Central Bank Act 1942


Number 22 of 1942


CENTRAL BANK ACT 1942

REVISED

Updated to 31 August 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 Electoral Reform Act 2022 (30/2022), enacted 25 July 2022, and all statutory instruments up to and including the European Union (Pan - European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022), made 28 August 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 31 August 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Central Bank Act 1961 (8/1961) (repealed)

Central Bank Act 1964 (3/1964) (repealed)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

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)

Euro Changeover (Amounts) Act 2001 (16/2001)

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 Electoral Reform Act 2022 (30/2022), enacted 25 July 2022, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

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 (Pan - European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022), made 28 August 2022, were considered in the preparation of this revision.


Number 22 of 1942


CENTRAL BANK ACT 1942

REVISED

Updated to 31 August 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

6D.

Staff of Bank.

6E.

Assignment of employees of Bank.

6F.

Bank may engage agents and act as agent for others. (Repealed)

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.

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.

33B.

Establishment of Regulatory Authority.

33C.

Functions and powers of Regulatory Authority.

33D.

Regulatory Authority to comply with certain guidelines.

33E.

Membership of Regulatory Authority.

33F.

Appointment of Chief Executive of the Regulatory Authority.

33G.

Appointment of acting Chief Executive in certain cases.

33H.

Responsibilities of Chief Executive of the Regulatory Authority.

33I.

Chairperson of the Regulatory Authority.

33J.

Power to impose levies.

33K.

Power of Chief Executive to prescribe fees.

33L.

Provision of funds by Bank to Regulatory Authority to meet shortfall.

33M.

Regulatory Authority to keep proper accounts.

33N.

Regulatory Authority to prepare annual estimate of income and expenditure.

33O.

Regulatory Authority to provide Minister with annual report and other reports.

33P.

Regulatory Authority to prepare strategic plan.

Chapter 2

Consumer Director

33Q.

Appointment of Consumer Director.

33R.

Appointment of acting Consumer Director in certain cases.

33S.

Responsibilities of Consumer Director.

33SA.

Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.

33T.

Consumer Director to prepare Annual Report.

33U.

Consumer Director to provide information, reports and advice to Chief Executive.

33V.

Consumer Director to prepare strategic plan.

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 contempt.

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)



Number 22 of 1942


CENTRAL BANK ACT 1942

REVISED

Updated to 31 August 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):

C1

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.

]

C2

C2

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.

...

C4

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,

...

C5

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.

C6

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.

C7

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.

C8

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.

C9

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

(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.

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

(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 [...].

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:

E1

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).

E2

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.

E3

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.

E4

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).

E5

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.

E6

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.

E7

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.

E8

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.

PART I.

Preliminary and General.

Short title, collective citation, and construction.

1

1.(1) This Act may be cited as the Central Bank Act, 1942.

(2) The Currency Acts, 1927 and 1930, and this Act may be cited together as the Currency and Central Bank Acts, 1927 to 1942.

(3) This Act shall be construed as one with the Currency Acts, 1927 and 1930.

(4) The expression “this Act” wherever it occurs in the Currency Act shall be construed and have effect as including the Currency (Amendment) Act, 1930 (No. 30 of 1930), and this present Act.

2

F1[Interpretation.

2.(1) In this Act, unless the context otherwise requires

F2[]

"Appeals Tribunal" means the Irish Financial Services Appeals Tribunal established by section 57C;

F3[]

F4["appointed member" or "appointed member of the Commission" means a member of the Commission referred to in section 18CA(1)(b);]

F5["associated entity" in relation to a financial service provider, means

(a) a holding company of the financial service provider, or

(b) a subsidiary company of the financial service provider, or

(c) a company that is a subsidiary of a body corporate, if the financial service provider is also a subsidiary of the body, but neither company is a subsidiary of the other, or

(d) if a financial service provider is a company, any other body corporate that is not a subsidiary of the company but in respect of which the company is beneficially entitled to more than 20 per cent of the nominal value of either

(i) the allotted share capital, or

(ii) the shares carrying voting rights (other than voting rights which arise only in specified circumstances) in that other body corporate,

or

(e) a partnership or joint venture in which the financial service provider has a financial interest;]

"approved stock exchange" means a stock exchange approved under section 9 of the Stock Exchange Act 1995;

F6["Bank" means the Central Bank of Ireland;]

F7[]

F8["Capital Requirements Regulation" means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201414 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201615 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201716 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201717 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201718 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201719 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201920 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201921 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201922 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202023 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic; ]

"Central Bank Acts" means the Central Bank Acts 1942 to 1998 and includes any later Act that is to be construed as one with those or any of those Acts;

F9["Commission" means the Central Bank Commission;]

"consolidated bank note" has the same meaning as in the Currency Act 1927;

F10[]

F10[]

"credit union" has the meaning given by the Credit Union Act 1997;

"Currency Act 1927" means that Act as adapted in consequence of the Constitution;

F11["Deputy Financial Services and Pensions Ombudsman" means a person appointed under section 8(1)(b) of the Financial Services and Pensions Ombudsman Act 2017 (No. 22 of 2017);]

F12[]

F13["designated enactments" means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments;]

"designated statutory instruments" means the statutory instruments specified in Part 2 of Schedule 2;

F14[]

F15["ECB" means the European Central Bank;]

F5["EEA country" means a country that is a member of the European Economic Area;]

"employee", in relation to the Bank, includes the F16[Secretary of the Bank];

"enactment" includes any instrument made under an enactment;

"ESCB Statute" means the Statute of the European System of Central Banks and of the European Central Bank as set out in Protocol (No. 3) (annexed by the Treaty on European Union done at Maastricht on February 1992) to the Rome Treaty;

F17["ex-officio member" or "ex-officio member of the Commission" means a member of the Commission referred to in section 18CA(1)(a);]

"financial futures and options exchange" has the meaning given by section 97 of the Central Bank Act 1989;

"financial services" include financial products;

F18["Financial Services and Pensions Ombudsman" means a person appointed under section 8(1)(a) of the Financial Services and Pensions Ombudsman Act 2017 (No. 22 of 2017);]

F5[F19[]

"financial service provider" means a person who carries on a business of providing one or more financial services;]

"financial year" means a period of 12 months ending on 31 December or, if the Minister, by order notified in Iris Oifigiúil, has prescribed a different period for the purposes of this Act, that other period;

"function" includes duty;

F20["general fund" means the fund referred to in section 32F;]

"Governor" means the person holding office as the Governor of the Bank, and includes

(a) any person appointed to act as Governor in accordance with section 22, and

(b) the F21[Head of Central Banking] when carrying out responsibilities of the Governor in accordance with section 22A;

F22["Head of Central Banking", "Head of Financial Regulation" and "Head of Function" shall be construed in accordance with section 23;]

F5["holding company" means a company that has one or more subsidiary companies;]

"law" includes the Rome Treaty and the ESCB Statute;

"local authority" means a local authority for the purposes of the Local Government Act 2001;

F23["member" or "member of the Commission" means an appointed member or an ex-officio member;]

"Minister" means the Minister for Finance;

F24["officer" means each Head of Function, the Secretary of the Bank and the Registrar of Credit Unions;]

F25[]

"power" includes right and privilege;

F5["publication", in relation to a report or other document, includes publishing the report or document in an accessible form on an Internet website;]

"record" means any record of information, however compiled, recorded or stored, and includes

(a) any book, a register and any other document containing information,and

(b) any disc, tape or other article from which information is capable of being produced in any form capable of being reproduced visually or aurally;

F26["regulated financial service provider" means

(a) a financial service provider whose business is subject to regulation by the Bank under this Act or under a designated enactment or a designated statutory instrument,

(b) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under this Act or under a designated enactment or designated statutory instrument, or

F15[(bb) a financial service provider whose business is subject to supervision by the ECB under a designated F27[enactment;]]

(c) F28[]]

"the regulations" means regulations made by the Minister under section 61A and in force under this Act;

F29[]

F30["Rome Treaty" means the Treaty on the Functioning of the European Union done at Rome on 25 March 1957, as amended by the Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community signed at Lisbon on 13 December 2007;]

F31["SRB" means the Single Resolution Board established under Article 42 of the SRM Regulation;

"SRM Regulation" means Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 20142 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010;]

F15["SSM Framework Regulation" means Regulation (EU) No. 468/2014 of the European Central Bank of 16 April 20144 establishing the framework for co-operation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities;]

F15["SSM Regulation" means Council Regulation (EU) No. 1024/2013 of 15 October 20133 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions;]

F5["subsidiary company" has the meaning given by section 2A;

"voting rights" means

(a) in relation to a company that has a share capital, the rights conferred on shareholders by virtue of their shares, or

(b) in relation to a company that does not have a share capital, the rights conferred on members,

to vote at general meetings of the company on all, or substantially all, matters.]

(2) In this Act

(a) a reference to an enactment is, unless the context otherwise requires, a reference to that enactment as amended or extended by or under any subsequent enactment (including this Act), and

(b) a reference to a section is a reference to a section of this Act unless it is indicated that a reference to some other enactment is intended, and

(c) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.

F32[(2A) The following shall be taken to be designated enactments:

(a) Commission Regulation (EC) No 1287/2006 of 10 August 20062;

(b) Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 20093;

(c) Commission Delegated Regulation (EU) No 231/2013 of 19 December 20124;

(d) Commission Implementing Regulation (EU) No 447/2013 of 15 May 20135;

(e) Commission Implementing Regulation (EU) No 448/2013 of 15 May 20136;

F33[F34[(f) the Capital Requirements Regulation;]

(g) Commission Implementing Regulation (EU) No 1249/2012 of 19 December 20127;

(h) Commission Delegated Regulation (EU) No 152/2013 of 19 December 20128;

(i) Commission Delegated Regulation (EU) No 153/2013 of 19 December 20129;

F15[(j) Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 20125;

(k) the SSM Regulation;

F35[(l) the SSM Framework Regulation;

(m) Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 20132;]]]]

F36[(n) Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 20132;]

F37[(o) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)32;

(p) Commission Implementing Regulation (EU) 2015/460 of 19 March 2015 laying down implementing technical standards with regard to the procedure concerning the approval of an internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council33;

(q) Commission Implementing Regulation (EU) 2015/461 of 19 March 2015 laying down implementing technical standards with regard to the process to reach a joint decision on the application to use a group internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council34;

(r) Commission Implementing Regulation (EU) 2015/462 of 19 March 2015 laying down implementing technical standards with regard to the procedures for supervisory approval to establish special purpose vehicles, for the co-operation and exchange of information between supervisory authorities regarding special purpose vehicles as well as to set out formats and templates for information to be reported by special purpose vehicles in accordance with Directive 2009/138/EC of the European Parliament and of the Council35;

(s) Commission Implementing Regulation (EU) 2015/498 of 24 March 2015 laying down implementing technical standards with regard to the supervisory approval procedure to use undertaking-specific parameters in accordance with Directive 2009/138/EC of the European Parliament and of the Council36;

(t) Commission Implementing Regulation (EU) 2015/499 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items in accordance with Directive 2009/138/EC of the European Parliament and of the Council37;

F38[(u) Commission Implementing Regulation (EU) 2015/500 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be followed for the supervisory approval of the application of a matching adjustment in accordance with Directive 2009/138/EC of the European Parliament and of the Council37;]]

(v) Regulation (EU) No 2015/760 of the European Parliament and of the Council of F39[29 April 2015;3

F40[(va) Commission Delegated Regulation No 1125/2014 of 19 September 2014 supplementing Directive 2014/17/EU of the European Parliament and of the Council with regard to regulatory technical standards on the minimum monetary amount of the professional indemnity insurance or comparable guarantee to be held by F41[credit intermediaries2;]]

F42[(w) the SRM Regulation;

(x) Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March 20128;

(y) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC9;

(z) Commission Delegated Regulation (EU) 2016/522 of 17 December 201510;

(aa) Commission Delegated Regulation (EU) 2016/908 of 26 February 201611;

(ab) Commission Delegated Regulation (EU) 2016/909 of 1 March 201612;

(ac) Commission Delegated Regulation (EU) 2016/957 of 9 March 201613;

(ad) Commission Delegated Regulation (EU) 2016/958 of 9 March 201614;

(ae) Commission Delegated Regulation (EU) 2016/523 of 10 March 201615;

(af) Commission Delegated Regulation (EU) 2016/347 of 10 March 201616;

(ag) Commission Delegated Regulation (EU) 2016/378 of 11 March 201617;

(ah) Commission Delegated Regulation (EU) 2016/959 of 17 May 201618;

(ai) Commission Delegated Regulation (EU) 2016/960 of 17 May 201619;

(aj) Commission Delegated Regulation (EU) 2016/1052 of 8 March 201620;

F43[(ak) Commission Implementing Regulation (EU) 2016/1055 of 29 June 20163;]]

F44[(al) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 20144.]

F45[(am) each of the acts adopted by an institution of the European Union specified in Schedule 9 (inserted by the European Union (Markets in Financial Instruments) (Amendment) Regulations 2017);]

F46[(an) Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 20151;]

F47[(ao) Regulation (EU) No 2015/2365 of the European Parliament and of the Council of 25 November 20154;]

F48[(ap) Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 20141;

(aq) Commission Delegated Regulation (EU) 2017/653 of 8 March 20173;]

F49[(ar) Regulation (EU) No. 2016/1011 of the European Parliament F50[and of the Council of 8 June 2016;]7

F51[(as) Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment F52[institutions;]36

F53[(at) each of the acts adopted by the European Commission specified in Schedule 10 (inserted by the European Union (Detailed Technical Measures Designation) Regulations F54[2018 and the European Union (Insurance Distribution) Regulations 2018)];]

F55[(au) Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June F56[20172;]]

F57[(av) Regulation (EU) 2017/2402 of the European Parliament F58[and of the Council of 12 December 2017;]23

F59[(aw) Commission Delegated Regulation (EU) 2018/389 of F60[of 27 November 2017;]2

F61[(ax) Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017;1

(ay) Commission Delegated Regulation (EU) 2019/979 of 14 March 2019;5

(az) Commission Delegated Regulation (EU) 2019/980 of 14 March F62[2019;6

F63[(ba) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November F64[20193;]]

F65[(bb) Council Regulation (EC) No. 1338/2001 of 28 June 20011 laying down measures necessary for the protection of the euro against counterfeiting, as amended by Council Regulation (EC) No. 44/2009 of 18 December 20082;

(bc) Regulation (EU) No. 1210/2010 of the European Parliament and of the Council of 15 December 20103 concerning authentication of euro coins and handling of euro coins unfit for circulation;

(bd) Decision ECB/2010/14 of the European Central Bank of 16 September 20104 on the authenticity and fitness checking and recirculation of euro banknotes, as amended by Decision ECB/2012/19 of 7 September 20125 and by Decision ECB/2019/2195 of F66[5 December 20196;]]

F67[(be) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November F68[20193;]]

F69[(bf) Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October F70[20203;]]

F71[(bg) Regulation (EU) No 2019/1238 of the European Parliament and Council of 20 June 20193.]

(3) A function or responsibility imposed, or a power conferred, on a person by a provision of this Act is not to be taken to be limited merely by implication from another provision, whether of this or any other Act, that imposes a function or responsibility, or confers a power, on that person.]

F5[(4) For the purposes of this Act, a person is concerned in the management of a body corporate, or a firm, that is a regulated financial service provider if the person is in any way involved in directing, managing or administering the affairs of the body or firm.

(5) In this Act, a reference to the directors of a company, in relation to a company that does not have a board of directors, is a reference to the persons responsible for directing the operations of the company.]

F72[(6) References in this Act to a regulated financial service provider shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider at the relevant time.]

