Central Bank Act 1942

5B

F68 [ Specific powers of the Bank.

5B

5B. Without limiting section 5A, the powers of the Bank include power to do all or any of the following:

( a ) subject to paragraph ( b ), acquire, hold, dispose of or otherwise deal in all kinds of property (including real property, securities, coins, gold or silver bullion and other precious metals, and any kinds of currency or currency units);

( b ) acquire, hold or dispose of shares in a bank or other institution formed wholly or mainly by banks that are the principal currency authority in their respective countries, but only with the approval of the Minister;

( c ) enter into, carry out, assign or accept the assignment of, vary or rescind, any contract, agreement or other obligation;

( d ) provide loans and other kinds of financial accommodation to credit institutions and other persons on the security of such assets and on such terms and conditions as the Board considers appropriate;

( e ) give guarantees and make payments under them;

( f ) receive funds on deposit;

( g ) open accounts in other countries or act as agent, depository, or correspondent of any credit institution carrying on business in or outside the State;

( h ) re-discount exchequer notes or bills, local authority bills, bills of exchange and promissory notes on such terms and conditions as the Board considers appropriate;

( i ) keep registers of securities generally;

( j ) operate or participate in a depository of securities or other instruments;

( k ) keep the accounts for the clearing and settlement of securities or payment instruments;

( l ) become a member of, or a party to, the establishment or operation of one or more payment systems;

( m ) operate or participate in a system that provides a settlement service for transactions in securities or other instruments for its members;

( n ) enter into agreements with depositories of securities or of other instruments, and carry out transactions under the terms of those agreements so far as necessary for the settlement of transactions between members of those depositories and the members of any depository operated by the Bank;

( o ) transfer assets, income or liabilities to the European Central Bank where required under the ESCB Statute. ]

Annotations:

Amendments:

F68

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 5, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.