C1

Application of Act restricted (30.12.2024) by European Union (Credit Servicers and Credit Purchasers) Regulations (S.I. No. 644 of 2023), reg. 24(1), (2), in effect as per reg. 2.

Penalties and remedial measures

24. (1) Notwithstanding the provisions of the Central Bank Act 1942 (No. 22 of 1942), the following shall constitute a prescribed contravention for the purposes of that Act:

(a) where a credit servicer allows one or more persons not complying with the requirements set out in Regulation 6(1) (b) to become or remain a member of its board or senior management;

(b) where a credit servicer’s governance arrangements and internal control mechanisms as set out in Regulation 6(1)(e) fail to ensure respect for borrower rights and compliance with personal data protection rules;

(c) where a credit servicer’s policy is inadequate for the proper treatment of borrowers as set out in Regulation 6(1)(f);

(d) where a credit servicer’s internal procedures as set out in Regulation 6(1)(g), fail to provide for the recording and handling of complaints from borrowers according to the obligations set out in these Regulations;

(e) where a credit servicer who does not have an authorisation to receive and hold funds pursuant to Regulation 7 receives and holds funds from borrowers;

(f) where a credit servicer who has an authorisation to receive and hold funds pursuant to Regulation 7 fails to comply with the requirements of Regulation 7;

(g) where a credit purchaser (or, where applicable, a credit servicer, a credit institution or a retail credit firm) fails to comply with Regulation 11;

(h) where a credit servicer fails to comply with the requirement set out in Regulation 12, or enters into an outsourcing agreement which infringes Regulation 13 or where a credit service provider to whom the credit servicing activities were outsourced commits a serious infringement of the applicable legal provisions, including the provisions of these Regulations;

(i) where a credit institution fails to communicate the information set out in Regulation 16;

(j) where a credit purchaser (or, where applicable, its representative designated in accordance with Regulation 20) fails to comply with the requirement set out in Regulation 18;

(k) where a credit purchaser (or, where applicable, its representative designated in accordance with Regulation 20) fails to communicate the information provided for in Regulations 19 and 21;

(l) where a credit purchaser fails to comply with the requirement of Regulation 20;

(m) where a credit servicer fails to comply with the requirements set out in Regulation 25.

(2) Notwithstanding the provisions of the Central Bank Act 1942 (No. 22 of 1942) any administrative penalty or remedial measure as determined by the Bank in relation to a prescribed contravention of a type contained in paragraph (1) shall be effective, proportionate and dissuasive and may at least include the following –

(a) a withdrawal of an authorisation to carry out activities as a credit servicer;

(b) an order requiring the credit servicer or credit purchaser (or, where applicable, its representative designated in accordance with Regulation 20) to remedy the infringement, and to cease the conduct and to desist from a repetition of that conduct;

(c) administrative pecuniary penalties.

...

C2

Functions of Central Bank under Act extended by Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010), s. 106D, as inserted (23.04.2021) by Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021), s. 25, S.I. No. 188 of 2021.

[Scope of Bank’s supervision - performance of certain functions

106D. (1) The functions conferred on the Bank under—

(a) Parts II, IIIC, VIIA, VIIIA and IX of the Act of 1942,

(b) Parts 3 and 4 of the Central Bank Reform Act 2010 , and

(c) Parts 2, 3, 7 and 9 of the Central Bank (Supervision and Enforcement) Act 2013,

shall, in addition to being performable for the purposes to which those provisions relate, be performable for the purposes of ensuring compliance with the Fourth Money Laundering Directive, the Fifth Money Laundering Directive and the Recommendations of FATF.

…]

C3

Functions of Financial Services Ombudsman’s Bureau under Act transferred (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 74, S.I. No. 524 of 2017.

Financial Services Ombudsman’s Bureau

74. Any function that, immediately before the establishment day, was vested in the Financial Services Ombudsman’s Bureau shall on and from the establishment day be transferred to the Office.

C4

Application of powers under collectively cited Central Bank Acts 1942 to 2015 extended (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), regs. 35(1) and 37(1), in effect as per reg. 2.