Annotations

Amendments:

F1

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

F2

Deleted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(a), S.I. 366 of 2014.

F3

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 2, S.I. No. 469 of 2010.

F4

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

F5

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 2(a)-(f), (i) and (j), S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F6

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 3, S.I. No. 469 of 2010.

F7

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 3, S.I. No. 469 of 2010.

F8

Inserted (28.12.2020) by European Union (Capital Requirements) (No. 2) (Amendment) Regulations 2020 (S.I. No. 711 of 2020), reg. 5(a)(i), in effect as per reg. 1(2).

F9

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 4, S.I. No. 469 of 2010.

F10

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 5, S.I. No. 469 of 2010.

F11

Inserted (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(ii), S.I. No. 524 of 2017.

F12

Deleted (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(i), S.I. No. 524 of 2017.

F13

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 1(a), S.I. No. 287 of 2013.

F14

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 7, S.I. No. 469 of 2010.

F15

Inserted and substituted (4.11.2014) by European Union (Single Supervisory Mechanism) Regulations 2014 (S.I. No. 495 of 2014), reg. 4.

F16

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 8, S.I. No. 469 of 2010.

F17

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 9, S.I. No. 469 of 2010.

F18

Inserted (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iii), S.I. No. 524 of 2017.

F19

Deleted (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(i), S.I. No. 524 of 2017.

F20

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 10, S.I. No. 469 of 2010.

F21

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 11, S.I. No. 469 of 2010.

F22

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 12, S.I. No. 469 of 2010.

F23

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 13, S.I. No. 469 of 2010.

F24

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

F25

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 15, S.I. No. 469 of 2010.

F26

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1 pt. 1 item 16, S.I. No. 469 of 2010.

F27

Substituted (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iv)(I), S.I. No. 524 of 2017.

F28

Deleted (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 75(a)(iv)(II), S.I. No. 524 of 2017).

F29

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 17, S.I. No. 469 of 2010.

F30

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 18, S.I. No. 469 of 2010.

F31

Inserted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(a), in effect as per reg. 1(2).

F32

Substituted (31.03.2014) by European Union (Capital Requirements) (No. 2) Regulations 2014 (S.I. No. 159 of 2014), reg. 4.

F33

Substituted and inserted (8.10.2014) by European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014), reg. 38(a).

F34

Substituted (28.12.2020) by European Union (Capital Requirements) (No. 2) (Amendment) Regulations 2020 (S.I. No. 711 of 20202), reg. 5(a)(ii), in effect as per reg. 1(2).

F35

Substituted and inserted (20.05.2015) by European Union (European Social Entrepreneurship Funds) Regulations 2015 (S.I. No. 166 of 2015), reg. 4(1).

F36

Substituted (9.12.2015) by European Union (European long-term investment funds) Regulations 2015 (S.I. No. 554 of 2015), reg. 4(a).

F37

Inserted (1.01.2016) by European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), reg. 311(1), in effect as per reg. 1(2), subject to exception as per reg. 1(3).

F38

Substituted (9.12.2015) by European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 (S.I. No. 550 of 2015), reg. 11(a), in effect as per reg. 1(2).

F39

Substituted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 45(a), in effect as per reg. 2.

F40

Inserted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 45(b), in effect as per reg. 2.

F41

Substituted (26.04.2016) by European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016), reg. 7(a).

F42

Substituted (3.07.2016) by European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016), reg. 51(a), in effect as per reg. 1(2).

F43

Substituted (16.09.2016) by European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016), reg. 12(a)(i), in effect as per reg. 1(2).

F44

Inserted (16.09.2016) by European Union (Central Securities Depositories) Regulations 2016 (S.I. No. 481 of 2016), reg. 12(a)(ii), in effect as per reg. 1(2).

F45

Inserted (3.01.2018) by European Union (Markets in Financial Instruments) (Amendment) Regulations 2017 (S.I. No. 614 of 2017), reg. 32(a), in effect as per reg. 1(2).

F46

Inserted (19.12.2017) by European Union (Information Accompanying Transfers of Funds) Regulations 2017 (S.I. No. 608 of 2017), reg. 14(a).

F47

Inserted (22.12.2017) by European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017), reg. 31(a).

F48

Inserted (31.12.2017) by European Union (Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPS)) Regulations 2017 (S.I. No. 629 of 2017), reg. 8(a), in effect as per reg. 1(2).

F49

Inserted (1.01.2018) by 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), reg. 27(a), in effect as per reg. 1(2)

F50

Substituted (13.01.2018) by European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018), reg. 145(a)(i), in effect as per reg. 1(2).

F51

Inserted (13.01.2018) by European Union (Payment Services) Regulations 2018 (S.I. No. 6 of 2018), reg. 145(a)(ii), in effect as per reg. 1(2).

F52

Substituted (23.04.2018) by European Union (Detailed Technical Measures Designation) Regulations 2018 (S.I. No. 130 of 2018), reg. 2(a)(i).

F53

Inserted (23.04.2018) by European Union (Detailed Technical Measures Designation) Regulations 2018 (S.I. No. 130 of 2018), reg. 2(a)(ii).

F54

Substituted (1.10.2018) by European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018), reg. 54(a), in effect as per reg. 1(2).

F55

Inserted (21.07.2018) by European Union (Money Market Funds) Regulations 2018 (S.I. No. 269 of 2018), reg. 5(a), in effect as per reg. 1(2).

F56

Substituted (1.01.2019) by European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) Regulations 2018 (S.I. No. 656 of 2018), reg. 31(a)(i), in effect as per reg. 1(2).

F57

Inserted (1.01.2019) by European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) Regulations 2018 (S.I. No. 656 of 2018), reg. 31(a)(ii), in effect as per reg. 1(2).

F58

Substituted (7.06.2019) by European Union (Payment Services) (Amendment) Regulations 2019 (S.I. No. 255 of 2019), reg. 6(a).

F59

Inserted (7.06.2019) by European Union (Payment Services) (Amendment) Regulations 2019 (S.I. No. 255 of 2019), reg. 6(b).

F60

Substituted (21.07.2019) by European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019), reg. 39(a)(i), in effect as per reg. 1(2).

F61

Inserted (21.07.2019) by European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019), reg. 39(a)(ii), in effect as per reg. 1(2).

F62

Substituted (29.03.2021) by European Union (Sustainability-related Disclosures in the Financial Services Sector) Regulations 2021 (S.I. No. 146 of 2021), reg. 5(a)(i).

F63

Inserted (29.03.2021) by European Union (Sustainability-related Disclosures in the Financial Services Sector) Regulations 2021 (S.I. No. 146 of 2021), reg. 5(a)(ii).

F64

Substituted (3.08.2021) by European Union (Counterfeiting of Euro) Regulations 2021 (S.I. No. 408 of 2021), reg. 2(a)(i), in effect as per reg. 1(2).

F65

Inserted (3.08.2021) by European Union (Counterfeiting of Euro) Regulations 2021 (S.I. No. 408 of 2021), reg. 2(a)(ii), in effect as per reg. 1(2).

F66

Substituted (21.09.2021) by European Union (Investment Firms) (No. 2) Regulations 2021 (S.I. No. 356 of 2021), reg. 4(a)(i).

F67

Inserted (21.09.2021) by European Union (Investment Firms) (No. 2) Regulations 2021 (S.I. No. 356 of 2021), reg. 4(a)(ii).

F68

Substituted (13.12.2021) by European Union (Crowdfunding) Regulations 2021 (S.I. No. 702 of 2021), reg. 11(a)(i).

F69

Inserted (13.12.2021) by European Union (Crowdfunding) Regulations 2021 (S.I. No. 702 of 2021), reg. 11(a)(ii).

F70

Substituted (28.08.2022) by European Union (Pan - European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022), reg. 10(a)(i).

F71

Inserted (28.08.2022) by European Union (Pan - European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022), reg. 10(a)(ii).

F72

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 1(b), S.I. No. 287 of 2013.

F73

Substituted by Counterfeiting Act 2021 (16/2021), s. 29(a)(i), not commenced as of date of revision.

F74

Inserted by Counterfeiting Act 2021 (16/2021), s. 29(a)(ii), not commenced as of date of revision.

Modifications (not altering text):

C17

Prospective affecting provision: subs. (2A)(az) amended and (ba), (bb), (bc) inserted by Counterfeiting Act 2021 (16/2021), s. 29(a)(i)m, (ii), not commenced as of date of revision. These amendments are superseded by the amendments made by European Union (Counterfeiting of Euro) Regulations 2021 (S.I. No. 408 of 20201) above.

(az) Commission Delegated Regulation (EU) 2019/980 of F73[14 March F62[2019;6

F74[(ba) Council Regulation (EC) No. 1338/2001 of 28 June 2001 laying down measures necessary for the protection of the euro against counterfeiting, as amended by Council Regulation (EC) No. 44/2009 of 18 December 2008;

(bb) Regulation (EU) No. 1210/2010 of the European Parliament and of the Council of 15 December 2010 concerning authentication of euro coins and handling of euro coins unfit for circulation;

(bc) Decision ECB/2010/14 of the European Central Bank of 16 September 2010 on the authenticity and fitness checking and recirculation of euro banknotes, as amended by Decision ECB/2012/19 of 7 September 2012 and by Decision ECB/2019/2195 of 5 December 2019.]

C18

Definition of “regulated financial service provider” extended for purposes of Part IIIC (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 54(4).

Administrative penalties and other administrative measures for breaches of authorisation requirements and requirements for acquisitions of qualifying holdings

54.— ...

(4) Notwithstanding the definition of regulated financial service provider as provided for in the Act of 1942, a person that engages in conduct listed in paragraph (2) shall be treated as a regulated financial services provider for the purposes of Part IIIC of the Act of 1942.

C19

Definition of “regulated financial service provider” extended (1.04.2005) by Central Bank Act 1942 (Financial Services Ombudsman) Regulations 2005 (S.I. No. 191 of 2005), reg. 2, subject to saver in reg. 3.

Extension of definition of “regulated financial services provider” for the purposes of Part VIIB of the Central Bank Act 1942 (Financial Services Ombudsman)

2. The following classes of persons are specified as being regulated financial service providers for the purposes of paragraph (c) of the definition of “regulated financial service provider” in section 2(1) of the Central Bank Act 1942 (as amended by section 2 of the Central Bank and Financial Services Authority of Ireland Act 2004 ):

(a) credit intermediaries who are required to be authorised by the Director of Consumer Affairs under Part IX of the Consumer Credit Act 1995 (No. 24 of 1995);

(b) pawnbrokers who are required to be authorised by the Director of Consumer Affairs under Part XV of the Consumer Credit Act 1995;

(c) creditors with respect to the performance of their obligations under the Consumer Credit Act 1995 and under the contract for the provision of credit to a consumer, and under any contract of guarantee relating to the provision of that credit;

(d) owners of goods that are subject to a hire-purchase agreement under a hire-purchase agreement with respect to the performance of their obligations under the Consumer Credit Act 1995 and under the agreement, and under any contract of guarantee relating to the agreement or any right to recover the goods from the hirer under the agreement;

(e) owners of goods that are subject to a consumer-hire agreement with respect to the performance of their obligations under the Consumer Credit Act 1995 and under the agreement, and under any contract of guarantee relating to the agreement or any right to recover the goods from the hirer under the agreement;

(f) mortgage lenders within the meaning of section 2 of the Consumer Credit Act 1995;

(g) the Voluntary Health Insurance Board established under the Voluntary Health Insurance Act 1957 (No. 1 of 1957).

Saving

3. Nothing in Regulation 2 affects the application of the provisions of the Central Bank Act 1942 (apart from Part VIIB) to any of the classes of persons mentioned in that Regulation to the extent (if any) that those classes fall within paragraph (a) or (b) of the definition of “regulated financial service provider” in section 2(1) of the Central Bank Act 1942 (as amended by section 2 of the Central Bank and Financial Services Authority of Ireland Act 2004).

Editorial Notes:

E9

Conduct for purpose of treatment of person as "regulated financial service provider" for purpose of Part IIIC specified (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 54(2).

E10

Previous affecting provision: subs. (2A)(ak), (al) amended and (am) inserted (3.01.2017) by European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), reg. 131(a), in effect as per reg. 1(2); revoked (31.12.2017) by European Union (Markets in Financial Instruments) (Amendment) Regulations 2017 (S.I. No. 614 of 2017), reg. 26, in effect as per reg. 1(3)

E11

Previous affecting provision: subs. (2A)(ak) substituted (3.07.2016) by European Union (Market Abuse) Regulations 2016 (S.I. No. 349 of 2016), reg. 51(a), in effect as per reg. 1(2); substituted as per F-note above.

E12

Previous affecting provision: subs. (2A)(w) amended (26.04.2016) by European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016), reg. 7(b); substituted as per F-note above.

E13

Previous affecting provision: subs. (2A)(x) amended (26.04.2016) by European Union (Requirements for Credit Transfers and Direct Debits in Euro) (Amendment) Regulations 2016 (S.I. No. 204 of 2016), reg. 7(c). ; substituted as per F-note above.

E14

Previous affecting provision: subs. (2A)(w) amended (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(b), in effect as per reg. 1(2); substituted as per F-note above.

E15

Previous affecting provision: subs. (2A)(v) substituted (9.12.2015) by European Union (European long-term investment funds) Regulations 2015 (S.I. No. 554 of 2015), reg. 4(a); substituted as per F-note above.

E16

Previous affecting provision: subs. (2A)(v) inserted (9.12.2015) by European Union (Interchange Fees for Card-based Payment Transactions) Regulations 2015 (S.I. No. 550 of 2015), reg. 11(a), in effect as per reg. 1(2); substituted as per F-note above.

E17

Previous affecting provision: subs. (2A)(n) inserted (20.05.2015) by European Union (European Venture Capital Funds) Regulations 2015 (S.I. No. 167 of 2015), reg. 4(1); substituted as per F-note above.

E18

Previous affecting provision: subs. (2A)(j) inserted (8.10.2014) by European Union (European Markets Infrastructure) Regulations 2014 (S.I. No. 443 of 2014), reg. 38(a); substituted as per F-note above.

E19

Previous affecting provision: subs. (2A)(f) substituted (31.03.2014) by European Union (Capital Requirements) (No. 2) Regulations 2014 (S.I. No. 159 of 2014), reg. 4; substituted as per F-note above.

E20

Previous affecting provision: definition of “Agency” inserted (1.05.2007) by Consumer Protection Act 2007 (19/2007), s. 94(2), S.I. No. 178 of 2007; deleted as per F-note above.

E21

Previous affecting provision: definition of “regulated financial service provider” inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 2(g), S.I. No. 455 of 2004; substituted as per F-note above.

E22

Previous affecting provision: definition of “Rome treaty” amended (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 2(h), S.I. No. 455 of 2004; substituted as per F-note above.

E23

Previous affecting provision: subs. (2A) amended (16.07.2013) by European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), reg. 63(1); substituted as per F-note above.

E24

Previous affecting provision: subs. (2A) inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 19, S.I. No. 469 of 2010, substituted as per F-note above.

E25

Previous affecting provision: definition of Deputy Financial Services Ombudsman inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 2(b), S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5; deleted as per F-note above.

