Central Bank Act 1942

Number 22 of 1942

CENTRAL BANK ACT 1942

REVISED

Updated to 5 December 2022

This Revised Act is an administrative consolidation of the Central Bank Act 1942. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including the Air Navigation and Transport Act 2022 (40/2022), enacted 7 December 2022, and all statutory instruments up to and including the European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. No. 547 of 2022), made 5 December 2022, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.

Number 22 of 1942

CENTRAL BANK ACT 1942

REVISED

Updated to 5 December 2022

Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

Central Bank Acts 1942 to 2018: this Act is one of a group of Acts included in this collective citation (Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018), s. 3(2)). The Acts in the group are:

• Central Bank Act 1942 (22/1942)

• Central Bank Act 1961 (8/1961) (repealed)

• Central Bank Act 1964 (3/1964) (repealed)

• Central Bank Act 1971 (24/1971)

• Central Bank Act 1989 (16/1989), Part II

• Central Bank Act 1997 (8/1997), other than ss. 3, 36 to 49, 60, 64 to 68, 78 to 83 and 85

• Central Bank Act 1998 (2/1998)

• Euro Changeover (Amounts) Act 2001 (16/2001), s. 5 and s. 9(4)

• Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

• Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

• National Asset Management Agency Act 2009 (34/2009), s. 1(4), s. 232 and sch. 3 part 2

• Central Bank Reform Act 2010 (23/2010)

• Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), ss. 36 , 37 , 48 (2) and 56(3), Part 5 (in so far as it amends the Central Bank Acts 1942 to 2011), and Schedules 2 and 3 (in so far as they amend any of those Acts)

• Central Bank (Supervision and Enforcement) Act 2013 (26/2013), other than section 5, in so far as it relates to Schedules 3 and 4, and sections 75 to 78 , 80 to 87 and 89 to 94

• Central Bank Act 2014 (9/2014), s. 1

• Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), other than s. 8

• Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018)

Credit Institutions (Financial Support) Act 2008 (18/2008) deals with similar subject matter.

Currency and Central Bank Acts 1927 to 1971: this Act is one of a group of Acts included in this collective citation (Central Bank Act 1971, s. 1(2)). The Acts in the group are:

• Currency Act 1927 (32/1927) (repealed)

• Currency (Amendment) Act 1930 (30/1930) (repealed)

• Central Bank Act 1942 (22/1942)

• Central Bank Act 1961 (8/1961) (repealed)

• Central Bank Act 1964 (3/1964) (repealed)

• Central Bank Act 1971 (24/1971)

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations.

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

• Consumer Rights Act 2022 (37/2022)

• Insurance (Miscellaneous Provisions) Act 2022 (11/2022)

• Counterfeiting Act 2021 (16/2021)

• Criminal Justice (Perjury and Related Offences) Act 2021 (13/2021)

• Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021)

• Credit Union Restructuring Board (Dissolution) Act 2020 (22/2020)

• Consumer Insurance Contracts Act 2019 (53/2019)

• Credit Union Restructuring Board (Dissolution) Act 2020 (22/2012)

• Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2019 (8/2019)

• Central Bank (National Claims Information Database) Act 2018 (42/2018)

• Markets in Financial Instruments Act 2018 (25/2018)

• Data Protection Act 2018 (7/2018)

• Financial Services and Pensions Ombudsman Act 2017 (22/2017)

• Central Bank and Financial Services Authority of Ireland (Amendment) Act 2017 (21/2017)

• Finance (Miscellaneous Provisions) Act 2015 (37/2015)

• Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015)

• Irish Collective Asset-management Vehicles Act 2015 (2/2015)

• Central Bank (Amendment) Act 2015 (1/2015)

• Freedom of Information Act 2014 (30/2014)

• Competition and Consumer Protection Act 2014 (29/2014)

• Court of Appeal Act 2014 (18/2014)

• Central Bank Act 2014 (9/2014)

• Credit Reporting Act 2013 (45/2013)

• Central Bank (Supervision and Enforcement) Act 2013 (26/2013)

• Irish Bank Resolution Corporation Act 2013 (2/2013)

• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012)

• Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

• Credit Institutions (Stabilisation) Act 2010 (36/2010)

• Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010)

• Central Bank Reform Act 2010 (23/2010)

• Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010)

• National Asset Management Agency Act 2009 (34/2009)

• Financial Services (Deposit Guarantee Scheme) Act 2009 (13/2009)

• Anglo Irish Bank Corporation Act 2009 (1/2009)

• Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007)

• Consumer Protection Act 2007 (19/2007)

• Investment Funds, Companies and Miscellaneous Provisions Act 2006 (41/2006)

• Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005)

• Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

• Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

• Asset Covered Securities Act 2001 (47/2001)

• Central Bank Act 1998 (2/1998)

• Finance Act 1998 (3/1998)

• Credit Union Act 1997 (15/1997)

• Central Bank Act 1997 (8/1997)

• Central Bank Act 1989 (16/1989)

• Postal and Telecommunications Services Act 1983 (24/1983)

• Central Bank Act 1971 (24/1971)

• National Bank Transfer Act 1966 (8/1966)

• Credit Union Act 1966 (19/1966)

• Copyright Act 1963 (10/1963)

• Central Bank Act 1964 (3/1964)

• Central Bank Act 1961 (8/1961)

• Cheques Act 1959 (19/1959)

• Trustee (Authorised Investments) Act 1958 (8/1958)

• Coinage Act 1950 (32/1950)

• Currency (Amendment) Act 1930 (30/1930)

• Currency Act 1927 (32/1927)

All Acts up to and including Air Navigation and Transport Act 2022 (40/2022), enacted 7 December 2022, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

• European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. No. 547 of 2022)

• European Union (Pan - European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022)

• Central Bank Act 1942 (Section 32D) Regulations 2022 (S.I. No. 426 of 2022)