Supervision of mortgage credit intermediaries

35. (1) As part of its functions under the Central Bank Acts 1942 to 2015 to monitor the provision of financial services to consumers, the Central Bank shall take such steps as it considers appropriate to supervise the ongoing activities of mortgage credit intermediaries, and, accordingly, the powers conferred on it (by those Acts) in respect of the foregoing functions are exercisable by it in that behalf.

...

Obligation to cooperate

37. (1) The Central Bank shall cooperate with the competent authorities of other EEA Member States whenever necessary for the purpose of performing its functions under these Regulations, making use of the powers available to it, whether those contained in these Regulations or the Central Bank Acts 1942 to 2015 or otherwise in any enactment.

...

C5

Application of collectively cited Central Bank Acts restricted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

Effect of special management.

119. ...

(2) The special management of the institution under resolution has effect notwithstanding anything in—

(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,

(b) any other rule of law or equity,

(c) any code of practice made under an enactment,

...

C6

Functions transferred and references to “Department of Public Expenditure and Reform” and “Minister for Public Expenditure and Reform” construed (10.12.2013) by Public Expenditure and Reform (Transfer of Departmental Administration and Ministerial Functions) Order 2013 (S.I. No. 574 of 2013), arts. 2-4 and 9, subject to transitional provisions in arts. 5-7, in effect as per art. 1(2).

2. (1) The administration and business in connection with the exercise, performance or execution of any functions transferred by this Order are transferred to the Department of Finance.

(2) References to the Department of Public Expenditure and Reform contained in any Act or instrument made under an Act and relating to the administration and business transferred by paragraph (1) shall, from the commencement of this Order, be construed as references to the Department of Finance.

3. The functions conferred on the Minister for Public Expenditure and Reform by or under subparagraphs (i) and (ii) of section 9(1)(a) of the Ministers and Secretaries (Amendment) Act 2011 (No. 10 of 2011) are transferred to the Minister for Finance, in so far as those functions relate to—

(a) the appointment, and terms and conditions of service, of the following:

(i) a member of the Central Bank Commission under section 18CA(1)(b) (inserted by section 14(1) of the Central Bank Reform Act 2010 (No. 23 of 2010) (“Act of 2010”)) or section 28 (as amended by section 14(1) of the Act of 2010) of the Central Bank Act 1942 (No. 22 of 1942) (“Act of 1942”);

(ii) a Head of Function of the Central Bank appointed by the Commission under section 23B(1) (inserted by section 14(1) of the Act of 2010) of the Act of 1942;

(iii) an acting Head of Function of the Central Bank appointed by the Governor under section 23D(1) (inserted by section 14(1) of the Act of 2010) of the Act of 1942;

(iv) a member of staff of Investor Compensation Company Limited;

(v) a member of staff of the Financial Services Ombudsman’s Bureau under section 57BN (inserted by section 16 of the Central Bank and Financial Services Authority of Ireland Act 2004 (No. 21 of 2004)) of the Act of 1942;

(vi) a Registrar of Credit Unions under section 33X(4) (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942;

(vii) an acting Registrar of Credit Unions under section 33Y(2) of the Act of 1942,

(b) the approval of—

(i) a superannuation scheme established under section 33AG(2) (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942 in respect of persons mentioned in subsection (1) of that section;

(ii) a merger of a staff superannuation scheme mentioned in clause (i) with a staff superannuation scheme continued by section 33AH (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942, under subsection (3) of that section,

or

(c) a determination that a trust fund established for the purposes of a staff superannuation scheme established under section 33AG, or continued in being under section 33AH, of the Act of 1942 is to be public funds for the purposes of the Superannuation Act 1892 under section 33AI(2) (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) of the Act of 1942.

C7

Application of collectively cited Central Bank Acts 1942 to 2011 restricted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 69(6)(a), S.I. No. 548 of 2011, as amended (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 187(e), in effect as per reg. 2.

Effect of appointment of special manager.

69.— ...

(6) A special management order has effect notwithstanding anything in—

(a) the Companies Acts, [...] the Credit Union Act 1997 or the Central Bank Acts 1942 to 2011,

...

except to any extent to which the special management order expressly provides otherwise.

C8

Construction of references in Act extended in certain circumstances (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 90(1), S.I. No. 548 of 2011.

