Central Bank Act 1942

6A

F75 [ Objectives of Bank in discharging ESCB functions, etc.

6A

6A. (1) In discharging its functions and exercising its powers as part of the European System of Central Banks, the primary objective of the Bank is to maintain price stability.

F76 [ (2) The Bank also has the following objectives:

( a ) the stability of the financial system overall;

( b ) the proper and effective regulation of financial service providers and markets, while ensuring that the best interests of consumers of financial services are protected;

( c ) the efficient and effective operation of payment and settlement systems;

F77 [ ( ca ) the resolution of financial difficulties in credit institutions; ]

( d ) the provision of analysis and comment to support national economic policy development;

( e ) the discharge of such other functions and powers as are conferred on it by law.

(3) The Minister may, from time to time, request the Governor or the Commission to consult with the Minister, in relation to their respective functions, as regards the performance by the Bank of any function of the Bank (other than one imposed on it by the Rome Treaty or the ESCB Statute). ]

(4) The Minister may, from time to time, request the Governor to inform the Minister with respect to the pursuit of the primary objective of the Bank.

F78 [ (5) The Governor or the Commission (as the case requires) shall comply with a request to the Governor or the Commission under subsection (3) or (4) in so far as the request is consistent with the Rome Treaty, the ESCB Statute and the law of the State. ]

(6) Without prejudice to the objective of maintaining price stability, the Bank is required to support the general economic policies of the European Union with a view to contributing to the achievement of the objectives of that Union as laid down in Article 2 of the Rome Treaty. ]

Annotations:

Amendments:

F75

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 7, S.I. No. 160 of 2003.

F76

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 24, S.I. No. 469 of 2010.

F77

Inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110 and sch. 2, pt. 1, item 2, S.I. No. 548 of 2011.

F78

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 25, S.I. No. 469 of 2010.