1 OJ No. L 141, 05.06.2015, p.1

10 OJ L 88, 5.4.2016, p.1.

11 OJ L 153, 10.6.2016, p. 3.

12 OJ L 153, 10.6.2016, p. 13.

13 OJ L 160, 17.6.2016, p. 1.

14 OJ No. L. 11, 17.1.2015, p. 37.

15 OJ No. L. 171, 29.6.2016, p. 153.

16 OJ No. L. 310, 25.11.2017, p. 1.

17 OJ No. L. 345, 27.12.2017, p. 27.

18 OJ No. L. 347, 28.12.2017, p. 1.

19 OJ No. L. 74, 16.3.2018, p. 3.

2 OJ No. L 225, 30.07.2014, p. 1

20 OJ No. L. 111, 25.4.2019, p. 4.

21 OJ No. L. 150, 7.6.2019, p. 1.

22 OJ No. L. 314, 5.12.2019, p. 1.

23 OJ. No. L. 204, 26.6.2020, p. 4.

3 OJ No. L287, 29.10.2013, p.63

32 OJ No. L12, 17.1.2015, p. 1

33 OJ No. L76, 20.3.2015, p. 13

34 OJ No. L76, 20.3.2015, p. 19

35 OJ No. L76, 20.3.2015, p. 23

36 OJ No. L79, 25.3.2015, p. 8

37 OJ No. L79, 25.3.2015, p. 12

4 OJ No. L 141, 14.5.2014, p. 1

5 OJ No. L 132, 16.05.2013, p. 1

6 OJ No. L 132, 16.05.2013, p. 3

7 OJ No. L 352, 21.12.2012, p. 32

8 OJ No. L 52, 23.02.2013, p. 37

9 OJ No. L 52, 23.02.2013, p. 41

F75[ Definition of "subsidiary company".

2A

2A.(1) For the purposes of this Act, a company is a subsidiary of another company if (but only if)

(a) that other company

(i) holds a majority of the shareholders or members voting rights in the first-mentioned company, or

(ii) is a shareholder or member of that company and controls the composition of its board of directors, or

(iii) is a shareholder or member of that company and controls alone, in accordance with an agreement with other shareholders or members, a majority of the shareholders or members voting rights,

or

(b) that other company has the right to exercise a dominant influence over the first-mentioned company

(i) because of provisions contained in its memorandum or articles, or

(ii) because of a control contract,

or

(c) that other company has a participating interest in the first-mentioned company and

(i) that other company actually exercises a dominant influence over the first-mentioned company, or

(ii) that other company and the first-mentioned company are managed on a unified basis,

or

(d) the undertaking is a subsidiary of a company that is that others subsidiary company.

(2) In determining whether one company controls the composition of the board of directors of another company for the purposes of subsection (1)(a)(ii), section 155(2) of the Companies Act 1963 applies to companies that are subject to this Act in the same way as it applies to companies that are subject to that section.

(3) The following provisions apply for the purposes of paragraph (a) of subsection (1)(a):

(a) any shares held, or power exercisable

(i) by a person as a nominee of that other company referred to in that paragraph, or

(ii) by, or by a nominee for, a subsidiary company of that other company (not being the subsidiary company whose shares or board of directors are involved),

are to be treated as held or exercisable by that other company;

(b) despite paragraph (a)

(i) any shares held or power exercisable by that other company, or a subsidiary company of that other company, on behalf of a person or company that is neither that other company nor a subsidiary company of that other company is to be treated as not held or exercisable by that other company,

(ii) any shares held, or power exercisable, by that other company or by its nominee or subsidiary company are to be treated as not held or exercisable by that other company if they are held as security, but only if the power is, or the rights attaching to the shares are, exercised in accordance with instructions received from the person providing the security;

(c) any shares held or power exercisable by that other company or its nominee or subsidiary company are to be treated as not held or exercisable by that other company if the ordinary business of that other company or its subsidiary company includes lending money and those shares are held as security, but only if the power is, or the rights attaching to the shares are, exercised in the interest of the person who is providing the security.

(4) For the purposes of subsection (1)(a)(i) and (iii), the total of the voting rights of the shareholders or members in the subsidiary undertaking are to be reduced by the following:

(a) the voting rights attached to shares held by the subsidiary company in itself; and

(b) the voting rights attached to shares held in the subsidiary company by any of its subsidiary companies; and

(c) the voting rights attached to shares held by a person acting in his own name but on behalf of the subsidiary company or one of its subsidiary companies.

(5) For the purposes of subsection (1)(b), a company is not to be treated as having the right to exercise a dominant influence over another company unless it has a right to give directions with respect to the operating and financial policies of that other company and the directors of that other company are obliged to comply with those directions.

(6) In subsection (1)(b), "control contract" means a contract in writing conferring a right that

(a) is of a kind authorised by the memorandum or articles of the company in relation to which the right is exercisable, and

(b) is permitted by the law under which that company is established.

(7) Subsection (5) does not limit the construction of the expression "actually exercises a dominant influence" in subsection (1)(c). ]

Annotations

Amendments:

F75

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 3, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

The appointed day.

3

3.(1) The Minister shall, by order appoint a day to be the appointed day for the purposes of this Act.

(2) In this Act the expression “the appointed day” means the day appointed under this section to be the appointed day for the purposes of this Act.

Annotations

Editorial Notes:

E26

Power pursuant to section exercised (1.02.1943) by Central Bank Act 1942 (Appointed Day) Order 1942 (S.I. No. 505 of 1942).

2. The 1st day of February, 1943, is hereby appointed to be the appointed day for the purposes of the Central Bank Act, 1942 (No. 22 of 1942).

Repeals.

4

4.(1) The several sections of the Currency Act mentioned in the first column of Part I of the First Schedule to this Act are hereby repealed to the extent mentioned in the second column, and as on and from the date specified in the third column, of the said Part of the said Schedule opposite the mention of such section in the said first column.

(2) The several enactments specified in Part II of the First Schedule to this Act are hereby repealed to the extent mentioned in the third column, and as on and from the respective dates mentioned in the fourth column, of the said Part of the said Schedule.

Annotations

Editorial Notes:

E27

This section refers to Acts repealed in the First Schedule. With the substitution of the First Schedule (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 31, S.I. No. 160 of 2003, the Schedule referred to has been removed.

PART II.

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

Constitution, functions and powers of the Bank

5

F76[ Establishment of Central Bank of Ireland.

5.(1) The body corporate formerly called the Central Bank and Financial Services Authority of Ireland is continued in existence under the name "Central Bank of Ireland".

(2) The Bank

(a) has perpetual succession, and

(b) may take legal proceedings and be proceeded against in its corporate name.

(3) The Bank is required to have a seal. The seal shall be judicially noticed.

(4) Except as expressly provided by this Act, the affairs and activities of the Bank are to be managed and controlled by the Central Bank Commission.]

Annotations

Amendments:

F76

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 20, S.I. No. 469 of 2010.

Editorial Notes:

E28

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 4, S.I. No. 160 of 2003; substituted as per F-note above.

E29

Previous affecting provision: subs. (4) substituted (23.05.2002) by Central Bank Act 1998 (2/1998), s.3, S.I. No. 338 of 2002; substituted as per F-note above.

E30

Previous affecting provision: subs. (3) amended (1.09.1971) by Central Bank Act 1971 (24/1971), s. 53(1), S.I. No. 228 of 1971 and (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(a), S.I. No. 176 of 1989, subject to transitional provisions in s.14(3); substituted as per F-note above.

5A

F77[ General functions and powers of the Bank.

5A

5A.(1) The Bank has the following functions:

(a) to carry out the efficient and effective co-ordination of

(i) the activities of the Bank,

(ii) activities undertaken by persons who provide services to, or receive services from, the Bank, and

(iii) the exchange of information between the Bank and any of those persons;

F78[(aa) the functions provided for by the Central Bank and Credit Institutions (Resolution) Act 2011;]

F79[(ab) the functions of the resolution authority under the European Union (Bank Recovery and Resolution) Regulations (S.I No. 289 of 2015);]

(b) where appropriate, to represent and co-ordinate the representation of the Bank on international financial bodies and at international meetings relating to financial or economic matters;

(c) to establish and maintain, either directly or indirectly, contact with the monetary authorities established in other countries and in territories;

(d) whenever it thinks fit, to provide governments of, and financial institutions and other bodies established in, other countries and in territories with advice or other assistance on matters within its expertise;

(e) the function of holding an inquiry under Part IIIC;

(f) the function of monitoring the provision of financial services to consumers of those services to the extent that the Bank considers appropriate, for the purposes of protecting the public interest and the interests of consumers;

(g) to provide for the collection and study of data that deal with monetary and credit problems and to publish information about that data;

(h) to provide advice and assistance to the Central Statistics Office about the collection, compilation, analysis and interpretation of statistics relating to the balance of payments, national accounts and other financial statistics and, where appropriate, to collect data for that purpose;

(i) to perform such other functions as are imposed on it by or under this and any other Act or law.

(2) The Bank has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.

(3) In particular, the powers of the Bank include powers of a kind that, in accordance with normal banking practice, may be exercised by a bank.

(4) The functions of the F80[the Competition and Consumer Protection Commission] specified in subsection (5) are, in so far as they relate to a financial service provided by a regulated financial service provider, also functions of the Bank and subsections (6) to (8) have effect for the purposes of this subsection.

F81[(5) The functions of the Competition and Consumer Protection Commission referred to in subsection (4) are the following functions, namely, functions under

(a) subsections (1), (5), (6) and (8) of section 10 of the Competition and Consumer Protection Act 2014 in relation to

(i) sections 41 to 56 (other than section 50) of the Consumer Protection Act 2007, and

(ii) the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 and 2000,

(b) sections 34, 35 and 36 of the Competition and Consumer Protection Act 2014, and

(c) sections 71, 72, 73, 75, 81, 82, 84, 86, 88 and 90 of the Consumer Protection Act 2007.]

(6) Subsection (4) operates to vest in the Bank, concurrently with the vesting in the F80[the Competition and Consumer Protection Commission] of those functions by the Consumer Protection Act 2007 F82[and the Competition and Consumer Protection Act 2014], the functions specified in subsection (5).

(7) Accordingly

(a) the functions so specified are, subject to any relevant co-operation agreement entered into F83[under section 19 of the Competition and Consumer Protection Act 2014], capable of being performed by either the F80[the Competition and Consumer Protection Commission] or the Bank, and

(b) subject to subsection (9), references to the F80[the Competition and Consumer Protection Commission] in the provisions of that Act specified in subsection (5) are to be read as including references to the Bank and those provisions otherwise apply.

(8) Subject to subsection (9), sections 80, 85 and 87 of the Consumer Protection Act 2007 apply to the Bank as they apply to the F80[the Competition and Consumer Protection Commission] and, accordingly, references to the F80[the Competition and Consumer Protection Commission] in those sections are to be read as including references to the Bank.

(9) Where any section of the Consumer Protection Act 2007 F82[or the Competition and Consumer Protection Act 2014] specified in subsection (5) or (8) provides for anything to be done in relation to the F80[the Competition and Consumer Protection Commission] (whether the giving of notice to it, the submitting of a thing to it or the doing of any other thing) then, if a co-operation agreement entered into F83[under section 19 of the Competition and Consumer Protection Act 2014] so specifies, it is sufficient compliance with the section concerned if the thing is done in relation to the F80[the Competition and Consumer Protection Commission] or the Bank as is specified in that agreement.

(10) The Bank is required to perform its functions and exercise its powers in a manner consistent with the Rome Treaty and the ESCB Statute.

(11) Subject to subsection (10), the Bank shall perform its functions and exercise its powers in a way that is consistent with

(a) the orderly and proper functioning of financial markets,

(b) the prudential supervision of providers of financial services, and

(c) the public interest and the interest of consumers.

(12) The Bank can perform its functions and exercise its powers both within the State and elsewhere.]

Annotations

Amendments:

F77

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1 part 1, item 21, S.I. No. 469 of 2010.

F78

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

F79

Inserted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 185(a), in effect as per reg. 1(2).

F80

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(i), S.I. No. 366 of 2014.

F81

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(ii), S.I. No. 366 of 2014.

F82

Inserted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(iii), (v), S.I. No. 366 of 2014.

F83

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(b)(iv), (v), S.I. No. 366 of 2014.

Modifications (not altering text):

C20

Additional general function of Bank prescribed (28.01.2019) by Central Bank (National Claims Information Database) Act 2018 (42/2018), s. 8, S.I. No. 2 of 2019.

Additional general function of Bank

8. (1) In addition to the functions conferred on it by section 5A(1) of the Act of 1942, the Bank shall have the following function.

(2) The function of the Bank referred to in subsection (1) is to provide for the collection and study of data from insurance undertakings on the income generated by, and costs associated with, the carrying on of relevant non-life insurance business and other matters relevant to such business and to publish information about that data, including in a report provided for by subsection (6).

...

Editorial Notes:

E31

Previous affecting provision: subss. (3A)-(3F) inserted (1.05.2007) by Consumer Protection Act 2007 (19/2007), s. 94(3), S.I. No. 178 of 2007; substituted as per F-note above.

E32

Previous affecting provision: section inserted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 4, S.I. No. 338 of 2002; substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 5, S.I. No. 160 of 2003; substituted as per F-note above.

5B

F84[Specific powers of the Bank.

5B

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

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

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

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

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

(e) give guarantees and make payments under them;

(f) receive funds on deposit;

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

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

(i) keep registers of securities generally;

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

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

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

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

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

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

Annotations

Amendments:

F84

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

F85[Supplementary powers of Bank with respect to certain responsibilities.

5C

5C.(1) To enable the Bank to carry out its responsibilities, the Bank may

(a) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers,

(b) collect and compile information for that purpose, and

(c) publish the results of any such studies, analyses or surveys.

(2) In undertaking such a study, analysis or survey, the Bank

(a) may, by notice in writing, require any person who, in the opinion of the Bank, has information, or has control of a record or other thing, that is relevant to the study, analysis or survey, to provide the information, record or thing to the Bank, and

(b) may, by the same or another notice in writing, require the person to attend before an officer or employee of the Bank for that purpose.

F86[(3) Subject to section 33AK, if the Competition and Consumer Protection Commission is of the opinion that information obtained by the Bank pursuant to subsections (1) and (2) is relevant to the exercise of that Commissions functions under section 10(3)(j) of the Competition and Consumer Protection Act 2014, the Bank shall provide the requested information to the Commission at the Commissions request.]

(4) A person commits an offence if the person

(a) intentionally prevents the Bank from exercising a power conferred by subsection (1),

(b) intentionally obstructs or hinders the Bank in the exercise of such a power,

(c) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or

(d) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Bank with information that the person knows, or ought reasonably to know, is false or misleading in a material respect.

(5) The Head of Financial Regulation may, in writing, authorise an officer or employee of the Bank to investigate the business, or any aspect of the business, of a financial service provider who has been required under this section to provide information, or a record or other thing. Such an officer or employee may take whatever steps are necessary for or in connection with carrying out such an investigation.

(6) A financial service provider who

(a) without reasonable excuse, fails to co-operate with an investigation carried out under subsection (5), or

(b) intentionally prevents such an investigation from being carried out, or intentionally obstructs or hinders the investigation,

commits an offence.

(7) A person who is convicted of an offence under this section is liable

(a) on conviction on indictment, to a fine not exceeding 30,000 or to imprisonment for a term not exceeding five years, or to both, or

(b) on summary conviction, to a fine not exceeding 3,000 or to imprisonment for a term not exceeding 12 months, or to both.

(8) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences.]

Annotations

Amendments:

F85

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 22, S.I. No. 469 of 2010.

F86

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 87(c), S.I. No. 366 of 2014.

6

F87[Bank to perform functions of European System of Central Banks.

6.(1) The Bank shall perform all functions imposed, and exercise all powers conferred, on the Bank by or under the Rome Treaty or the ESCB Statute.

F88[ (1A) Nothing in the Central Bank Acts 1942 to 2010 affects the independence of the Bank, the Governor and the Commission required by the Rome Treaty and the ESCB Statute.