Application of this Part to bodies incorporated outside State.

90.—(1) In the case of the winding-up of an authorised credit institution, or a body that was formerly an authorised credit institution, that is a company incorporated outside the State, references in the Central Bank Acts 1942 to 2011 to—

(a) the winding-up of an authorised credit institution or a body that was formerly an authorised credit institution, or

(b) any provision of the Companies Acts which relates to winding-up,

shall be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned if the context so admits and the circumstances so require.

(2) For the purposes of a winding-up referred to in subsection (1), the Court may order that the Central Bank Acts 1942 to 2011 apply, if necessary, with such modifications as the Court orders.

C9

Application of collectively cited Central Bank Acts (designated as relevant applicable enactments for purpose of regulations) restricted (4.02.2011) by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011), regs. 5 and 12.

What law applies to credit institution in respect of which reorganisation measure is imposed

5. —(1) The relevant applicable enactment applies to and in relation to a reorganisation measure imposed, or to be imposed, in respect of an authorised credit institution (including its branches in other Member States) except as otherwise expressly provided by these Regulations.

(2) The provisions of a relevant applicable enactment forming part of a reorganisation measure or applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with that enactment as provided by the Directive.

(3) Provisions of this Regulation applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with those provisions as provided by the Directive.

(4) A reorganisation measure imposed by a competent authority of another Member State in respect of a credit institution authorised in that State (including any branch of the institution in the State) is to be recognised in the State as soon as the measure takes effect in that other State. This paragraph applies even if, had the particular matter been dealt with under the relevant applicable enactment, the measure would not be provided for, or would be provided for subject to the fulfilment of specified conditions that would not have been fulfilled in the particular case.

...

What law applies to winding up of credit institution

12. —(1) The relevant applicable enactment applies to proceedings to wind up an authorised credit institution, except in so far as these Regulations otherwise provide.

(2) The laws and administrative provisions applicable in another Member State apply to proceedings to wind up a credit institution authorised in that other State.

C10

References in collectively cited Central Bank Acts construed (16.05.2002) by European Communities (Electronic Money) Regulations 2002 (S.I. No. 221 of 2002, reg. 32.

Construing of references to winding up, etc.

32. Where the context so admits and the circumstances may so require, references in the Central Bank Acts 1942 to 1998 to the winding up of a holder or former holder of an authorisation or to any provision of the Companies Acts 1963 to 2001 which relates to winding up shall, where a holder or former holder of an authorisation is a company incorporated outside the State be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned and accordingly, the provisions of the Central Bank Acts 1942 to 1998 shall apply to the winding up or dissolution concerned and, where necessary, with such modifications as the Court may order.

C11

Powers under collectively cited Central Bank Acts 1942 to 2001 (included in the supervisory enactments) affected (22.03.2002) by Asset Covered Securities Act 2001 (47/2001), s. 25, S.I. No. 94 of 2002, as amended (31.08.2007) by Asset Covered Securities (Amendment) Act 2007 (13/2007), s. 16, S.I. No. 591 of 2007.

Provisions of certain other Acts not affected.

25.—If the registration of an institution is revoked under this Part and the institution is—

(a) the holder of a licence issued under the Central Bank Act, 1971,

[(b) a trustee savings bank, or

(c) a building society,]

[(d) ...]

the power of the Authority to exercise in relation to the institution any power conferred on it by the supervisory enactments is affected only in so far as the exercise of that power would be inconsistent with this Act.

C12

Application of powers under collectively cited Central Bank Acts 1942 to 2001 restricted (22.03.2002) by Asset Covered Securities Act 2001 (47/2001), s. 81, S.I. No. 94 of 2002. The title of this Part 7 is Effect of Potential Insolvency Process on Designated or Formerly Designated Credit Institution.

Application and operation of this Part.

81.—(1) Except as provided by section 87, the following enactments do not affect the application and operation of this Part in respect of designated and formerly designated credit institutions: ...

(d) the supervisory enactments

(e) any other enactment or any rule of law relating to an insolvency process.

C13

Application of collectively cited Central Bank Acts 1942 to 1997 extended (9.04.1997) by Central Bank 1997 (8/1997), ss. 31 and 53, S.I. No. 150 of 1997; s. 53 as amended (1.0.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 28, S.I. No. 455 of 2004.