• Central Bank Act 1942 (Section 32D) (Certain Financial Vehicles Dedicated Levy) (Amendment) Regulations 2022 (S.I. No. 327 of 2022)

• Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Fee Regulations 2022 (S.I. No. 135 of 2022)

• European Union (Anti-Money Laundering: Central Mechanism for Information on Safe-Deposit Boxes and Bank and Payment Accounts) Regulations 2022 (S.I. No. 46 of 2022)

• European Union (Crowdfunding) Regulations 2021 (S.I. No. 702 of 2021)

• European Union (Covered Bonds) Regulations 2021 (S.I. No. 576 of 2021)

• Central Bank Act 1942 (Section 32D) Regulations 2021 (S.I. No. 487 of 2021)

• European Union (Counterfeiting of Euro) Regulations 2021 (S.I. No. 408 of 2021)

• European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021)

• European Union (Investment Firms) (No. 2) Regulations 2021 (S.I. No. 356 of 2021)

• Central Bank Act 1942 (Section 32D) (Certain Financial Vehicles Dedicated Levy) Regulations 2021 (S.I. No. 335 of 2021)

• European Union (Sustainability-related Disclosures in the Financial Services Sector) Regulations 2021 (S.I. No. 146 of 2021)

• European Union (Capital Requirements) (No. 2) (Amendment) Regulations 2020 (S.I. No. 711 of 2020)

• European Union (Capital Requirements) (Amendment) Regulations 2020 (S.I. No. 710 of 2020)

• Central Bank Act 1942 (Section 32D) Regulations 2020 (S.I. No. 345 of 2020)

• European Union (Modifications of Statutory Instrument No. 110 of 2019) (Registration of Beneficial Ownership of Certain Financial Vehicles) Regulations 2020 (S.I. No. 233 of 2020)

• European Union (Cooperation Between National Authorities Responsible for the Enforcement of Consumer Protection Laws) (No. 2) Regulations 2020 (S.I. No. 21 of 2020)

• European Union (Cooperation Between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2020 (S.I. No. 14 of 2020)

• European Union (Cooperation Between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2019 (S.I. No. 691 of 2019)

• European Union (Prospectus) (Amendment) Regulations 2019 (S.I. No. 670 of 2019)

• European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019)

• European Union (Detailed Technical Measures Designation) (Amendment) Regulations 2019 (S.I. No. 338 of 2019)

• European Union (Payment Services) (Amendment) Regulations 2019 (S.I. No. 255 of 2019)

• The Central Bank Act 1942 (Section 32D) (Additional And Supplementary Supervisory Levies - Regulated Entities) Regulations 2019 (S.I. No. 17 of 2019)

• European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) Regulations 2018 (S.I. No. 656 of 2018)

• Central Bank Act 1942 (Section 32D) Regulations 2018 (S.I. No. 445 of 2018)

• European Union (Money Market Funds) Regulations 2018 (S.I. No. 269 of 2018)

• European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018)

• European Union (Detailed Technical Measures Designation) Regulations 2018 (S.I. No. 130 of 2018)

• European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018)

• European Union (Indices Used as Benchmarks in Financial Instruments and Financial Contracts or to Measure the Performance of Investment Funds) Regulations 2017 (S.I. No. 644 of 2017)

• European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017)

• European Union (Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPS)) Regulations 2017 (S.I. No. 629 of 2017)

• European Union (Markets in Financial Instruments) (Amendment) Regulations 2017 (S.I. No. 614 of 2017)

• European Union (Information Accompanying Transfers of Funds) Regulations 2017 (S.I. No. 608 of 2017)

• Central Bank Act 1942 (Section 32D) Regulations 2017 (S.I. No. 442 of 2017)

• Central Bank Act 1942 (Section 32D) (Investment Funds - Additional Supervisory Levy) Regulations 2017 (S.I. No. 441 of 2017)

• European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2017 (S.I. No. 54 of 2017)

• Central Bank Act 1942 (Section 32D) Regulations 2016 (S.I. No. 508 of 2016)

• European Union (Payment Accounts) Regulations 2016 (S.I. No. 482 of 2016)

• European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016)

• European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016)

• Financial Services Ombudsman Bureau Staff Superannuation Scheme 2016 (S.I. No. 210 of 2016)

• Financial Services Ombudsman Bureau Ombudsman and Deputy Ombudsman Superannuation Scheme 2016 (S.I. No. 209 of 2016)

• European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016)

• European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (S.I. No. 143 of 2016)

• European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2015 (S.I. No. 592 of 2015)

• European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015)

• European Union (European long-term investment funds) Regulations 2015 (S.I. No. 554 of 2015)

• European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 (S.I. No. 550 of 2015)

• European Union (Deposit Guarantee Schemes) Regulations 2015 (S.I. No. 516 of 2015)

• European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)

• Central Bank Act 1942 (Section 32D) Regulations 2015 (S.I. No. 429 of 2015)

• European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015)

• European Union (Credit Institutions: Financial Statements) Regulations 2015 (S.I. No. 266 of 2015)

• European Union (Insurance Undertakings: Financial Statements) Regulations 2015 (S.I. No. 262 of 2015)

• European Union (European Venture Capital Funds) Regulations 2015 (S.I. No. 167 of 2015)

• European Union (European Social Entrepreneurship Funds) Regulations 2015 (S.I. No. 166 of 2015)

• Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Approval Fee Regulations 2015 (S.I. No. 106 of 2015 )

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2015 (S.I. No. 42 of 2015)

• European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014)

• European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014)

• Central Bank Act 1942 (Section 32D) Regulations 2014 (S.I. No. 335 of 2014)

• Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2014 (S.I. No. 268 of 2014)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees (Amendment) Regulations 2014 (S.I. No. 137 of 2014)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Complaint Information Regulations 2014 (S.I. No. 97 of 2014)