(1B) Without limiting the generality of subsection (1A), nothing in the Central Bank Acts 1942 to 2010 authorises any person or authority to give any direction to, or require any action (including the provision of information) by, the Bank, the Governor or the Commission if compliance by the Bank, the Governor or the Commission (as the case may be) with the direction or requirement would be inconsistent with the Rome Treaty or the ESCB Statute.]

(2) This section is subject to section 19A.

(3) Section 9 of the Ministers and Secretaries Act 1924 does not apply to the Bank.]

Annotations

Amendments:

F87

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 6, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F88

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

Editorial Notes:

E33

Previous affecting provision: section substituted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 5, S.I. No. 338 of 2002; substituted as per F-note above.

6A

F89[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.

F90[(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;

F91[(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.

F92[(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:

F89

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.

F90

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.

F91

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.

F92

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.

6B

F93[Banks power to hold and deal in land, etc.

6B

6B. (1) For the purpose of enabling the Bank to perform its functions, the Bank

(a) may acquire and hold land, and

(b) may build, establish, equip and maintain offices and other premises,

in such places, whether in the State or elsewhere, as it considers appropriate.

(2) The Commission is responsible for administering the provision of accommodation and office and other equipment with a view to enabling the Bank to perform and exercise its functions and powers.

(3) The Bank may sell, lease or otherwise dispose of land held by the Bank whenever the Commission considers that the land is no longer required for the purpose of enabling the Bank to perform its functions.

(4) In this section "acquire" includes acquire by purchase, lease or exchange.]

Annotations

Amendments:

F93

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

Editorial Notes:

E34

Previous affecting provision: section 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; substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 4, S.I. No. 455 of 2004; substituted as per F-note above.

6C

F94[Power of the Bank to establish divisions, etc. within the Bank.

6C

6C.F95[]]

Annotations

Amendments:

F94

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

F95

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

6D

F96[ Staff of Bank.

6B

6D.(1) Subject to this section, the Commission shall appoint a Secretary of the Bank and such other employees of the Bank as they consider necessary for the effective performance and exercise of the functions and powers of the Bank.

(2) The Commission is responsible for administering the staff of the Bank with a view to enabling the Bank to perform and exercise its functions and powers.

(3) Except as regards the appointment of a Secretary of the Bank, the Governor has the same power to appoint employees of the Bank as the Commission has under subsection (1), but that power is only exercisable in relation to responsibilities specified in paragraphs (a) and (b) of subsection (1), and subsection (2), of section 19A.

(4) Employees appointed under subsection (3) are taken, for the purposes of this Act, to have been appointed under subsection (1).

(5) The employees of the Bank are to be employed on such conditions (including conditions as to remuneration and allowances) as the Commission fixes from time to time.

(6) Subject to subsection (8), an appointment under this section shall be made by competition to be conducted in accordance with rules made by the Commission.

(7) The Commission may, in relation to a particular competition, impose conditions of entry, limitations and safeguards.

(8) Subsection (6) does not apply to an appointment to a position if the Commission decides that appointment to the position by competition would be inappropriate.

(9) The Commission shall establish and operate a policy under which provision is made for employees of the Bank to be given opportunities for training and experience in various activities of the Bank.]

Annotations

Amendments:

F96

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

Editorial Notes:

E35

Previous affecting provision: section 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; substituted as per F-note above.

6E

F97[Assignment of employees of Bank.

6E

6E.F98[]]

Annotations

Amendments:

F97

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.

F98

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 26, S.I. No. 469 of 2010.

6F

F99[Bank may engage agents and act as agent for others.

6F

6F.The Bank may engage agents, and act as agent for other persons. ]

Annotations

Amendments:

F99

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, subject to transitional provisions in s. 36 and sch. 3.

F100[ Financial and administrative matters

6G
6G
6G

General fund of the Bank.

6G.F101[]]

Annotations

Amendments:

F100

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, subject to transitional provisions in s. 36 and sch. 3.

F101

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 1, S.I. No. 469 of 2010.

6H

F102[Accounting and other records of Bank.

6H

6H.F103[]]

Annotations

Amendments:

F102

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, subject to transitional provisions in s. 36 and sch. 3.

F103

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 1, S.I. No. 469 of 2010.

6I

F104[Report and returns by Bank.

6I

6I.F105[]]

Annotations

Amendments:

F104

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, subject to transitional provisions in s. 36 and sch. 3.

F105

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 1, S.I. No. 469 of 2010.

6J

F106[Exemption of Bank from taxes.

6J

6J.Profits, income and chargeable gains of the Bank are exempt from corporation tax, income tax and capital gains tax despite any contrary provisions of any enactment providing for corporation tax, income tax or capital gains tax.]

Annotations

Amendments:

F106

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, subject to transitional provisions in s. 36 and sch. 3.

6K

F107[Provisions relating to documents of the Bank.

6K

6K.(1) The Bank may keep its documents wholly or partly in a non-legible form so long as they are capable of being reproduced in a legible form.

(2) The Bank is not required to keep any of its documents (including accounting records) for longer than 6 years after the latest date of the period to which such documents relate. This subsection has effect despite any other enactment to the contrary.

(3) In any legal proceedings, a copy or reproduction in legible form of a document, or an entry in a document, kept or formerly kept by the Bank is admissible as evidence of the entry and the matters contained in it where the document has been destroyed or is kept by the Bank in a non-legible form.

(4) In this section, "document" means any record of information, and includes

(a) anything on which there is writing, or

(b) anything on which there are marks, figures, symbols or perforations having a meaning for persons qualified to interpret them, or

(c) anything from which sounds, images or writings can be reproduced with or without the aid of anything else, or

(d) a map, plan, drawing or photograph.]

Annotations

Amendments:

F107

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, subject to transitional provisions in s. 36 and sch. 3.

Certain particular powers of the Bank.

7

7. F108[]

Annotations

Amendments:

F108

Repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 8, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Editorial Notes:

E36

Previous affecting provision: section amended (23.05.1998) by Central Bank Act 1998 (2/1998), s. 6, S.I. No. 338 of 2002; repealed as per F-note above.

E37

Previous affecting provision: section substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 21, S.I. No. 150 of 1997; repealed as per F-note above.

E38

Previous affecting provision: section amended (3.03.1964) by Central Bank Act 1964 (3/1964), ss. 1 and 3, commenced on enactment; repealed as per F-note above.

Certain further powers of the Bank.

8

8. F109[]

Annotations

Amendments:

F109

Repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 9, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Editorial Notes:

E39

Previous affecting provision: section amended (9.04.1997) by Central Bank Act 1997 (8/1997), s. 25, S.I. No. 150 of 1997; repealed as per F-note above.

The capital of the Bank.

9

9.(1) The capital of the Bank shall be the sum of forty thousand pounds whereof the sum of twenty-four thousand pounds shall be paid to the Bank by the Minister on the appointed day or as soon thereafter as may be and whereof the residue shall be paid to the Bank by the Minister at such time or times as may be agreed upon by the Board and the Minister.

(2) All moneys payable to the Bank by the Minister under the foregoing sub-section of this section shall be charged on and paid out of the Central Fund or the growing produce thereof.

(3) When the Minister has paid to the Bank the sum of twenty-four thousand pounds in pursuance of the foregoing provisions of this section, the Bank shall forthwith repay to every bank which is a Shareholding Bank immediately before the appointed day all sums paid by such bank to the Commission in pursuance of section 64 of the Currency Act together with the appropriate dividend on every such sum for the period from the last date up to which dividend had been paid thereon to the date of such repayment.

(4) F110[]

Annotations

Amendments:

F110

Deleted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 10, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Editorial Notes:

E40

Forty thousand pounds, referred to in subs. (1) above, converts to €50,789.52. Twenty four thousand pounds, referred to in subss. (1) and (3) above, converts to €30,473.71. See Euro Changeover (Amounts) Act 2001 (16/2001), s. 1.

F111[ Seal of Bank.

10

10.(1) The seal of the Bank shall be kept in such custody as the Commission directs.

(2) The seal of the Bank may be used only as authorised

(a) if the seal is to be used in relation to a function or power of the Bank that is to be performed or exercised by the Commission, by the Commission, or

(b) if the seal is to be used in relation to a function or power of the Bank that is to be performed or exercised by the Governor, by the Governor.

(3) The seal of the Bank shall be authenticated by

(a) the signature of the Governor or a member of the Commission authorised in that behalf by the Commission, and

(b) the counter-signature of the Secretary of the Bank or some other officer or employee of the Bank authorised in that behalf by the Commission.

(4) A document purporting to be made or issued by the Bank and to be sealed with the seal of the Bank authenticated in accordance with subsection (3) is admissible in evidence and shall be taken to have been made or issued by the Bank until the contrary is proved, without proof of the signature or authority of any person purporting to have signed or counter-signed it.]

Annotations

Amendments:

F111

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 27, S.I. No. 469 of 2010.

Editorial Notes:

E41

Previous affecting provision: section amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 11, S.I. No. 160 of 2003; substituted as per F-note above.

Interpretation of references to the Commission in the Currency Act, 1927.

11

11.(1) On and after the appointed day and subject to the repeals and amendments effected by this Act, the Currency Acts, 1927 and 1930, shall have effect with and subject to the modification that every mention of or reference to the Chairman shall be construed as a mention of or reference to the Governor and every mention of or reference to the Commission shall be construed as a mention of or reference to the Bank, save that any such mention or reference which, expressly or by necessary implication, refers to the members of the Commission shall be construed as a mention of or reference to the Board.

(2) A legal tender note may, on and after the appointed day, be either of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall have been prescribed (whether before or after the passing of this Act) by the Commission under sub-section (2) of section 45 of the Currency Act (as modified by the foregoing sub-section of this section) before the appointed day or of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall be prescribed by the Bank under the said sub-section (2) of the said section 45 (as modified as aforesaid) on or after the appointed day.

(3) A consolidated bank note may, on and after the appointed day, be either of such form, size and design, and printed in such manner and on such, paper and numbered and authenticated in such manner as shall have been prescribed (whether before or after the passing of this Act) by the Commission under sub-section (3) of section 51 of the Currency Act (as modified by the first sub-section of this section) before the appointed day or of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall be prescribed by the Bank under the said sub-section (3) of the said section 51 (as modified as aforesaid) on or after the appointed day.

The Associated Banks.

12

12.F112[]

Annotations

Amendments:

F112

Repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

Admission of a bank to be an Associated Bank.

13

13.F113[]

Annotations

Amendments:

F113

Repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

Removal of a bank from being an Associated Bank.

14

14.F114[]

Annotations

Amendments:

F114

Repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

Editorial Notes:

E42

Previous affecting provision: subs. (5) deleted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(b), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3)(b); repealed as per F-note above.

Dissolution of the Commission.

15

15.— (1)F115[]

(2) F115[]

(3) F115[]

(4) Every person who, immediately before the appointed day, is in the employment of the Commission in any capacity shall, on the appointed day, become and be transferred to the employment of the Bank in the same capacity and with the same tenure, remuneration, and conditions of service as he had in the employment of the Commission immediately before the appointed day, and in order to secure to every such person on and after the appointed day the like rights and benefits (if any) in relation to superannuation and compensation for loss of employment as he had immediately before the appointed day, the following provisions shall have effect, that is to say:—

(a) every scheme made by the Commission under sub-section (4) of section 31 of the Currency Act which is in force immediately before the appointed day shall continue in force on and after the appointed day and shall be observed and performed by the Bank accordingly;

(b) for the purposes of every scheme continued in force by the foregoing paragraph of this sub-section and of every scheme which may be made by the Bank under the said sub-section (4) of section 31 on or after the appointed day, service in the employment of the Commission (including service in any other employment which is deemed by such scheme to be service in the employment of the Commission) shall be deemed to be service in the employment of the Bank and the period of service (including service deemed as aforesaid) of any person in the employment of the Commission ending immediately before the appointed day and the period of service of such person in the employment of the Bank beginning on and continuing after the appointed day shall be deemed to be one continuous period of service in the employment of the Bank.

Annotations

Amendments:

F115

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

F116

Repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 12, S.I. No. 160 of 2003, not commenced as of date of revision, subject to transitional provisions in s. 36 and sch. 3.

Modifications (not altering text):

C21

Prospective affecting provision: subs. (4) repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 12, not commenced as of date of revision.

(4) F116[]

Editorial Notes:

E43

Previous affecting provision: subs. (3) repealed (27.03.1998) by Finance Act 1998 (3/1998), s. 125 and sch. 8, commenced on enactment.

Appointments to the staff of the Bank.

16

16.F117[]

Annotations

Amendments:

F117

Repealed (12.07.1989) by Central Bank Act 1989 (16/1989), s. 4 and sch., commenced as per s. 2.

Copyright in notes issued by the Bank.

17

17.F118[]

Annotations

Amendments:

F118

Repealed (1.10.1964) by Copyright Act 1963 (10/1963), s. 6 and sch. 2, S.I. No. 177 of 1964.

Editorial Notes:

E44

Copyright Act 1963 (10/1963) was almost all repealed (1.01.2001) by Copyright and Related Rights Act 2000 (28/2000), s. 10 and sch. 2 part 1. The 2000 Act, s. 200 makes provision for copyright in Irish legal tender notes, euro notes, consolidated bank notes and in Irish and euro coins.

General adaptation of references to the Commission.

18

18.Every mention of or reference to the Commission which is contained in any enactment (other than the Currency Acts, 1927 and 1930) in force on the appointed day shall, on and after that day, be construed and have effect as a mention of or reference to the Bank.

PART III.

The Board of Directors of the Bank.

F119[Interpretation: Part III.

18A

18A.In this Part, unless the context otherwise requires

"credit institution" means an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit on its own account but does not include the European Central Bank;

"financial institution" means an undertaking, other than a credit institution, that provides one or more of the kinds of financial services that are set out in the Schedule to the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992);

"insurance undertaking" has the meaning given by the Insurance Act 1989. ]

Annotations

Amendments:

F119

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3, paras. 2 and 3.

F120[Functions of Central Bank Commission.

18B

18B.(1) Except as expressly provided otherwise by this Act, the affairs and activities of the Bank shall be managed and controlled by the Central Bank Commission.

(2) The Commission shall ensure that the Banks central banking functions and financial regulation functions are integrated and coordinated.

(3) Without prejudice to section 19A, the Commission shall ensure that the powers and functions conferred on the Bank by sections 5A, 5B and 5C are properly exercised and discharged.

(4) The performance and exercise of the functions and powers of the Commission are not affected by there being one or more vacancies in the membership of the Commission.]

Annotations

Amendments:

F120

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

Editorial Notes:

E45

Previous affecting provision: subs. (2) deleted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 232 and sch. 3 pt. 2, item 1, S.I. No. 545 of 2009; substituted as per F-note above.

E46

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I. No. 160 of 2003; substituted as per F-note above.

F121[ Membership of Board and Regulatory Authority.

18BA

18BA.F122[]]

Annotations

Amendments:

F121

Inserted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 232 and sch. 3 pt. 2, item 2, S.I. No. 545 of 2009.

F122

Deleted by substitution of ss. 18B to 18D (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 part 1 item 28, S.I. No. 469 of 2010.

F123[Acts, etc., of Commission to be acts, etc., of Bank.

18C

18C.Any act, matter or thing done in the name of, or on behalf of, the Bank by the Commission in the performance or exercise of the Commissions functions or powers shall be taken to have been done by the Bank.]

Annotations

Amendments:

F123

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

Editorial Notes:

E47

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I. No. 160 of 2003; substituted as per F-note above.