Application of section 17 of Act of 1971 to bureaux de change.

31.—Without prejudice to section 30 of this Act, section 17 of the Act of 1971 shall apply as if every person authorised by the Bank to carry on bureau de change business were the holder of a licence for the purposes of the Central Bank Acts, 1942 to 1997.

...

Application of section 47 of Act of 1989.

53.— Section 47 of the Act of 1989 shall apply—

(a) to every financial institution to which Chapter VII of Part II of the Act of 1989 relates,

(b) to every exchange to which Chapter VIII of Part II of the Act of 1989 relates and every member of that exchange, and

(c) to every person authorised by the Bank to carry on money broking business,

as if each such institution, exchange, member or person so authorised were the holder of a licence for the purposes of the Central Bank Acts [...].

C14

Application of collectively cited Central Bank Acts 1942 to 1997 restricted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 84(5), S.I. No. 150 of 1997, as amended (1.0.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 32, S.I. No. 455 of 2004.

Representative offices.

84.— ...

(5) Notwithstanding anything contained in the Central Bank Acts [...], a representative office may use in its name or title the words “bank”, “banker” or “banking” or any variant or derivative thereof, subject to such terms or conditions as may be specified by the Bank.

...

C15

Provision for summary prosecution and liability for offences under collectively cited Central Bank Acts 1942 to 1989 extended (12.07.1989) by Central Bank Act 1989 (16/1989), ss. 10 and 11, S.I. No. 176 of 1989.

Prosecution of offences by Bank.

10.—An offence under the Central Bank Acts, 1942 to 1989, which is being tried summarily may be prosecuted by the Bank and a statement made by the person conducting such prosecution that the prosecution has been commenced with the authority of the Bank shall be sufficient evidence that the prosecution was so commenced.

Offences in relation to certain bodies.

11.—Where an offence under the Central Bank Acts, 1942 to 1989, is committed by a body corporate or by a person purporting to act on behalf of a body corporate or an unincorporated body of persons and is proved to have been so committed with the consent or approval of, or to have been facilitated by any wilful neglect on the part of, another person (being a director, manager, secretary, member of any committee of management or other controlling authority of such body or official of such body) that other person shall, as well as the body corporate or the person so purporting to act, be guilty of an offence and shall be liable to be proceeded against and punished accordingly.

C16

Construction of references in collectively cited Central Bank Acts 1942 to 1989 extended in certain circumstances (12.07.1989) by Central Bank Act 1989 (16/1989), s. 51, S.I. No. 176 of 1989. This provision is construed (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg 152, which replaces the construction of reference previously prescribed (1.01.1993) by European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992), reg. 38.

Construing of references to winding up, etc.

51.—Where the context so admits and the circumstances may so require, references in the Central Bank Acts, 1942 to 1989, to the winding up of a holder or former holder of a licence or to any provision of the Companies Acts, 1963 to 1986, which relates to winding up shall, where a holder or former holder of a licence is a company incorporated outside the State or is an institution to which section 9(1A) (as amended by this Part) of the Act of 1971 relates, be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned and, accordingly, the provisions of the Central Bank Acts, 1942 to 1989, shall apply to the winding up or dissolution concerned and, where necessary, with such modifications as the Court may order.

C17

Application of collectively cited Currency and Central Bank Acts 1927 to 1971 extended (13.07.1983) by Postal and Telecommunications Services Act 1983 (24/1983), s. 67(2)(b), commenced on enactment but subject to vesting order made (1.01.1984) by S.I. No. 407 of 1983.

Provision of banking services.

67.—(1) The company may, after consultation with the Minister and as authorised by order of the Minister for Finance (made after consultation with the Central Bank), provide banking services, including the service commonly known as the Giro System and also including the lending of money.

(2) Any such order may—

(a) specify the services which the company may provide,

(b) contain such other provisions in relation thereto, including provisions concerning the application of the Currency and Central Bank Acts, 1927 to 1971, and any other enactment, as the Minister for Finance, after consultation with the Minister, the company, the Central Bank and any other appropriate Minister, considers necessary or desirable.

...