• Central Bank Act 1942 (Financial Services Ombudsman Council) (Amendment) Regulations 2014 (S.I. No. 164 of 2014)

• European Union (Capital Requirements) (No. 2) Regulations 2014 (S.I. No. 159 of 2014)

• European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees (Amendment) Regulations 2014 (S.I. No. 137 of 2014)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Complaint Information Regulations 2014 (S.I. No. 97 of 2014)

• Public Expenditure and Reform (Transfer of Departmental Administration and Ministerial Functions) Order 2013 (S.I. No. 574 of 2013)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2013 (S.I. No. 477 of 2013)

• Central Bank Act 1942 (Section 32D) Regulations 2013 (S.I. No. 359 of 2013)

• Central Bank Act 1942 (Service of Notices and Other Documents) Regulations 2013 (S.I. No. 300 of 2013)

• European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013)

• Occupational Pension Schemes (Funding Standard) (Amendment) Regulations 2013 (S.I. No. 135 of 2013)

• European Union (Requirements for Credit Transfers and Direct Debits in Euro) Regulations 2013 (S.I. No. 132 of 2013)

• Central Bank Act 1942 (Section 32E) Transparency Fee Regulations 2012 (S.I. No. 550 of 2012)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2012 (S.I. No. 506 of 2012)

• Central Bank Act 1942 (Section 32D) Regulations 2012 (S.I. No. 350 of 2012)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2011 (S.I. No. 674 of 2011)

• Central Bank Act 1942 (Section 32E) Prospectus Approval Fee Regulations 2011 (S.I. No. 632 of 2011)

• Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011)

• European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011)

• European Communities (Electronic Money) Regulations 2011 (S.I. No. 183 of 2011)

• European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011)

• European Communities (Directive 2009/111/EC) Regulations 2010 (S.I. No. 627 of 2010)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2010 (S.I. No. 576 of 2010)

• Central Bank Act 1942 (Sections 33J and 33K) Regulations 2010 (S.I. No. 487 of 2010)

• European Communities (Credit Rating Agencies) Regulations 2010 (S.I. No. 247 of 2010)

• European Communities (Cross Border Payments) Regulations 2010 (S.I. No. 183 of 2010)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2009 (S.I. No. 500 of 2009)

• European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 (S.I. No. 475 of 2009)

• European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009)

• Credit Union Act 1997 (Section 85) Rules 2009 (S.I. No. 344 of 2009)

• Central Bank Act 1942 (Sections 33j and 33k) Regulations 2009 (S.I. No. 300 of 2009)

• European Communities (Assessment of Acquisitions In the Financial Sector) Regulations 2009 (S.I. No. 206 of 2009)

• Central Bank Act 1942 (Section 33J) Regulations 2008 (S.I. No. 598 of 2008)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2008 (S.I. No. 576 of 2008)

• Central Bank Act 1942 (Sections 33J and 33K) Regulations 2008 (S.I. No. 297 of 2008)

• Irish Financial Services Appeals Tribunal Rules 2008 (S.I. No. 224 of 2008)

• Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008)

• Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008 (S.I. No. 99 of 2008)

• European Communities (Markets in Financial Instruments) (Amendment) Regulations (No. 2) 2007 (S.I. No. 773 of 2007)

• Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 751 of 2007)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2007 (S.I. No. 726 of 2007)

• Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 690 of 2007)

• European Communities (Markets in Financial Instruments) (Amendment) Regulations 2007 (S.I. No. 663 of 2007)

• European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007 (S.I. No. 366 of 2007)

• Central Bank Act 1942 (Section 33J and 33K) Regulations 2007 (S.I. No. 294 of 2007)

• Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2007 (S.I. No. 139 of 2007)

• Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2007 S.I. No. 138 of 2007)

• Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2007 (S.I. No. 100 of 2007)

• European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007)

• Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2006 (S.I. No. 687 of 2006)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2006 (S.I. No. 556 of 2006)

• Central Bank Act 1942 (Section 33J and 33K)(Amendment) Regulations 2006 (S.I. No. 528 of 2006)

• Central Bank Act 1942 (Sections 33J And 33K) Regulations 2006 (S.I. No. 388 of 2006)

• European Communities (Reinsurance) Regulations 2006 (S.I. No. 380 of 2006)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No. 3) 2005 (S.I. No. 828 of 2005)

• Consumer Credit Act 1995 (Section 2) (Amendment) Regulations 2005 (S.I. No. 372 of 2005)

• Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2005 (S.I. No. 371 of 2005)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations (No 2) 2005 (S.I. No. 330 of 2005)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Levies and Fees Regulations 2005 (S.I. No. 329 of 2005)

• Central Bank Act 1942 (Section 33K) Regulations 2005 (S.I. No. 325 of 2005)

• Prospectus (Directive 2003/71/Ec) Regulations 2005 (S.I. No. 324 of 2005)

• Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005 (S.I. No. 273 of 2005)

• Central Bank Act 1942 (Financial Services Ombudsman) Regulations 2005 (S.I. No. 191 of 2005)

• Central Bank Act 1942 (Financial Services Ombudsman Council) Regulations 2005 (S.I. No. 190 of 2005)

• European Communities (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005)

• Central Bank and Financial Services Authority of Ireland Act 2004 (Commencement) Order (No. 2) 2004 (S.I. No. 760 of 2004)

• European Communities (Supplementary Supervision of Insurance Undertakings in an Insurance Group) (Amendment) Regulations 2004 (S.I. No. 731 of 2004)

• European Communities (Consolidated Supervision of Credit Institutions) (Amendment) Regulations 2004 (S.I. No. 730 of 2004)

• European Communities (Financial Conglomerates) Regulations 2004 (S.I. No. 727 of 2004)

• Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004 (S.I. No. 715 of 2004)

• Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004)

• Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2004 (S.I. No. 414 of 2004)