F124[ Membership of Commission.

18CA

18CA.(1) The Commission comprises

(a) the persons for the time being holding or performing the duties of the following offices:

(i) Governor;

(ii) Head of Central Banking;

(iii) Head of Financial Regulation;

(iv) Secretary General of the Department of Finance, and

(b) at least 6, but no more than 8, other members appointed by the Minister.

(2) The Governor is the Chairperson of the Commission.]

Annotations

Amendments:

F124

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

F125[Additional powers of Commission.

18D

18D.(1) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.

(2) Without prejudice to the generality of subsection (1) and subject to subsection (3), the Commission

(a) may establish committees of the Commission consisting of one or more members of the Commission either solely or together with one or more officers or employees of the Bank F126[or with one or more persons with relevant knowledge of any of the matters specified in section 24(1) (or with both)], and

(b) may determine the procedure and define the functions and powers of such committees.

(3) Subsection (2) does not authorise the Commission to delegate to a committee any function of the Bank that a provision of this Act requires to be performed by the Governor.]

Annotations

Amendments:

F125

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

F126

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 2, S.I. No. 287 of 2013.

Editorial Notes:

E48

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 13, S.I No. 160 of 2003; substituted as per F-note above.

F127[Bank may establish advisory groups.

18E

18E.(1) Subject to subsection (2), the Bank may establish an advisory group or groups to advise it on the performance of its functions and the exercise of its powers and shall in particular establish the following:

(a) an advisory group to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services;

(b) an advisory group to advise the Bank, where the Bank so requests, on the performance of its functions and the exercise of its powers in relation to credit unions.

(2) The Bank shall not establish an advisory group in relation to the Governors ESCB-related functions.

(3) Subject to subsection (4), an advisory group established under subsection (1) shall be made up of persons who have expertise, knowledge or experience relevant to the functions of the advisory group concerned, and may include members of the Commission, officers of the Bank or employees of the Bank.

(4) The advisory group (in this section called "the consumer advisory group") established to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services shall not include members of the Commission, officers of the Bank or employees of the Bank.

(5) The consumer advisory group shall advise the Bank on the exercise of the Banks powers and the performance of the Banks functions in relation to the consumers of financial services and in particular in relation to

(a) the effects of the Banks Strategic Plans on consumers of financial services,

(b) initiatives aimed at further enhancing the protection of consumers of financial services, and

(c) if the Bank so requests, documents, consultation papers or other materials prepared by the Bank.

(6) The period for which a member of the consumer advisory group is appointed may be up to 3 years. A member is eligible for re-appointment.

(7) The Bank shall determine the manner in which, and the reasons for which, a member of an advisory group may be removed from membership of the advisory group.

(8) The Bank shall provide an advisory group with such administrative services and funds as the Bank believes necessary to carry out its functions. ]

Annotations

Amendments:

F127

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

F128[Delegation of certain functions of Commission, etc.

18F

18F.(1) Subject to subsection (3), the Commission may delegate to the Governor, a Head of Function or an employee of the Bank any function or power of the Commission, if the Commission considers it appropriate to do so in the interests of the efficient and effective management of the Bank and the exercise of its powers and functions.

(2) Without prejudice to the generality of subsection (1), the Commission may in particular

(a) delegate to a specified person or body (including a committee established under section 18D(2)) the performance or exercise of any one or more of the functions and powers of the Commission;

(b) impose conditions, limitations, or restrictions on the performance or exercise by any such person or body of functions or powers delegated under this subsection;

(c) provide in appropriate cases for the review by the Commission of decisions taken or things done by any such person or body in the performance or exercise of any function or power so delegated.

(3) Subsection (2) does not authorise the Commission to delegate to a committee any function of the Bank that a provision of this Act requires to be performed by the Governor.]

Annotations

Amendments:

F128

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 28, S.I. No. 469 of 2010.

Appointment, tenure of office, etc., of the Governor.

19

19.(1) The Governor shall be appointed by the President on the advice of the Government and shall receive such remuneration and allowances and be subject to such conditions of service as the Board shall from time to time determine.

F129[(2) A person is not eligible for appointment as Governor if the person

(a) is a member of either House of the Oireachtas or is, with the persons consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann, or

(b) is a member of the European Parliament or is, with the persons consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

(c) is a member of a local authority or is, with the persons consent, nominated as a candidate for election as such a member.

(3) A person appointed as Governor holds office for 7 years from the date of the persons appointment, unless the person previously ceases to hold that office as provided by this Part.

(4) The President, on the advice of the Government, may appoint a person holding office as Governor for a further period of 7 years to take effect at the end of the persons current period of appointment. This subsection applies whether the person was appointed under subsection (1) or this subsection.

(5) A person holding office as Governor is disqualified from being a director of a credit institution, financial institution or insurance undertaking.

(6) If a person who is appointed to the office of Governor is a director of a credit institution, financial institution or insurance undertaking, the person ceases to hold that office at the end of 10 days after the date of the appointment unless, within that period, the person ceases to be such a director.

(7) A person ceases to hold office as Governor if the person

(a) dies, or

(b) completes a term of office and is not re-appointed, or

(c) resigns by notice in writing given to the President, or

(d) is, with the persons consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann, or

(e) is, with the persons consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or

(f) is, with the persons consent, nominated as a candidate for election as a member of a local authority, or

(g) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the persons creditors, or

(h) becomes physically or mentally incapable of performing the duties of Governor, or

(i) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

(j) ceases to hold the office because of subsection (6), or

(k) becomes disqualified from holding the office under section 20, or

(l) is removed from the office under section 21.]

Annotations

Amendments:

F129

Substituted by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 14, subject to transitional provisions in s. 36 and sch. 3. Subss. (2)-(5) were commenced (4.06.2003) by S.I. No. 218 of 2003. Subss. (6) and (7) were commenced (1.05.2003) by S.I. No. 160 of 2003.

Editorial Notes:

E49

Previous affecting provision: subs. (4)(a) repealed (3.03.1964) by Central Bank Act 1964 (3/1964), s. 3(ii), commenced on enactment.

E50

Previous affecting provision: subss. (4)(b), (c) and (5) substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 26, as substituted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 18, S.I. No. 338 of 2002; substituted as per F-note above.

E51

Previous affecting provision: subss. (4)(b) and (5) substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 26, S.I. No. 150 of 1997; substituted as per E-note above.

F130[ Responsibilities and powers of the Governor.

19A

19A.(1) The Governor is responsible for

(a) holding and managing by the Bank of the foreign reserves of the State, and

(b) promoting the efficient and effective operation of payment and settlement systems, and

(c) performing such other functions as are imposed on the Governor by or under this Act or by or under another law.

(2) The Governor has sole responsibility for the performance of the functions imposed, and the exercise of powers conferred, on the Bank by or under the Rome Treaty or the ESCB Statute.

F131[(3) Subject to the requirements of the Rome Treaty and the ESCB Statute, the Governor shall provide the Commission with information about, and may discuss with the Commission, the performance by the Governor of the functions and powers referred to in subsections (1) and (2).]

(4) The Governor has power to do whatever is necessary for or in connection with, or reasonably incidental to, carrying out the Governors responsibilities.

(5) In carrying out or exercising the Governors responsibilities or powers, the Governor shall, as far as reasonably practicable, ensure that the resources of the Bank allocated for carrying out those responsibilities or exercising powers are used effectively, efficiently and economically.

(6) Any act, matter or thing done in the name of, or on behalf of, the Bank by the Governor in the performance or exercise of the Governors responsibilities or powers is to be taken to have been done by the Bank.]

Annotations

Amendments:

F130

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 15, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F131

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 29, S.I. No. 469 of 2010.

F132[Decisions about certain issues involving Treaties governing European Union and ESCB Statute.

19B

19B.Where the Commission is considering a budgetary or funding issue relating to the Bank, and in the opinion of the Governor the issue has implications for the independence of the Bank or the performance by the Governor of the functions conferred on the Governor and the Bank by or under the treaties governing the European Union (within the meaning given by section 1 of the European Communities Act 1972 as amended by section 2 of the European Communities Act 2009) or the ESCB Statute, the Governor shall so inform the Commission and thereafter

(a) the Commission shall cease to consider the issue,

(b) the Governor has the sole right to determine the issue, and

(c) the Governors decision is final.]

Annotations

Amendments:

F132

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt.1, item 30, S.I. No. 469 of 2010.

Editorial Notes:

E52

Previous affecting provision: section inserted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 232 and sch. 3, pt. 2, item 3, S.I. No. 545 of 2009; substituted as per F-note above.

Prohibition of the Governor holding shares in a F133[financial institution].

20

20.(1) Every person appointed to be Governor shall within three months after his appointment absolutely sell or otherwise dispose of all shares in any F133[financial institution] which he shall, at the time of his appointment, own or be interested in for his own benefit.

(2) If and whenever any shares in a F133[financial institution] shall come to or vest in the Governor by will or succession for his own benefit, he shall, within three months after the same shall have so come to or vested in him, absolutely sell or otherwise dispose of the same or his interest therein.

(3) The Governor shall not purchase, take or become interested in for his own benefit any shares in any F133[financial institution].

(4) If the Governor shall retain, purchase, take, or become or remain interested in any shares in any F133[financial institution] in contravention of this section he shall forthwith become and be disqualified from holding the office of Governor.

F134[(4A) This section does not prohibit the Governor from

(a) entering into a policy of insurance, or

(b) purchasing units of, or participating in, a collective investment scheme whose funds are invested in bonds or equities generally (including the bonds or shares of a financial institution), or

(c) establishing and maintaining an ordinary savings account with a building society or a friendly society.

(5) In this section

"bank" includes a bank incorporated outside the State as well as a bank incorporated in the State;

"financial institution" includes a credit institution and an insurance undertaking;

"shares", in relation to a bank, include stock, shares, debentures, debenture stock, bonds and other securities of the bank.]

Annotations

Amendments:

F133

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

F134

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

Editorial Notes:

E53

Previous affecting provision: construction of “Bank” extended (9.04.1997) by Central Bank Act 1997 (8/1997), s. 27(1); substituted as per F-note above.

21

F135[Removal of Governor from office.

21.(1) The President may, on the advice of the Government, remove the Governor from office on the ground that the Governor has, because of ill-health, become permanently incapacitated from carrying out the responsibilities of Governor.

(2) The President may, on the advice of the Government, remove the Governor from office F136[] on one or more specified grounds of serious misconduct.

(3) A decision of the President removing a Governor from office under this section takes immediate effect from the date on which the decision is notified to the Governor or the date on which the decision is first published, whichever date first occurs.

(4) A decision of the President removing a Governor from office under this section can be referred to the European Court of Justice in such manner and on grounds consistent with Article 14.2 of the ESCB Statute.]

Annotations

Amendments:

F135

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 16, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F136

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt.1, item 31, S.I. No. 469 of 2010.

Editorial Notes:

E54

Previous affecting provision: subs. (2) amended and (3) inserted (23.05.1998) by Central Bank Act 1998 (2/1998), s. 7, S.I. No. 338 of 2002; substituted as per F-note above.

22

F137[Acting Governor.

22.(1) The Governor may appoint one of the other F138[members] to act as Governor to carry out the designated responsibilities of the Governors office whenever the Governor is temporarily unable to carry out those responsibilities, whether because of absence or ill-health or for any other reason.

(2) If the Governor fails to make an appointment in the circumstances specified in subsection (1), the other F139[members] may appoint one of them to carry out the designated responsibilities.

F140[(3) If the office of Governor becomes vacant, the Commission may appoint another member of the Commission to act as Governor to carry out the designated responsibilities of the Governor during the vacancy. A member so appointed shall not continue to act after the end of 3 months from the occurrence of the vacancy which occasioned his or her appointment.

(4) A member appointed under this section, while acting as Governor, has the designated responsibilities of the office of Governor and also the powers relating to the carrying out of those responsibilities.

(5) A member appointed under this section to act as Governor is entitled to be paid such remuneration (including travelling and subsistence allowances) as the Commission determines from time to time.

(6) A member appointed under this section to act as Governor does not, by reason of that appointment, vacate his or her office as a member.

(7) This section does not apply to responsibilities of the Governor that are required, by virtue of section 22A, to be carried out by the Head of Central Banking in any of the circumstances specified in that section.]

(8) In this section, "designated responsibilities", in relation to the office of Governor, means those responsibilities of the Governor other than those specified in section 19A(1)(a) and (b) and (2).]

Annotations

Amendments:

F137

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 17, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F138

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 32, S.I. No. 469 of 2010.

F139

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 33, S.I. No. 469 of 2010.

F140

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 34, S.I. No. 469 of 2010.

F141[F142[Head of Central Banking] to carry out certain responsibilities of the Governor.

22A

22A.The F142[Head of Central Banking] is required to carry out the responsibilities of the Governor under section 19A (other than under subsection (1)(c)) and paragraph 3(3) of Schedule 1 whenever

(a) the Governor is, because of absence or ill-health or for any other reason, unable to carry out those responsibilities, or

(b) the office of Governor is vacant.]

Annotations

Amendments:

F141

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 18, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F142

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt.1, item 35, S.I. No. 469 of 2010.

F143[Heads of Function.

23

23.(1) In this Act a reference to the Heads of Function is a reference to the Head of Central Banking and the Head of Financial Regulation.

(2) With the consent of the Minister, the Commission may substitute another title for either or both of the titles "Head of Central Banking" and "Head of Financial Regulation". If the Commission does so, the Commission shall cause a notice of the substitution to be published in the Iris Oifigiúil. The substitution has effect only on and after the date of that publication.

(3) If the Commission substitutes a title in accordance with subsection (2), a reference in this Act or in any other enactment or statutory instrument to the title"Head of Central Banking" or "Head of Financial Regulation", as the case may be, shall be construed in accordance with the substitution.]

Annotations

Amendments:

F143

Substituted (1.10.2010) by Central Bank Reform 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. No. 469 of 2010.

Editorial Notes:

E55

Previous affecting provision: subss. (1) and (3) deleted and subs. (4) amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 19, S.I. No. 160 of 2003; substituted as per F-note above.

E56

Previous affecting provision: subs. (5) repealed (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch. pt. 1, S.I. No. 150 of 1997.

E57

Previous affecting provision: subs. (7) deleted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(b), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3)(b).

E58

Previous affecting provision: subs. (2) deleted and subs. (4) amended (1.09.1971) by Central Bank Act 1971 (24/1971), s. 5 and sch, S.I. No. 228 of 1971; substituted as per F-note above.

E59

Previous affecting provision: subs. (6) repealed (3.03.1964) by Central Bank Act 1964 (3/1964), s. 3(iii), commenced on enactment.

F144[ Responsibilities of Heads of Function.

23A

23A.Subject to section 22A, the responsibilities of a Head of Function are those assigned to the office concerned by the Commission.]

Annotations

Amendments:

F144

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. No. 469 of 2010, subject to transitional provision in s. 4(6).

F144[Appointment of Heads of Function.

23B

23B.(1) The Commission shall, with the consent of the Minister, appoint suitably qualified persons as Heads of Function.

(2) Subject to subsection (3), an appointment as a Head of Function shall be made by open competition.

(3) Subsection (2) does not apply to the appointment of a Head of Function if the Commission, with the consent of the Minister, decides that appointment to the office by open competition would be inappropriate.

(4) A person is not eligible for appointment as a Head of Function if he or she

(a) is a member of either House of the Oireachtas,

(b) is, with his or her consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann,

(c) is a member of the European Parliament or is, with his or her consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

(d) is a member of a local authority or is, with his or her consent, nominated as a candidate for election as such a member.]

