.I. No. 323 of 2005.

F244

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 63, S.I. No. 469 of 2010.

Modifications (not altering text):

C19

Liability of Bank excluded (21.07.2019) by European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019), reg. 6, in effect as per reg. 1(2).

Liability of Bank and other bodies

6. Without prejudice to the generality of section 33AJ of the Act of 1942, approval of a prospectus by the Bank shall not be deemed to be or construed as a representation or warranty as to the solvency or credit-worthiness of the issuer of the prospectus or the truth or accuracy of the contents of the prospectus.