• European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 (S.I. No. 198 of 2004)

• Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2004 (S.I. No. 93 of 2004)

• Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003)

• Central Bank Act 1942 (Schedule 2) (Amendment) Order 2003 (S.I. No. 371 of 2003)

• Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) Regulations 2003 (S.I. No. 161 of 2003)

• European Communities (Electronic Money) Regulations 2002 (S.I. No. 221 of 2002)

• European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 (S.I. No. 396 of 1992)

• European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992)

• Common Sole (Restriction on Fishing in The Irish Sea) Order 1993 (S.I. No. 149 of 1993)

• Central Bank Act (Approval of Scheme of Northern Bank Limited and Northern Bank (Ireland) Limited) Order 1986 (S.I. No. 99 of 1986)

• European Communities (Consolidated Supervision of Banks) Regulations 1985 (S.I. No. 302 of 1985)

• European Communities (Licensing and Supervision of Banks) Regulations 1979 (S.I. No. 414 of 1979)

• Central Bank Act (Approval of Scheme of the Royal Bank of Ireland Limited and Allied Irish Banks Limited) Order 1972 (S.I. No. 24 of 1972)

• Central Bank Act (Approval of Scheme of Provincial Bank of Ireland Limited and Allied Irish Banks Limited) Order 1972 (S.I. No. 23 of 1972)

• Central Bank Act (Approval of Scheme of the Munster and Leinster Bank Limited and Allied Irish Banks Limited) Order 1972 (S.I. No. 22 of 1972)

• Central Bank Act (Approval of Scheme of the Hibernian Bank Limited and The Governor and Company of the Bank of Ireland) Order 1972 (S.I. No. 21 of 1972)

• Central Bank Act (Approval of Scheme of the National Bank of Ireland Limited and The Governor and Company of the Bank of Ireland) Order 1972 (S.I. No. 20 of 1972)

• Banker’s Deposit (Permission For Reduced Deposit) Order 1942 (S.I. No. 542 of 1942)

• Central Bank Act 1942 (Appointed Day) Order 1942 (S.I. No. 505 of 1942)

• Bankers’ Licences Regulations 1942 (S.I. No. 481 of 1942)

All statutory instruments up to and including European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. No. 547 of 2022), made 5 December 2022, were considered in the preparation of this revision.

Number 22 of 1942

CENTRAL BANK ACT 1942

REVISED

Updated to 5 December 2022

ARRANGEMENT OF SECTIONS

PART I.

Preliminary and General.

Section
1.	Short title, collective citation, and construction.
2.	Interpretation.
2A.	Definition of "subsidiary company".
3.	The appointed day.
4.	Repeals.

PART II.

Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.

5.	Establishment of Central Bank of Ireland.
5A.	General functions and powers of the Bank.
5B.	Specific powers of the Bank.
5C.	Supplementary powers of Bank with respect to certain responsibilities.
6.	Bank to perform functions of European System of Central Banks.
6A.	Objectives of Bank in discharging ESCB functions, etc.
6B.	Bank’s power to hold and deal in land etc.
6C.	Power of the Bank to establish divisions, etc. within the Bank (Repealed)
6D.	Staff of Bank.
6E.	Assignment of employees of Bank. (Repealed)
6F.	Bank may engage agents and act as agent for others.
6G.	General fund of the Bank. (Repealed)
6H.	Accounting and other records of Bank. (Repealed)
6I.	Report and returns by Bank. (Repealed)
6J.	Exemption of Bank from taxes.
6K.	Provisions relating to documents of the Bank.
7.	Certain particular powers of the Bank. (Repealed)
8.	Certain further powers of the Bank. (Repealed)
9.	The capital of the Bank.
10.	Seal of Bank.
11.	Interpretation of references to the Commission in the Currency Act, 1927.
12.	The Associated Banks. (Repealed)
13.	Admission of a bank to be an Associated Bank. (Repealed)
14.	Removal of a bank from being an Associated Bank. (Repealed)
15.	Dissolution of the Commission.
16.	Appointments to the staff of the Bank. (Repealed)
17.	Copyright in notes issued by the Bank. (Repealed)
18.	General adaptation of references to the Commission.

PART III.

The Board of Directors of the Bank.

18A.	Interpretation: Part III.
18B.	Functions of Central Bank Commission.
18BA.	Membership of Board and Regulatory Authority. (Repealed)
18C.	Acts, etc. of Commission to be acts, etc. of Bank.
18CA.	Membership of Commission.
18D.	Additional powers of Commission.
18E.	Bank may establish advisory groups.
18F.	Delegation of certain functions of Commission, etc.
19.	Appointment, tenure of office, etc., of the Governor.
19A.	Responsibilities and powers of the Governor.
19B.	Decisions about certain issues involving Treaties governing European Communities and ESCB Statute.
20.	Prohibition of the Governor holding shares in a financial institution.
21.	Removal of Governor from office.
22.	Acting Governor.
22A.	Head of Central Banking to carry out certain responsibilities of the Governor.
23.	Heads of Function.
23A.	Responsibilities of Heads of Function.
23B.	Appointment of Heads of Function.
23C.	Terms of appointment of Heads of Function.
23D.	Acting Heads of Function.
24.	Appointment of members of Commission.
24A.	Remuneration, etc., of appointed members of Commission.
24B.	Tenure of office of members of Commission.
25.	Vacation of office of members of Commission.
26.	Panel for appointment of the first banking Directors. (Repealed)
27.	Panel for the appointment of banking Directors other than the first such Directors. (Repealed)
28.	Filling of vacancies in Commission.
29.	Prohibition of certain Directors holding shares in a bank. (Repealed)
30.	Operation of disqualification of the Governor or a Director. (Repealed)
31.	Oath of secrecy to be taken by the Governor, Directors, and officers. (Repealed)
32.	Meetings and procedure of the Commission.
33.	Compensation and superannuation of Chairman, Commissioners, Governor, and Directors. (Repealed)

PART IIIA.