Annotations

Amendments:

F145

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. No. 469 of 2010, subject to transitional provision in s. 4(6).

F146[Terms of appointment of Heads of Function.

23C

23C.(1) An appointment as a Head of Function has effect from the date on which the Minister consents to the appointment or a later date agreed between the Commission and the person appointed.

(2) Subject to subsections (3) and (6), a Head of Function holds office for up to 5 years, as the Minister approves at the time of the Head of Functions appointment, and is eligible for reappointment provided that the total term in office of a person appointed as a Head of Function shall not exceed 10 years.

(3) The following do not count towards determining the period for which a person has held office as a Head of Function:

(a) any period during which the person was acting in either office of Head of Function;

(b) any period during which the person held the other office of Head of Function.

(4) A Head of Function shall receive such remuneration and allowances, and is subject to such conditions of service, as the Commission from time to time determines.

(5) A person appointed as a Head of Function may engage in other remunerative employment only with the consent of the Commission.

(6) A person ceases to hold office as a Head of Function if he or she

(a) dies,

(b) completes a term of office and is not re-appointed,

(c) resigns the office by notice in writing addressed to the Governor,

(d) is, with his or her consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann,

(e) is, with his or her consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament,

(f) is, with his or her consent, nominated as a candidate for election as a member of a local authority,

(g) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the persons creditors,

(h) becomes physically or mentally incapable of performing the duties of the relevant office of Head of Function,

(i) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

(j) is removed from office under subsection (7).

(7) The Commission may remove or suspend a Head of Function from office, but only for reasons previously notified in writing to the Head of Function concerned.]

Annotations

Amendments:

F146

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010, subject to transitional provision in s. 4(6).

F147[Acting Heads of Function.

23D

23D.(1) In the event of

(a) the illness or absence of a Head of Function,

(b) the suspension from office of the holder of such an office, or

(c) a vacancy in such an office,

the Governor, with the consent of the other members of the Commission, may appoint a member of the Commission or an officer or employee of the Bank to act in the relevant office.

(2) A person acting as a Head of Function has, while acting in that office, all the responsibilities and powers of that office.

(3) The other members of the Commission may at any time remove from office a person who is acting as a Head of Function.

(4) If a person is to act as a Head of Function for a period of more than 6 months, the appointment does not take effect until the Minister approves it. A person acting as a Head of Function shall not continue to so act for more than 6 months without the consent of the Minister.

(5) A person acting as a Head of Function is entitled to be paid such remuneration (including travelling and subsistence allowances) as the Commission determines from time to time.]

Annotations

Amendments:

F147

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010.

F148[Appointment of members of Commission.

24

24.(1) The Minister may appoint a person as a member of the Commission if and only if the Minister is of the opinion that the person has relevant knowledge of

(a) accountancy,

(b) actuarial science,

(c) banking,

(d) consumer interests,

(e) corporate governance,

(f) economics,

(g) financial control,

(h) financial regulation,

(i) financial services,

(j) insurance,

(k) law,

(l) social policy, or

(m) systems control.

(2) A person is not eligible for appointment as a member of the Commission if he or she

(a) is a member of either House of the Oireachtas,

(b) is, with his or her consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann,

(c) is a member of the European Parliament or is, with his or her consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that F149[Parliament,]

(d) is a member of a local authority or is, with his or her consent, nominated as a candidate for election as such a F149[member,]]

F150[(e) performs a pre-approval controlled function (within the meaning given by section 22 of the Central Bank Reform Act 2010) or has what in the opinion of the Minister constitutes a significant shareholding in a regulated financial service provider,

(f) has been adjudged bankrupt (either in the State or elsewhere) or has entered into a composition with his or her creditors, or

(g) has been convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence.]

Annotations

Amendments:

F148

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 36, S.I. 469 of 2010.

F149

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 3(a), (b), S.I. No. 287 of 2013.

F150

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 3(b), S.I. No. 287 of 2013.

Editorial Notes:

E60

Previous affecting provisions: section substituted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(c), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3)(b); substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 50, S.I. No. 150 of 1997; substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 20, S.I. No. 160 of 2003; substituted as per F-note above.

F151[Remuneration, etc., of appointed members of Commission.

24A

24A.An appointed member of the Commission is entitled to receive such remuneration and allowances, and is subject to such conditions of service, as the Minister from time to time determines.]

Annotations

Amendments:

F151

Inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010.

F152[Tenure of office of members of Commission.

24B

24B.(1) An ex-officio member of the Commission holds office as such for as long as he or she holds or performs the duties of the office by virtue of which he or she is such a member.

(2) Subject to subsections (3) and (4), an appointed member of the Commission holds office as such for a period of 5 years unless he or she previously ceases to hold that office in accordance with a provision of this Part.

(3) Of the first 8 persons appointed as members of the Commission

(a) 2 or 3 of those persons shall be appointed for a first term of 5 years,

(b) 2 or 3 of those persons shall be appointed for a first term of 4 years, and

(c) 2 or 3 of those persons shall be appointed for a first term of 3 years.

(4) An appointed member of the Commission shall not be entitled to serve more than 2 terms of office.]

Annotations

Amendments:

F152

Inserted (1.10.2010) by Central Bank Reform 2010 (23/2010), s. 14(1) and sch. 1 part 1 item 36, S.I. No. 469 of 2010.

F153[Vacation of office of members of Commission.

25

25.(1) A person ceases to be an ex-officio member of the Commission if he or she ceases to hold or perform the duties of the office by virtue of which he or she is such a member.

(2) An appointed member of the Commission ceases to be an appointed member if he or she

(a) dies,

(b) completes a term of office and is not re-appointed,

(c) resigns the office by notice in writing addressed to the Governor,

(d) has, without the permission of the other members, been absent from meetings of the Commission for a consecutive period of 6 months,

(e) is, with his or her consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann,

(f) is, with his or her consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament,

(g) is, with his or her consent, nominated as a candidate for election as a member of a local authority,

(h) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the persons creditors,

(i) becomes physically or mentally incapable of performing the duties of a member of the Commission,

(j) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

(k) is removed from office under subsection (3).

(3) The Minister may remove an appointed member of the Commission from office

(a) for proven misconduct or incompetence, or

(b) if in the Ministers opinion it is necessary or desirable to do so to enable the Commission to function effectively.]

Annotations

Amendments:

F153

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 36, S.I. 469 of 2010.

Editorial Notes:

E61

Previous affecting provision: section amended (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 323 and sch. 3 pt. 2 items 4-6, S.I. No. 545 of 2009; substituted as per F-note above.

E62

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 21, S.I. No. 160 of 2003; substituted as per F-note above.

E63

Previous affecting provision: subs. (d) deleted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 4(1) and sch, pt. 1, S.I. No. 150 of 1997.

Panel for appointment of the first banking Directors.

26

26.F154[]

Annotations

Amendments:

F154

Repealed (1.09.1971) by Central Bank Act 1971 (24/1971), s. 5 and sch., S.I. No. 228 of 1971.

Panel for the appointment of banking Directors other than the first such Directors.

27

27.F155[]

Annotations

Amendments:

F155

Repealed (1.09.1971) by Central Bank Act 1971 (24/1971), s. 5 and sch., S.I. No. 228 of 1971.

F156[Filling of vacancies in Commission.

28

28.As soon as practicable after an appointed member of the Commission ceases to hold office, the Minister shall appoint a person to fill the vacancy.]

Annotations

Amendments:

F156

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 37, S.I. No. 469 of 2010.

Editorial Notes:

E64

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 22, S.I. No. 160 of 2003; substituted as per F-note above.

E65

Previous affecting provisions: subs. (1) substituted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(d), S.I. No. 176 of 1989, subject to transitional provisions in subs. (3); substituted as per E-note above.

E66

Previous affecting provision: subs. (2) substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 51, S.I. No. 150 of 1997; substituted as per E-note above.

Prohibition of certain Directors holding shares in a bank.

29

29.F157[]

Annotations

Amendments:

F157

Repealed (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(b), S.I. No. 176 of 1989, subject to transitional provision in subs. (3).

Operation of disqualification of the Governor or a Director.

30

30.F158[]

Annotations

Amendments:

F158

Repealed (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 23, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Oath of secrecy to be taken by the Governor, Directors, and officers.

31

31.F159[]

Annotations

Amendments:

F159

Repealed (12.07.1989) by Central Bank Act 1989 (16/1989), s. 4 and sch., commenced as per s. 2.

Editorial Notes:

E67

Previous affecting provision: application of section extended (21.12.1979) by European Communities (Licensing and Supervision of Banks) Regulations 1979 (S.I. No. 414 of 1979), reg. 7; superseded as per F-note above.

E68

Previous affecting provision: application of section extended (9.09.1985) by European Communities (Consolidated Supervision of Banks) Regulations 1985 (S.I. No. 302 of 1985), reg. 7; revoked (1.01.1993) by European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 (S.I. No. 396 of 1992), reg. 12.

32

F160[Meetings and procedure of the F161[Commission].

32.Schedule 1 has effect with respect to meetings and procedure of the F161[Commission].]

Annotations

Amendments:

F160

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 24, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F161

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 38, S.I. No. 469 of 2010.

Compensation and superannuation of Chairman, Commissioners, Governor, and Directors.

33

33.F162[]

Annotations

Amendments:

F162

Repealed (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(3) and sch. 1, pt. 2, item 2, S.I. No. 469 of 2010, subject to restriction in s. 8 (Saving of certain schemes).

Editorial Notes:

E69

Previous affecting provision: section repealed by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 25, not commenced.

E70

Previous affecting provision: power to amend Scheme under section provided (1.09.1971) by Central Bank Act 1971 (24/1971), s. 54(2), S.I. No. 228 of 1971.

E71

Previous affecting provision: general power to amend Scheme under section provided (30.03.1961) by Central Bank Act 1961 (8/1961), s. 2, commenced on enactment, subject to limitations in s. 3.

F163[PART IIIA

Management, Finance, and Accountability

Chapter 1A

Management]

Annotations

Amendments:

F163

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Annotations

Editorial Notes:

E72

Previous affecting provisions: Part IIIA (ss. 33A-33AM) inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3; substituted (1.10.2010 except s. 32B) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1, item 39, S.I. No. 469 of 2010.

The previously inserted ss. 33A-33M and ss. 33N-33V are substituted by the newly numbered ss. 32A-32M. The numbering resumes with ss. 33N-33V, which are effectively deleted.

F163[Framework for assignment of responsibilities.

32A

32A.(1) The Governor shall propose to the Commission a plan of the assignment of responsibility for specified powers and functions of the Bank to himself or herself, a Head of Function or an officer or employee of the Bank.

(2) Where appropriate, the assignment of the responsibility for the performance of a function requires the person to whom the function is assigned

(a) to provide policy advice in relation to the subject matter of the assignment and related matters,

(b) to achieve any outputs specified in the assignment,

(c) to accept responsibility for the operation of statutory schemes or programmes specified in the assignment,

(d) to accept responsibility for the delivery of quality services pursuant to the assignment,

(e) to ensure that the expenditure in relation to the area of the assignment accords with the purpose for which the expenditure is appropriate and chargeable to the accounts of the Bank and that value for money is obtained, and

(f) to perform, on behalf of the Commission, functions in relation to appointments, performance and discipline of personnel in the area of the assignment.

(3) A Head of Function or an employee to whom the responsibility for the performance of a function has been assigned is accountable for the performance of the function to the Governor and to any other person specified for the purpose in the assignment.]

Annotations

Amendments:

F164

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F165[Bank to prepare strategic plan.

32B

32B.(1) At least 3 months before the beginning of each period specified in subsection (2), the Bank shall

(a) prepare for the period a strategic plan that complies with this section, and

(b) submit the plan to the Minister.

(2) The periods referred to in subsection (1) are

(a) the period of 3 financial years that begins on 1 January F166[2016], and

(b) each subsequent period of 3 financial years.

(3) A strategic plan shall specify

(a) the objectives of the Banks activities for the relevant period,

(b) the nature and scope of the activities to be undertaken,

(c) the strategies and policies for achieving those objectives,

(d) targets and criteria for assessing the performance of the Bank, and

(e) the uses for which the Bank proposes to apply its resources.

(4) If the Minister has notified the Bank in writing of any requirements with respect to the form in which a strategic plan is to be prepared, such a plan shall comply with those requirements.

(5) As soon as practicable after receiving the Banks strategic plan, the Minister shall arrange for the plan to be laid before each House of the Oireachtas.

(6) As soon as practicable after becoming aware that a strategic plan has been laid before both Houses of the Oireachtas, the Bank shall publish the strategic plan and take all reasonably practical steps to implement it.]

Annotations

Amendments:

F165

Substituted and inserted (19.09.2013) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 39, S.I. No. 360 of 2013.

F166

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 4, S.I. No. 287 of 2013.

F167[Chapter 2A

Finance and accounting

Annual estimates in relation to financial regulation functions.

32C

32C.No later than one month before the end of each financial year, the Bank shall prepare and submit to the Minister an estimate of

(a) its income from levies and fees imposed by regulations under sections 32D and 32E,

(b) any other source of funds for the purposes of its powers and functions under the designated enactments and designated statutory instruments, and

(c) its expenditure in relation to the exercise of those powers and functions,

during the next financial year.]

Annotations

Amendments:

F167

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F168[Power to impose levies.

32D

32D.(1) The Commission may make regulations prescribing levies to be paid by persons who are subject to regulation under the designated enactments and designated statutory instruments.

(2) In particular, regulations under subsection (1) may provide for any of the following matters:

(a) the activities, services or other matters for which specified kinds of levies are payable;

(b) the persons, or classes of persons, who are required to pay specified kinds of levies;

(c) the amounts of specified kinds of levies;

(d) the periods for which, or the dates by which, specified levies are to be paid to the Bank;

(e) penalties payable by a person who does not pay a levy on time;

(f) the keeping of records, and the making of returns to the Bank, by persons who are liable to pay a specified levy;

(g) the collection and recovery of levies.

(3) Regulations made under this section do not take effect until approved by the Minister.

F169[(3A) A levy prescribed in relation to the functions of the resolution authority under the European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015) F170[or the SRM Regulation is to be fixed] so that the total amount of levy collected or recovered does not exceed the total costs incurred by the resolution authority, within the meaning of those Regulations, in performing its functions and exercising its powers under those Regulations.]

(4) A levy prescribed in relation to credit unions is to be fixed so that the total amount of levy collected or recovered from credit unions does not exceed the total costs incurred by the Bank in performing its functions and exercising its powers under the Credit Union Act 1997.

(5) The Bank may, by proceedings in a court of competent jurisdiction, recover as a debt an amount of levy payable under regulations in force under this section.

(6) The Bank may refund the whole or a part of a levy paid or payable under regulations in force under this section.

(7) The Commission may amend or revoke a regulation made under this section.

(8) An amendment or revocation of regulations made under this section does not take effect until approved by the Minister.

(9) In this section "levy" does not include a fee.]

Annotations

Amendments:

F168

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F169

Inserted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 185(b), in effect as per reg. 1(2).

F170

Substituted (1.01.2016) by European Union (Single Resolution Mechanism) Regulations 2015 (S.I. No. 568 of 2015), reg. 3(c), in effect as per reg. 1(3).

Editorial Notes:

E73

Power pursuant to section exercised (31.08.2022) by Central Bank Act 1942 (Section 32D) Regulations 2022 (S.I. No. 426 of 2022), in effect as per reg. 1(2).

E74

Power pursuant to section exercised (8.07.2022) by Central Bank Act 1942 (Section 32D) (Certain Financial Vehicles Dedicated Levy) (Amendment) Regulations 2022 (S.I. No. 327 of 2022), in effect as per reg. 1(2).

