Central Bank Act 1942

F432 [ Operation and implementation of appealed decision pending determination of appeal.

57R

57R. (1) Subject to this section, the lodgement of an appeal with the Appeals Tribunal against a decision of the F433 [ Bank ] does not affect the operation of the decision or prevent the taking of action to implement that decision.

(2) On the application of the appellant, the Appeals Tribunal may make such orders staying or otherwise affecting the operation of the decision appealed against as it considers will secure the effectiveness of the determination of the application.

F434 [ (2A) Subsection (2) applies only to an appealable decision made under Part IIIC. ]

(3) The Appeals Tribunal may make an order under this section only if it considers that it is desirable to do so after taking into account

( a ) the interests of any persons who may be affected by the determination of the application, and

( b ) any submission made by or on behalf of the F433 [ Bank ] , and

( c ) the public interest.

(4) While an order is in force under this section (including an order that has previously been varied on one or more occasions under this subsection), the Appeals Tribunal may, on application by a party to the proceedings, vary or revoke the order by another order.

(5) The Appeals Tribunal may not

( a ) make an order under this section unless the F433 [ Bank ] has been given a reasonable opportunity to make submissions in relation to the matter, or

( b ) make an order varying or revoking an order in force under this section (including an order as varied) unless each interested person has been given a reasonable opportunity to make submissions in relation to the matter.

(6) The following are interested persons for the purposes of subsection (5)( b ):

( a ) the F433 [ Bank ] ;

( b ) the person who requested the making of the order;

( c ) if the order has previously been varied by an order or orders under this section the person or persons who requested the making of the variation.

(7) A party to the relevant proceedings may appeal to the High Court against an order made under this section or against a refusal to make such an order. ]

Annotations:

Amendments:

F432

Part VIIA (ss. 57A-57AZ) inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 28, S.I. No. 454 of 2004, subject to transitional provisions in s. 36 and sch. 3.

F433

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(2)(a), S.I. No. 469 of 2010.

F434

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 13, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.