Management, Finance and Accountability

Chapter 1A

Management

32A.	Framework for assignment of responsibilities.
32B.	Bank to prepare strategic plan.

Chapter 2A

Finance and accounting

32C.	Annual estimates in relation to financial regulation functions.
32D.	Power to impose levies.
32E.	Power to prescribe fees.
32F.	General fund.
32G.	Surplus or deficiency in income of Bank during financial year.
32H.	Bank’s surplus income.
32I.	Provision of funds by Bank to meet shortfall.
32J.	Accounting and other records of Bank.
32K.	Report of operations, etc., by Bank.

Chapter 2A

Accountability

32L.	Annual performance statements.
32M.	International peer review of regulatory performance.

Irish Financial Services Regulatory Authority

Chapter 1

Constitution, functions and powers of Regulatory Authority

33A.	Interpretation: Part IIIB and Schedule 3. (Repealed)
33B.	Establishment of Regulatory Authority. (Repealed)
33C.	Functions and powers of Regulatory Authority. (Repealed)
33D.	Regulatory Authority to comply with certain guidelines. (Repealed)
33E.	Membership of Regulatory Authority. (Repealed)
33F.	Appointment of Chief Executive of the Regulatory Authority. (Repealed)
33G.	Appointment of acting Chief Executive in certain cases. (Repealed)
33H.	Responsibilities of Chief Executive of the Regulatory Authority. (Repealed)
33I.	Chairperson of the Regulatory Authority. (Repealed)
33J.	Power to impose levies. (Repealed)
33K.	Power of Chief Executive to prescribe fees. (Repealed)
33L.	Provision of funds by Bank to Regulatory Authority to meet shortfall. (Repealed)
33M.	Regulatory Authority to keep proper accounts. (Repealed)
33N.	Regulatory Authority to prepare annual estimate of income and expenditure. (Repealed)
33O.	Regulatory Authority to provide Minister with annual report and other reports. (Repealed)
33P.	Regulatory Authority to prepare strategic plan. (Repealed)

Chapter 2

Consumer Director

33Q.	Appointment of Consumer Director. (Repealed)
33R.	Appointment of acting Consumer Director in certain cases. (Repealed)
33S.	Responsibilities of Consumer Director. (Repealed)
33SA.	Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S. (Repealed)
33T.	Consumer Director to prepare Annual Report. (Repealed)
33U.	Consumer Director to provide information, reports and advice to Chief Executive. (Repealed)
33V.	Consumer Director to prepare strategic plan. (Repealed)

Chapter 3

Registrar of Credit Unions

33W.	Interpretation: Chapter 3.
33X.	Appointment of Registrar of Credit Unions.
33Y.	Appointment of acting Registrar of Credit Unions in certain cases.
33Z.	Signature of Registrar of Credit Unions.
33AA.	Responsibilities and powers of Registrar of Credit Unions.
33AB.	Bank to provide Registrar with adequate funds.
33AC.	Registrar to prepare annual report.
33AD.	Registrar to provide information, reports and advice to Head of Financial Regulation.
33AE.	Registrar to prepare work plan.
33AF.	Registrar to keep proper accounts.

PART IIIB.

Provisions Applicable to the Bank and its Constituent Parts.

33AG.	Superannuation schemes for the benefit of officers and employees of Bank and its constituent parts.
33AH.	Special provisions for superannuation schemes established under Currency Act 1927 and Central Bank Act 1989.
33AI.	Provisions applicable to superannuation schemes established under section 33AG or continued under section 33AH.
33AJ.	Bank and associates not liable for certain acts and omissions.
33AK.	Disclosure of information.
33AL.	Bank to inform persons of their obligations under section 33AK.
33AM.	Certain persons required to attend proceedings of Oireachtas committees.

PART IIIC.

Enforcement of Designated Enactments and Designated Statutory Instruments.

Chapter 1

Interpretation

33AN.	Interpretation (Part IIIC).
33ANA.	Application of Part to credit unions. (Repealed)
33ANB.	Application of Part to credit unions pursuant to Payment Services Directive. (Repealed)
33ANC.	Application of Part under Capital Requirements Directive.
33AND.	Application of Part for SSM and SSM Framework Regulations.
33ANE.	Application of Part under Bank Recovery and Resolution Directive.
33ANF.	Application of Part to insurance holding companies and mixed financial holding companies.
33ANFA.	Application of Part under PEPP Regulation
33ANG.	Application of Part under Investment Firms Directive.

Chapter 2

Power of Bank to hold inquiries

33AO.	Bank may hold inquiry into conduct of regulated financial service provider or person concerned in its management.
33AP.	Bank to give notice to regulated financial service provider with respect to inquiry.
33AQ.	What decisions Bank can make at conclusion of inquiry held under section 33AO.
33AR.	Alternative procedure when commission of, or participation in, prescribed contravention is acknowledged.
33AS.	Limitations on imposing monetary penalties.
33AT.	Financial service provider, etc. not to be liable to be penalised twice for same contravention.
33AU.	Person not to be concerned in management of regulated financial service provider while disqualified.
33AV.	Power of Bank to resolve suspected contraventions, etc.
33AW.	When decisions of the Bank under this Part take effect.
33AX.	Decision of Bank to be appealable.

Chapter 3

Conduct of inquiries

33AY.	Proceedings at inquiries.
33AZ.	Inquiry normally to be held in public.
33BA.	Power to summon witnesses and take evidence.
33BB.	Bank may refer to Court question of law arising at inquiry.
33BC.	Bank may publish its decisions.
33BD.	Bank may make guidelines with respect to the conduct of proceedings under this Part.
33BE.	Performance and exercise of regulatory functions.
33BF.	Limitation of period within which judicial review may be sought.