E75

Power pursuant to section exercised (24.09.2021) by Central Bank Act 1942 (Section 32D) Regulations 2021 (S.I. No. 487 of 2021), in effect as per reg. 1(2).

E76

Power pursuant to section exercised (8.07.2021) by Central Bank Act 1942 (Section 32D) (Certain Financial Vehicles Dedicated Levy) Regulations 2021 (S.I. No. 335 of 2021), in effect as per subs. (2).

E77

Power pursuant to section exercised (4.09.2020) by Central Bank Act 1942 (Section 32D) Regulations 2020 (S.I. No. 345 of 2020), in effect as per reg. 1(2).

E78

Power pursuant to section exercised (29.01.2019) by Central Bank Act 1942 (Section 32D) (Additional And Supplementary Supervisory Levies - Regulated Entities) Regulations 2019 (S.I. No. 17 of 2019), in effect as per reg. 13.

E79

Power pursuant to section exercised (26.10.2018) by Central Bank Act 1942 (Section 32D) Regulations 2018 (S.I. No. 445 of 2018), in effect as per reg. 1(2).

E80

Previous affecting provision: power pursuant to section exercised (1.12.2017) by Central Bank Act 1942 (Section 32D) (Investment Funds - Additional Supervisory Levy) Regulations 2017 (S.I. No. 441 of 2017), in effect as per reg. 13; revoked (29.01.2019) by The Central Bank Act 1942 (Section 32D) (Additional And Supplementary Supervisory Levies - Regulated Entities) Regulations 2019 (S.I. No. 17 of 2019), reg. 14, in effect as per reg. 13.

E81

Previous affecting provision: power pursuant to section exercised (17.10.2017) by Central Bank Act 1942 (Section 32D) Regulations 2017 (S.I. No. 442 of 2017) for period 1.01.2017 to 31.12.2017, in effect as per reg. 1(2).

E82

Previous affecting provision: power pursuant to section exercised (4.10.2016) by Central Bank Act 1942 (Section 32D) Regulations 2016 (S.I. No. 508 of 2016) for period 1.01.2016 to 31.12.2016, in effect as per reg. 18.

E83

Previous affecting provision: power pursuant to section exercised (7.10.2015) by Central Bank Act 1942 (Section 32D) Regulations 2015 (S.I. No. 429 of 2015) for period 1.01.2015 to 31.12.2015, in effect as per reg. 18.

E84

Previous affecting provision: power pursuant to section exercised (17.07.2014) by Central Bank Act 1942 (Section 32D) Regulations 2014 (S.I. No. 335 of 2014) for period 1.01.2014 to 31.12.2014, in effect as per reg. 18.

E85

Previous affecting provision: power pursuant to section exercised (17.09.2013) by Central Bank Act 1942 (Section 32D) Regulations 2013 (S.I. No. 359 of 2013) for period 1.01.2013 to 31.12.2013.

E86

Previous affecting provision: power pursuant to section exercised (5.09.2012) by Central Bank Act 1942 (Section 32D) Regulations 2012 (S.I. No. 350 of 2012) for period 1.01.2012 to 31.12.2012.

E87

Previous affecting provision: power pursuant to section exercised (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011) for period 1.01.2011 to 31.12.2011.

F171[Power to prescribe fees.

32E

32E.(1) The Commission may make regulations prescribing fees for the purpose of any enactment that provides, by reference to this section or to section 33K (as in force at any time before the coming into operation of this section), for the payment of a fee.

(2) The Commission may make regulations providing for all or any of the following matters:

(a) the persons, or classes of persons, who are required to pay specified kinds of fees;

(b) the amounts of specified kinds of fees;

(c) the collection of fees.

(3) Regulations of the kind referred to in subsection (2) may be included in regulations made under subsection (1).

(4) Regulations made under this section do not take effect until approved by the Minister.

(5) The Bank may, by proceedings in a court of competent jurisdiction, recover as a debt an amount payable as a fee under regulations in force under this section.

(6) The Bank may refund the whole or a part of a fee paid pursuant to regulations made under this section.

(7) The Commission may amend or revoke a regulation made under this section.

(8) An amendment or revocation of regulations made under this section does not take effect until approved by the Minister.]

Annotations

Amendments:

F171

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E88

Power pursuant to section exercised (31.03.2022) by Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Fee Regulations 2022 (S.I. No. 135 of 2022), in effect as per reg. 2.

E89

Fees under section are payable in respect of performance by Bank of its functions under European Union (Prospectus) Regulations 2019 and Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 subject to certain conditions as provided (21.07.2019) by European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019), reg. 37, in effect as per reg. 1(2).

E90

Power pursuant to section exercised (21.12.2012) by Central Bank Act 1942 (Section 32E) Transparency Fee Regulations 2012 (S.I. No. 550 of 2012).

E91

Previous affecting provision: power pursuant to section exercised (1.05.2015) by Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Approval Fee Regulations 2015 (S.I. No. 106 of 2015), in effect as per reg. 2; revoked (31.03.2022) by Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Fee Regulations 2022 (S.I. No. 135 of 2022), reg. 13, in effect as per reg. 2.

E92

Previous affecting provision: power pursuant to section exercised (11.11.2011) by Central Bank Act 1942 (Section 32E) Prospectus Approval Fee Regulations 2011 (S.I. No. 632 of 2011); revoked (1.05.2015) by Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Approval Fee Regulations 2015 (S.I. No. 106 of 2015), in effect as per reg. 2.

F172[General fund.

32F

32F.(1) The Bank shall continue to keep and operate the fund called the general fund.

(2) The Bank shall pay into the general fund all money received by the Bank and shall pay from that fund all amounts that it is required to pay.

(3) The expenses incurred by the Bank in performing functions or exercising powers under this or any other Act or law are payable out of the general fund of the Bank, except where otherwise provided by or under this or any other Act.

(4) Any claims on or liabilities to the European Central Bank are to be treated as assets or liabilities of the general fund or any other fund that the Minister by order establishes for that purpose.]

Annotations

Amendments:

F172

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 part 1 item 39, S.I. No. 469 of 2010.

F173[Surplus or deficiency in income of Bank during financial year

32G

32G.(1) If the total sum received by the Bank on account of levies and fees prescribed under sections 32D and 32E during a financial year is greater than the Banks expenditure on the performance of its functions and the exercise of its powers during that financial year, the Bank

(a) shall apply the surplus to the performance of those functions and the exercise of those powers in the following financial year, and

(b) shall reduce the levies and fees prescribed in relation to the latter financial year accordingly.

(2) If the sum received by the Bank on account of levies and fees prescribed under sections 32D and 32E during a financial year is less than the Banks expenditure on the performance of its functions and the exercise of its powers during that financial year, the Bank may prescribe levies and fees in relation to the following financial year sufficient to

(a) make good the deficiency, and

(b) ensure that the sum received by the Bank on account of such levies and fees during the following financial year fully covers the performance of its functions and the exercise of its powers during both those financial years.]

Annotations

Amendments:

F173

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F174[Banks surplus income.

32H

32H.(1) The Bank shall pay its surplus income as and when determined under this section into the Exchequer in such manner as the Minister directs and may at any time pending such determination pay into the Exchequer such sums on account of surplus income as may be agreed on by the Minister and the Bank.

(2) The Minister may, after consultation with the Bank, make regulations providing for the periodic determination of the Banks surplus income and, in particular, such regulations may

(a) enable provision to be made for reserves, depreciation and other similar matters before the surplus income is determined, and

(b) provide for any matter arising from the implementation of Chapters VI, VIII and IX of the ESCB Statute.

(3) In exercising the powers conferred by this section, the Minister is required to have regard to the functions imposed and the powers conferred on the Bank by or under the Rome Treaty and the ESCB Statute.]

Annotations

Amendments:

F174

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F175[Provision of funds by Bank to meet shortfall.

32I

32I.(1) If at any time it appears to the Commission that the funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E are, or are likely to be, insufficient to enable the Bank to properly perform its regulatory functions, the Bank may apply to the performance of those functions such amount as the Commission considers necessary.

(2) The Bank may apply an amount under subsection (1) only if the Minister so approves.

(3) Before deciding whether or not to give approval under subsection (2), the Minister shall consult the Governor. The Governor may express his or her opinion on the amount of funds concerned, so far as it could affect

(a) the carrying out by the Bank of its obligations with respect to the promotion of the financial stability of the State, and

(b) the performance of the functions of the Bank in its capacity as a member of the European System of Central Banks.

(4) In approving the application of an amount of funds under subsection (2), the Minister shall have regard to the functions and powers of the Bank under the Rome Treaty and the ESCB Statute.]

Annotations

Amendments:

F175

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F176[Accounting and other records of Bank.

32J

32J.(1) The Bank shall keep all proper accounting records of all its transactions.

(2) The Banks accounts shall show separately

(a) receipts from funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E and expenditure on the performance of its functions and the exercise of its powers,

(b) its income from penalties imposed under paragraphs (c) and (f) of section 33AQ(3), and

(c) other receipts and expenditure.

(3) Within 6 months after the end of each financial year, the Bank shall prepare and transmit to the Comptroller and Auditor General a statement of accounts for the financial year concerned. The statement shall be in a form approved by the Minister after consulting the Bank. The approval of a form of statement of accounts under this subsection remains in force until superseded by the approval of another form of statement of accounts.

(4) The statement shall show separately

(a) receipts from funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E and expenditure on the performance of its functions and the exercise of its powers, and

(b) other receipts and expenditure.

(5) The Comptroller and Auditor General shall audit, certify and report on the statement of accounts and, as soon as practicable after completing the report, give it and the statement of accounts to the Minister.

(6) As soon as practicable after being given the report and statement of accounts, the Minister shall arrange for copies of those documents to be laid before each House of the Oireachtas.

(7) The accounts of the Bank may be audited in accordance with Article 27 of the ESCB Statute and, for that purpose, the Bank shall provide any auditors appointed in accordance with that Article with full information, books and records.

(8) The Bank shall keep its accounting records for at least 6 years.]

Annotations

Amendments:

F176

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F177[Report of operations, etc., by Bank.

32K

32K.(1) Within 6 months after the end of each financial year, the Bank shall prepare a report of its operations during the year and present the report to the Minister.

(2) The report shall include a statement of the role of each advisory group established by the Bank under section 18E, and a summary of the work of each such advisory group during the relevant financial year.

(3) As soon as practicable after being given the report and statement of accounts, the Minister shall arrange for copies of those documents to be laid before each House of the Oireachtas, together with any other reports required to be included in or attached to the report.

(4) The Bank shall give to the Minister for publication in the Iris Oifigiúil such periodical returns concerning the transactions of the Bank as the Minister directs from time to time.]

Annotations

Amendments:

F177

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 39, S.I. No. 469 of 2010.

F179[F178[Chapter 3A

Accountability]

Annotations

Amendments:

F178

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5(1) and sch. 2 pt. 1 item 5, S.I. No. 287 of 2013.]

F179[Annual performance statements.

32L

32L.(1) No later than 30 April in each year, the Bank shall prepare a statement relating to the Banks performance in regulating financial services (in this section called a "performance statement").

(2) A performance statement is to be in 3 parts

(a) details, including the aims and objectives, of regulatory activity planned for the current year (in this subsection called a "Regulatory Performance Plan"),

(b) a review of the Banks regulatory performance during the preceding year having regard to the Regulatory Performance Plan for that year and any other relevant matters, and

(c) the report of any international peer review carried out during the preceding year under section 32M.

(3) The review of the Banks regulatory performance required by subsection (2)(b) shall include details of the activities carried out during the relevant year by

(a) the part of the Bank responsible for internal audit, F180[]

F181[(aa) the Bank in relation to the exercise of its powers under Part 2 of the Central Bank (Supervision and Enforcement) Act 2013, and]

(b) the Registrar of Credit Unions.

(4) A performance statement is to be in the form, and is to relate to the matters, that the Minister directs, but shall not relate to the exercise by the Governor of his or her functions under the ESCB Statute.

(5) Within one month after receiving a performance statement, the Minister will lay it before each House of the Oireachtas.

(6) If the Governor or a Head of Function is requested by a Committee of the Oireachtas to

(a) attend before the Committee, and

(b) provide that Committee with information relating to the Banks performance statement,

the Governor or Head of Function shall

(i) appear before the Committee, and

(ii) subject to section 33AK(1A), provide the Committee with such information relating to the performance statement as the Committee requires.

(7) The reference in subsection (6) to a Committee of the Oireachtas is a reference to a Committee appointed by either House or by both Houses jointly to examine matters relating to the Bank and includes a subcommittee of such a Committee, but does not include the Committee on Members Interests of Dáil Éireann or the Committee on Members Interests of Seanad Éireann.]

Annotations

Amendments:

F179

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 39, S.I. No. 469 of 2010.

F180

Deleted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 item 6, S.I. No. 287 of 2013.

F181

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 pt. 1 item 6, S.I. No. 287 of 2013.

F182[International peer review of regulatory performance.

32M

32M.At least every 4 years the Bank shall make appropriate arrangements for

(a) another national central bank, or

(b) another person or body certified by the Governor, after consultation with the Minister, as appropriate,

to carry out a review of the Banks performance of its regulatory functions.]

Annotations

Amendments:

F182

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F183[Irish Financial Services Regulatory Authority

Chapter 1

Constitution, functions and powers of Regulatory Authority

Interpretation: Part IIIB and Schedule 3.

33A

33A.F184[]]

Annotations

Amendments:

F183

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F184

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F185[ Establishment of Regulatory Authority.

33B

33B. F186[]]

Annotations

Amendments:

F185

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F186

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F187[Functions and powers of Regulatory Authority.

33C

33C. F188[]]

Annotations

Amendments:

F187

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F188

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010, subject to saver in s. 7(1).

Editorial Notes:

E93

Previous affecting provision: functions under section performed (30.09.2009) by Credit Union Act 1997 (Section 85) Rules 2009 (S.I. No. 344 of 2009).

E94

Previous affecting provision: subs. (1)(ab) inserted (29.01.2007) by Investment Funds, Companies and Miscellaneous Provisions Act 2006 (41/2006), s. 34(1), S.I. No. 23 of 2007; substituted and deleted as per F-note above.

E95

Previous affecting provision: subs. (9) substituted and subss. (9A) and (9B) inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 8, S.I. No. 455 of 2004; substituted and deleted as per F-note above.

E96

Previous affecting provision: power pursuant to subs. (2) exercised (18.08.2003) by Central Bank Act 1942 (Schedule 2) (Amendment) Order 2003 (S.I. No. 371 of 2003); revoked (1.01.2016) by Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (S.I. No. 1 of 2016), reg. 49(a), in force as per reg. 1(2).

F189[Regulatory Authority to comply with certain guidelines.

33D

33D.F190[]]

Annotations

Amendments:

F189

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F190

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F191[Membership of Regulatory Authority.

33E

33E. F192[]]

Annotations

Amendments:

F191

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F192

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E97

Previous affecting provision: subs. (1) amended (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 231 and sch. 3 pt. 2 items 7-9, S.I. No. 545 of 2009; substituted and deleted as per F-note above.

F193[Appointment of Chief Executive of the Regulatory Authority.

33F

33F. F194[]]

Annotations

Amendments:

F193

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F194

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F195[Appointment of acting Chief Executive in certain cases.

33G

33G. F196[]]

Annotations

Amendments:

F195

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F196

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F197[ Responsibilities of Chief Executive of the Regulatory Authority.

33H

33H. F198[]]

Annotations

Amendments:

F197

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F198

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F199[Chairperson of the Regulatory Authority.