PART IV.

Extinction of Consolidated Bank Notes.

34.	Definitions in respect of this Part of this Act.
35.	Restrictions on amount of consolidated bank notes outstanding.
36.	Payment in respect of consolidated bank notes outstanding after cesser of issue.
37.	Payments by Associated Banks on consolidated bank notes.
38.	Stamp duty in respect of consolidated bank notes.
39.	Notes of former banks of issue.
40.	Power of banks of issue to write off certain notes.

PART V.

Deposits by Bankers.

41.	Construction of references to holding oneself out as a banker. (Repealed)
42.	Obligation to make deposit in the High Court. (Repealed)
43.	General provisions in relation to deposits under this Part of this Act. (Repealed)
44.	Deposit on behalf of a company before its incorporation. (Repealed)
45.	Payment of debts out of deposit. (Repealed)

PART VI.

Bankers’ Licences and the Duties of Licensed Bankers.

46.	Application of this Part of this Act. (Repealed)
47.	Bankers’ licences. (Repealed)
48.	Publication of financial statements by licensed bankers. (Repealed)
49.	Publication of balance sheets by licensed bankers. (Repealed)
50.	Power to require deposit by licensed bankers in certain circumstances. (Repealed)
51.	Powers in respect of licensed bankers’ clearances. (Repealed)

PART VII.

Counterfeit and Unauthorised Currency.

52.	Definition of “bank note” in this Part of this Act.
53.	Extension of the Forgery Act, 1913.
54.	Disposal of bank notes, etc. seized under the Forgery Act, 1913.
55.	Making, etc. a document purporting to be or resembling a bank note.
56.	Prohibition of unauthorised money.
57.	Amendment of the Customs Consolidation Act, 1876. (Repealed)

PART VIIA.

Irish Financial Services Appeals Tribunal.

Chapter 1

Preliminary

57A.	Interpretation: Part VIIA and Schedule 5.
57B.	Objects of this Part.

Chapter 2

Constitution and jurisdiction of appeals tribunal

57C.	Establishment of the Appeals Tribunal.
57D.	Membership of the Appeals Tribunal.
57E.	Eligibility for appointment as a member.
57F.	Appointment of acting members.
57G.	Jurisdiction and powers of the Appeals Tribunal.
57H.	Constitution of the Appeals Tribunal for particular proceedings.
57I.	Functions of Chairperson.
57J.	Registrar and staff of the Appeals Tribunal.
57K.	Responsibilities of Registrar of the Appeals Tribunal.

Chapter 3

Hearing and determination of appeals

57L.	Right of appeal to Appeals Tribunal against appealable decision.
57M.	Appeals Tribunal may decide persons whose interests affected by a decision.
57N.	Duty of Bank to give reasons on request.
57O.	Bank may refuse reasons in certain cases.
57P.	Appeals Tribunal may determine whether person entitled to reasons or made request within reasonable time.
57Q.	Appeals Tribunal may order Bank to provide a statement of reasons or an adequate statement of reasons.
57R.	Operation and implementation of appealed decision pending determination of appeal.
57S.	Conditions of stay order.
57T.	Opportunity of parties to make submissions.
57U.	Representation of parties.
57V.	Procedure of the Appeals Tribunal.
57W.	Proceedings on hearing to be normally conducted in public.
57X.	Power to remit matters to Bank for further consideration.
57Y.	Reconstitution of Appeals Tribunal during hearing of appeal.
57Z.	What decisions the Appeals Tribunal can make in determining an appeal.
57AA.	How decisions of the Appeals Tribunal are to be made and given.
57AB.	Appeals Tribunal may reserve decision.
57AC.	Effect of decision of Appeals Tribunal.
57AD.	Amendments and irregularities.
57AE.	Recovery of amounts ordered to be paid.
57AF.	Powers in relation to witnesses.
57AG.	Power to correct decisions of the Appeals Tribunal.
57AH.	Appeals Tribunal may award costs in certain circumstances.
57AI.	Appeals Tribunal may make rules of procedure.

Chapter 4

References and appeals to High Court

57AJ.	References of questions of law to High Court.
57AK.	Right of appeal to High Court.
57AL.	Orders on appeal to the High Court.
57AM.	Appeal does not stay decision of the Appeals Tribunal.

Chapter 5

Miscellaneous

57AN.	Contempt of Appeals Tribunal.
57AO.	Act or omission that is both an offence and contempart
57AP.	Appeals Tribunal to have seal.
57AQ.	Authentication of documents.
57AR.	Judicial notice to be taken of certain signatures.
57AS.	Proof of certain matters not required.
57AT.	Protection of barristers, solicitors, witnesses and others.
57AU.	Allowances and expenses of witnesses.
57AV.	Notices, service and lodgement of documents.
57AW.	Annual report of the Appeals Tribunal.
57AX.	How the cost of operating the Appeals Tribunal is to be met.
57AY.	Registrar to keep proper accounting records.
57AZ.	Government may make regulations with respect to the Appeals Tribunal.

PART VIIB.

Financial Services Ombudsman.

Chapter 1

Interpretation and objects of Part

57BA.	Definitions. (Repealed)
57BB.	Objects of this Part. (Repealed)

Chapter 2

Financial Services Ombudsman Council

57BC.	Establishment of Financial Services Ombudsman Council. (Repealed)
57BD.	Functions and powers of Financial Services Ombudsman Council. (Repealed)
57BE.	Council may impose levies and fees for the purposes of this Part. (Repealed)
57BF.	Council to make regulations for the purposes of this Part. (Repealed)
57BG.	Council chairperson to provide Minister with reports. (Repealed)
57BH.	Council chairperson to appear before Oireachtas committee when required. (Repealed)

Chapter 3

Financial Services Ombudsman’s Bureau

57BI.	Financial Service Ombudsman’s Bureau. (Repealed)
57BJ.	Financial Services Ombudsman. (Repealed)
57BK.	Functions and powers of Financial Services Ombudsman. (Repealed)
57BL.	Deputy Financial Services Ombudsman. (Repealed)
57BM.	Acting Financial Services Ombudsman. (Repealed)
57BN.	Bureau staff. (Repealed)
57BO.	Immunity of Financial Services Ombudsman and others. (Repealed)

Chapter 4

Accounts and reports

57BP.	Financial Services Ombudsman to ensure proper accounts are kept in respect of the Bureau. (Repealed)
57BQ.	Financial Services Ombudsman to arrange for preparation of annual statement of accounts. (Repealed)
57BR.	Financial Services Ombudsman to prepare annual report of activities of the Bureau. (Repealed)
57BS.	Financial Services Ombudsman to publish certain other reports. (Repealed)
57BT.	Financial Services Ombudsman to arrange for preparation of annual estimate of income and expenditure.
57BU.	Financial Services Ombudsman to prepare strategic plan. (Repealed)
57BV.	Financial Services Ombudsman to provide Council and Minister with reports. (Repealed)
57BW.	Financial Services Ombudsman to appear before Oireachtas committee when required. (Repealed)

Chapter 5

How consumer complaints are to be dealt with

57BX.	Complaints about conduct of regulated financial service providers. (Repealed)
57BY.	Duty of Financial Services Ombudsman to investigate complaints. (Repealed)
57BZ.	Financial Services Ombudsman may decline to investigate or to continue to investigate complaint. (Repealed)
57CA.	Financial Services Ombudsman to attempt to deal with complaint by mediation in first instance. (Repealed)
57CB.	Persons entitled to make certain submissions to Financial Services Ombudsman.
57CC.	Financial Services Ombudsman to conduct investigations in private. (Repealed)
57CD.	Progress report to complainant. (Repealed)
57CE.	Financial Services Ombudsman can require regulated financial service provider to give information. (Repealed)
57CF.	Financial Services Ombudsman may enter premises of regulated financial service provider or associated entity of such a provider. (Repealed)
57CG.	Circuit Court may order person to comply with requirements, etc., of Financial Services Ombudsman. (Repealed)
57CH.	Obstruction of Financial Services Ombudsman in the performance or exercise of functions and powers. (Repealed)
57CI.	Adjudication of complaints. (Repealed)
57CJ.	Enforcement of Financial Services Ombudsman’s directions. (Repealed)

Chapter 6

References and Appeals under this Part to the High Court

57CK.	Financial Services Ombudsman may refer question of law to High Court. (Repealed)
57CL.	Right of appeal to High Court against Financial Services Ombudsman’s finding. (Repealed)
57CM.	Orders on appeal to the High Court relating to Financial Services Ombudsman’s finding. (Repealed)
57CN.	Appeal stays the finding of the Financial Services Ombudsman. (Repealed)

Chapter 7

Supplementary provisions

57CO.	Protection and other provisions relating to disclosures of information. (Repealed)
57CP.	Power of Court to grant injunctions in certain cases. (Repealed)
57CQ.	Financial Services Ombudsman and Council to co-operate with Bank and others. (Repealed)

Chapter 8

Reciprocal arrangements with corresponding agencies of other EEA countries

57CR.	Definitions (Chapter 8). (Repealed)
57CS.	Financial Services Ombudsman may subscribe to EEA Memorandum of Understanding. (Repealed)
57CT.	Financial Services Ombudsman may refer complaints to other EEA dispute settlement body. (Repealed)
57CU.	Financial Services Ombudsman may mediate, investigate and adjudicate complaints referred by other EEA dispute settlement bodies. (Repealed)

PART VIIC.

Consultative Panels.

Chapter 1

General

57CV.	Interpretation: Part VIIC. (Repealed)
57CW.	Establishment and membership of Consultative Panels. (Repealed)

Chapter 2

Consultative Consumer Panel

57CX.	Membership of Consultative Consumer Panel. (Repealed)
57CY.	Functions of Consultative Consumer Panel. (Repealed)
57CZ.	Regulatory Authority to provide sufficient resources to enable Consultative Consumer Panel to function. (Repealed)

Chapter 3

Consultative Industry Panel

57DA.	Membership of Consultative Industry Panel. (Repealed)
57DB.	Functions of Consultative Industry Panel. (Repealed)
57DC.	Regulatory Authority to provide sufficient resources to enable Consultative Industry Panel to function. (Repealed)

Chapter 4

Provisions Applying to Both Consultative Panels

57DD.	Schedule 8 to have effect with respect to Consultative Panels. (Repealed)
57DE.	Consultative Panel to prepare annual report. (Repealed)
57DF.	Responsibilities of Regulatory Authority and Minister with respect to Consultative Panels. (Repealed)
57DG.	Establishment and operation of advisory groups. (Repealed)
57DH.	Chairperson of Consultative Panel to attend meetings of relevant Oireachtas Joint Committee when required. (Repealed)

PART VIII.

Coinage.

58.	Amendment of the Coinage Act, 1926. (Repealed)
59.	Amendment of the Gold and Silver (Export Control, etc.) Act, 1920. (Repealed)
60.	The issue of coins under the Coinage Act, 1926. (Repealed)
61.	Copyright in coins. (Repealed)

PART VIIIA.

Regulations and Orders.

61A.	Regulations for purposes of this Act.
61B.	Power to amend or revoke certain orders.
61C.	Regulations and orders to be laid before each House of Oireachtas.
61D.	House of Oireachtas may annul regulation or order.
61DA.	Prosecution of offences.

PART IX.

Miscellaneous.

61E.	Bank and certain other persons required to consult.
61F.	Expenses incurred by Minister in administering this Act.
61G.	How the Bank may give or serve notices or other documents.
61H.	Arrangements for collection of certain levies.
62.	Winding-up of the note reserve fund and establishment of the currency reserve.
63.	Amendment of section 61 of the Currency Act. (Repealed)
64.	Amendment of section 3 of the Currency (Amendment) Act, 1930. (Repealed)
65.	Power of Bank to obtain information as to hire-purchase businesses.
66.	Amendment of the Bills of Exchange Act, 1882, in respect of banker’s drafts. (Repealed)
67.	Legalisation of bank deposit as a trustee investment. (Repealed)
68.	Amendment of section 22 of the Bankers (Ireland) Act, 1845.

SCHEDULE 1.

PROCEDURE OF THE COMMISSION

SCHEDULE 2.

DESIGNATED ENACTMENTS AND DESIGNATED STATUTORY INSTRUMENTS

SCHEDULE 3.

PROVISIONS APPLICABLE TO REGULATORY AUTHORITY. (Repealed)

SCHEDULE 4.

MAXIMUM AMOUNTS OF CONSOLIDATED BANK NOTES WHICH MAY BE OUTSTANDING WITH THE ASSOCIATED BANKS RESPECTIVELY.

SCHEDULE 5.

PROVISIONS APPLICABLE TO MEMBERS OF THE APPEALS TRIBUNAL.

SCHEDULE 6.

FINANCIAL SERVICES OMBUDSMAN COUNCIL.

SCHEDULE 7.

FINANCIAL SERVICES OMBUDSMAN, DEPUTY FINANCIAL SERVICES OMBUDSMEN AND OTHER BUREAU STAFF MEMBERS.

SCHEDULE 8.

PROVISIONS APPLYING TO BOTH CONSULTATIVE PANELS. (Repealed)

SCHEDULE 9.

ACTS ADOPTED BY AN INSTITUTION OF THE EUROPEAN UNION REFERRED TO IN SECTION 2(2A)(AM)

SCHEDULE 10.

ACTS ADOPTED BY THE EUROPEAN COMMISSION REFERRED TO IN SECTION 2(2A)(AT)

Acts Referred to
Currency (Amendment) Act, 1930	No. 30 of 1930
Currency Act, 1927	No. 32 of 1927
Ministers and Secretaries Act, 1924	No. 16 of 1924
Industrial and Commercial Property (Protection) (Amendment) Act, 1929	No. 13 of 1929
Finance Act, 1932	No. 20 of 1932
Finance Act, 1937	No. 18 of 1937
Coinage Act, 1926	No. 14 of 1926
Industrial and Commercial Property (Protection) Act, 1927	No. 16 of 1927

Number 22 of 1942

CENTRAL BANK ACT 1942

REVISED

Updated to 5 December 2022

AN ACT TO ESTABLISH A BANK TO BE THE PRINCIPAL CURRENCY AUTHORITY IN THE STATE, TO DISSOLVE THE CURRENCY COMMISSION AND TRANSFER ITS POWERS AND DUTIES (WITH CERTAIN MODIFICATIONS) TO THE SAID BANK, TO CONFER ON THE SAID BANK DIVERS OTHER POWERS AND DUTIES, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH BANKING, CURRENCY, COINAGE, AND THE MATTERS AFORESAID AND IN PARTICULAR FOR THE GRADUAL EXTINCTION OF CONSOLIDATED BANK NOTES. [4th November, 1942.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations

Modifications etc. (not altering text):

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

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.

…]

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.

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.

...

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,

...

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,

(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.

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.

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.

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.

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.

C10

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

[(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.

C11

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.

C12

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

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 [...].

C13

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.

...

C14

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.

C15

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.

C16

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.

...

Editorial Notes:

Central Bank designated as competent authority for enforcement of certain consumer protection interests (17.01.2020) by European Union (Cooperation Between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2020 (S.I. No. 14 of 2020), reg. 4 and sch., in effect as per reg. 1(2).

Certain duties and obligations imposed by or under the Central Bank Acts 1942 to 2013 confirmed (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 73, S.I. No. 287 of 2013.

Bank may have regard to statements made under Central Bank Reform Act 2010 (23/2010), s. 37(5) for the purposes of the exercise of its powers and the performance of its functions under the collectively cited Central Bank Acts 1942 to 2010 as provided (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 37, S.I. No. 469 of 2010.

Previous affecting provision: Central Bank designated as competent authority for enforcement of certain consumer protection interests (17.01.2020) by European Union (Cooperation Between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2019 (S.I. No. 691 of 2019), reg. 4 and sch., in effect as per reg. 1(2); revoked (17.01.2020) by European Union (Cooperation Between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2020 (S.I. No. 14 of 2020), reg. 11(f), in effect as per reg. 1(2).

Previous affecting provision: application of collectively cited Central Bank Acts (designated as relevant applicable enactments for purpose of regulations) restricted (5.05.2004) by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2004 (S.I. No. 198 of 2004), regs. 2(2)(b), 5, 12(1), 17(1) and (3); revoked (4.02.2011) by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011), reg. 41.

Previous affecting provision: application of collectively cited Central Bank Acts 1942 to 1997 restricted (1.10.1997) by Credit Union Act 1997 (15/1997), s. 184(a), S.I. No. 403 of 1997; substituted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 34, S.I. No. 280 of 2013.

Previous affecting provision: application of collectively cited Central Bank Acts 1942 to 1989 restricted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 18(1), S.I. No. 176 of 1989; repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35 and sch. 1 part 9, S.I. No. 160 of 2003.

Previous affecting provision: application of Act restricted (1.03.1967) by Credit Union Act 1966 (19/1966), s. 29, S.I. No. 29 of 1967; repealed (1.10.1997) by Credit Union Act 1997 (15/1997), s. 5(1)(a), S.I. No. 403 of 1997.

Revised Acts

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Central Bank Act 1942