33I

33I. F200[]]

Annotations

Amendments:

F199

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F200

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E98

Previous affecting provision: subs. (1A) inserted (21.12.2009) by National Asset Management Agency Act 2009 (34/2009), s. 231 and sch. 3, pt. 2, item 10, S.I. No. 545 of 2009; substituted and deleted as per F-note above.

F201[Power to impose levies.

33J

33J. F202[]]

Annotations

Amendments:

F201

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F202

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Modifications (not altering text):

C22

Application of section extended (7.12.2010) by European Communities (Credit Rating Agencies) Regulations 2010 (S.I. No. 247 of 2010), reg. 5(1), commenced as per reg. 2(2).

Supervisory levies and fees.

5. (1) The powers of the Chief Executive of the Bank to prescribe supervisory levies under section 33J of the Central Bank Act 1942 (No. 22 of 1942) extend to the prescription of a supervisory levy to be paid by a credit rating agency that is established in the State as if the EC Regulation were a designated enactment.

...

Editorial Notes:

E99

Power pursuant to section exercised (30.09.2010) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2010 (S.I. No. 487 of 2010); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1) (S.I. No. 469 of 2010).

E100

Previous affecting provision: power pursuant to section exercised (31.07.2009) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2009 (S.I. No. 300 of 2009).

E101

Previous affecting provision: power pursuant to section exercised (31.12.2008) by Central Bank Act 1942 (Section 33J) Regulations 2008 (S.I. No. 598 of 2008).

E102

Previous affecting provision: power pursuant to section exercised (22.07.2008) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2008 (S.I. No. 297 of 2008).

E103

Previous affecting provision: power pursuant to section exercised (15.06.2007) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2007 (S.I. No. 294 of 2007).

E104

Previous affecting provision: power pursuant to subs. (8) exercised (10.10.2006) by Central Bank Act 1942 (Sections 33J and 33K)(Amendment) Regulations 2006 (S.I. No. 528 of 2006).

E105

Previous affecting provision: power pursuant to section exercised (24.07.2006) by Central Bank Act 1942 (Sections 33J And 33K) Regulations 2006 (S.I. No. 388 of 2006).

E106

Previous affecting provision: power pursuant to section exercised (30.05.2005) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005 (S.I. No. 273 of 2005).

E107

Previous affecting provision: power pursuant to section exercised (16.07.2004) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004); revoked (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011), reg. 11, commenced on enactment.

F203[Power of Chief Executive to prescribe fees.

33K

33K. F204[]]

Annotations

Amendments:

F203

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F204

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E108

Subs. (5)(ao), (ap) substituted and inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(1) and sch. 2 pt. 1 item 3, S.I. No. 548 of 2011; amendment not possible as section previously deleted.

E109

Power pursuant to section exercised (30.09.2010) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2010 (S.I. No. 487 of 2010); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1) (S.I. No. 469 of 2010).

E110

Previous affecting provision: application of section extended (7.12.2010) by European Communities (Credit Rating Agencies) Regulations 2010 (S.I. No. 247 of 2010), reg. 5(2), commenced as per reg. 2(2).

E111

Previous affecting provision: power pursuant to section exercised (31.07.2009) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2009 (S.I. No. 300 of 2009).

E112

E112

Previous affecting provision: power pursuant to section exercised (22.07.2008) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2008 (S.I. No. 297 of 2008).

E114

E114

Previous affecting provision: power pursuant to section exercised (15.06.2007) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2007 (S.I. No. 294 of 2007).

E116

Previous affecting provision: power pursuant to section exercised (24.07.2006) by Central Bank Act 1942 (Sections 33J And 33K) Regulations 2006 (S.I. No. 388 of 2006).

E117

Previous affecting provision: power pursuant to section exercised (30.05.2005) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005 (S.I. No. 273 of 2005).

E118

Previous affecting provision: power pursuant to section exercised (1.07.2005) by Central Bank Act 1942 (Section 33K) Regulations 2005 (S.I. No. 325 of 2005); revoked (11.11.2011) by Central Bank Act 1942 (Section 32E) Prospectus Approval Fee Regulations 2011 (S.I. No. 632 of 2011), reg. 2.

E119

Previous affecting provision: power pursuant to section exercised (16.07.2004) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004); revoked (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011), reg. 11, commenced on enactment.

F205[Provision of funds by Bank to Regulatory Authority to meet shortfall.

33L

33L.F206[]]

Annotations

Amendments:

F205

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F206

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F207[Regulatory Authority to keep proper accounts.

33M

33M. F208[]]

Annotations

Amendments:

F207

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F208

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F209[Regulatory Authority to prepare annual estimate of income and expenditure.

33N

33N.F210[]]

Annotations

Amendments:

F209

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F210

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E120

Previous affecting provision: subs. (1) amended (1.11.2007) by Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007), s. 13(c), S.I. No. 730 of 2007; substituted and deleted as per F-note above.

E121

Previous affecting provision: application of section restricted (28.11.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003), regs. 3(1) and (2), commenced on enactment; superseded as per F-note above.

F211[Regulatory Authority to provide Minister with annual report and other reports.

33O

33O.F212[]]

Annotations

Amendments:

F211

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F212

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F213[Regulatory Authority to prepare strategic plan.

33P

33P.F214[]]

Annotations

Amendments:

F213

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F214

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E122

Previous affecting provision: application of section restricted (28.11.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003), regs. 3(1) and (3), commenced on enactment; superseded as per F-note above.

F215[Chapter 2

Consumer Director

Appointment of Consumer Director.

33Q

33Q.F216[]]

Annotations

Amendments:

F215

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F216

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F217[Appointment of acting Consumer Director in certain cases.

33R

33R.F218[]]

Annotations

Amendments:

F217

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F218

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F219[ Responsibilities of Consumer Director.

33S

33S.F220[]]

Annotations

Amendments:

F219

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F220

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E123

Power pursuant to section exercised (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), commenced as per reg. 2; continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E124

Power pursuant to section exercised (23.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2007 (S.I. No. 138 of 2007); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E125

Power pursuant to section exercised (21.12.2006) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2006 (S.I. No. 687 of 2006); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E126

Power pursuant to section exercised (20.07.2005) by Consumer Credit Act 1995 (Section 2) (Amendment) Regulations 2005 (S.I. No. 372 of 2005); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E127

Power pursuant to section exercised (16.11.2004) by Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004 (S.I. No. 715 of 2004); continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010.

E128

Previous affecting provision: power pursuant to section exercised (24.09.2007) by Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 690 of 2007); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E129

Previous affecting provision: power pursuant to section exercised (14.05.2007) by Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 751 of 2007); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E130

Previous affecting provision: subs. (2)(f) substituted and paras. (g), (h) inserted (1.05.2007) by Consumer Protection Act 2007 (19/2007), s. 94(4), S.I. No. 178 of 2007; substituted and deleted as per F-note above.

E131

Previous affecting provision: power pursuant to section exercised (30.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2007 (S.I. No. 139 of 2007); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E132

Previous affecting provision: power pursuant to section exercised (5.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2007 (S.I. No. 100 of 2007) and continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010; revoked (25.07.2014) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014 (S.I. No. 355 of 2014), reg. 3.

E133

Previous affecting provision: power pursuant to section exercised (20.07.2005) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2005 (S.I. No. 371 of 2005); repealed (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E134

Previous affecting provision: power pursuant to section exercised (1.07.2004) by Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2004 (S.I. No. 414 of 2004) and continued in force (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 7(1), S.I. No. 469 of 2010; revoked (31.07.2015) by Consumer Credit Act 1995 (Section 2) Regulations 2015 (S.I. No. 352 of 2015), reg. 3.

E135

Previous affecting provision: power pursuant to section exercised (4.03.2004) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2004 (S.I. No. 93 of 2004); repealed (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), reg. 5.

F221[Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.

33SA

33SA.F222[]]

Annotations

Amendments:

F221

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 6, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F222

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F223[Consumer Director to prepare annual report.

33T

33T.F224[]]

Annotations

Amendments:

F223

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F224

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F225[Consumer Director to provide information, reports and advice to Chief Executive.

33U

33U.F226[]]

Annotations

Amendments:

F225

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F226

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

F227[Consumer Director to prepare strategic plan.

33V

33V.F228[]]

Annotations

Amendments:

F227

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F228

Substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 39, S.I. No. 469 of 2010.

Editorial Notes:

E136

Previous affecting provision: application of section restricted (28.11.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003), regs. 3(1) and (4), commenced on enactment; superseded as per F-note above.

F229[Chapter 3

Registrar of Credit Unions

Interpretation: Chapter 3.

33W

33W.In this chapter, "Registrar" means the Registrar of Credit Unions.]

Annotations

Amendments:

F229

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26 S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F230[Appointment of Registrar of Credit Unions.

33X

33X.(1) The F231[Bank shall] appoint a person as the Registrar of Credit Unions.

(2) A person appointed as Registrar holds office for a period not exceeding 5 years from the date of appointment, unless the person previously ceases to hold that office as provided by this section.

(3) The F231[Bank] may appoint a person holding office as Registrar for a further period, not exceeding 5 years, to take effect at the end of the persons current period of appointment. This subsection applies whether the person was appointed under subsection (1) or this subsection.

(4) The appointment of a person as Registrar does not take effect until the Minister approves it.

(5) A person is not eligible for appointment as Registrar if the person

(a) is a member of either House of the Oireachtas or is, with the persons consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann, or

(b) is a member of the European Parliament or is, with the persons consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or

(c) is a member of a local authority or is, with the persons consent, nominated as a candidate for election as such a member.

(6) A person appointed as Registrar holds office on such conditions of employment as are specified in the persons document of appointment or are later agreed between the person and the F231[Bank].

(7) The Registrar may engage in other remunerative employment only with the consent of the F231[Bank].

(8) A person ceases to hold office as Registrar if the person

(a) dies, or

(b) completes a term of office and is not re-appointed, or

(c) resigns the office by notice in writing addressed to F231[Bank], or

(d) is, with the persons consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann, or

(e) is, with the persons consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament, or

(f) is, with the persons consent, nominated as a candidate for election as a member of a local authority, or

(g) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the persons creditors, or

(h) becomes physically or mentally incapable of performing the duties of Registrar, or

(i) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or

(j) is removed from office under subsection (9).

(9) The F231[Bank] may (but only after consulting the Minister) remove or suspend the Registrar from office, but only for reasons notified in writing to the Registrar.]

Annotations

Amendments:

F230

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26 S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F231

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, items 40-45, S.I. No. 469 of 2010.

F232[Appointment of acting Registrar of Credit Unions in certain cases.

33Y

33Y.(1) F233[The Governor, with the consent of the Commission,] may, from time to time, appoint a qualified person to act in the office of Registrar

(a) during the illness or absence of the holder of that office, or

(b) while the holder is suspended from office, or

(c) during a vacancy in that office.

A person so appointed has, while acting as Registrar, all the responsibilities and powers of that office.

(2) If a person is to be appointed under this section for a period of more than 6 months, the appointment does not take effect until the Minister approves it.

(3) The F234[Bank] may, at any time, remove from office a person who is appointed under this section as Registrar.

(4) A person appointed under this section is entitled to be paid such remuneration (including travelling and subsistence allowances) as the F235[Bank] determines from time to time.

(5) A person is a qualified person for the purposes of this section if the person is an employee of the Bank.]

Annotations

Amendments:

F232

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F233

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 46, S.I. No. 469 of 2010.

F234

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 47, S.I. No. 469 of 2010.

F235

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 48, S.I. No. 469 of 2010.

F236[Signature of Registrar of Credit Unions.

33Z

33Z.A signature purporting to be that of the Registrar is, in the absence of evidence to the contrary, to be presumed for all purposes to be that of the holder of that office.]

Annotations

Amendments:

F236

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F237[ Responsibilities and powers of Registrar of Credit Unions.

33AA

33AA.(1) The Registrar is responsible

(a) as the delegate of the F238[Bank], for managing the performance and exercise of the functions and powers of the Bank under the Credit Union Act 1997, and

(b) if management of the performance and exercise of the functions and powers of the Bank under any other Act or law are delegated to the Registrar, for managing the performance and exercise of those functions and powers.

(2) The Registrar has power to do whatever is necessary for or in connection with, or reasonably incidental to, carrying out the Registrars responsibilities.

(3) In carrying out or exercising the Registrars responsibilities or powers, the Registrar shall, as far as reasonably practicable, ensure that the resources of the F238[Bank] allocated for carrying out those responsibilities or exercising powers are used effectively, efficiently and economically.

F239[(4) In carrying out the responsibilities and exercising the powers imposed or conferred by this section, the Registrar, through the Head of Financial Regulation, is subject to the control of the Bank and shall comply with any directions by the Commission with respect to the carrying out of those responsibilities or the exercise of those powers.

(5) A direction given in accordance with subsection (4) shall not be inconsistent with

(a) in relation to a function or power to which subsection (1)(a) relates, the Credit Union Act 1997, and

(b) in relation to a function or power the management of which stands delegated to the Registrar under subsection (1)(b), any other relevant Act or law.

(6) In issuing directions to the Registrar under subsection (4) which relate to the exercise of the responsibilities and powers referred to in subsection (1)(a), the Bank shall have regard to the particular nature of credit unions, and in particular by reference to

(a) the conditions for the registration of a credit union set out in section 6 of the Credit Union Act 1997 and to the objects and common bonds referred to in that section, and

(b) the voluntary ethos of credit unions.

(7) The Bank may, from time to time, issue to the Registrar guidelines, not inconsistent with any law, in relation to consultation and co-operation with the bodies and persons specified in subsection (8) on matters concerning the functions and powers of those bodies and persons. The Registrar shall comply with any such guidelines.

(8) The bodies and persons referred to in subsection (7) are the following:

(a) the Bank;

(b) the Commission;

(c) the Governor;

(d) the officers and employees of the Bank.

(9) The Registrar shall provide the Head of Financial Regulation with such information and assistance as the Head of Financial Regulation requests in relation to any complaint to the Bank about the conduct of a credit union.]]

Annotations

Amendments:

F237

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F238

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, items 49 and 50, S.I. No. 469 of 2010.

F239

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 51, S.I. No. 469 of 2010.

F240[Bank to provide Registrar with adequate funds.

33AB

33AB.(1) The Bank shall provide the Registrar with such funds as the Bank considers necessary to enable the Registrar to perform the functions and exercise the powers of the Registrar.

(2) The provision of funds under this section is subject to such conditions as the Bank thinks fit to impose.]

Annotations

Amendments:

F240

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 52, S.I. No. 469 of 2010.

Editorial Notes:

E137

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003; substituted as per F-note above.

F241[Registrar to prepare annual report.

33AC

33AC.(1) The Registrar shall, F242[within 9 months after the end of each financial year]

(a) prepare an annual report specifying the activities of the Registrar during that year, and

(b) submit the report to the F243[Bank].

F244[(2) The Head of Financial Regulation may direct the Registrar as to the form of the report and the matters that the report shall deal with. The Registrar shall comply with any such direction.]]

Annotations

Amendments:

F241

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F242

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 7, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F243

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 53, S.I. No. 469 of 2010.

F244

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 54, S.I. No. 469 of 2010.

F245[Registrar to provide information, reports and advice to Head of Financial Regulation.

33AD

33AD.The Registrar shall provide the Head of Financial Regulation with such information relating to the performance and exercise of the Registrars responsibilities and powers as the Head of Financial Regulation requires from time to time. That information may include (but is not limited to) information relating to

(a) the use by the Registrar of the resources of the Bank that have been allocated for the performance and exercise of those responsibilities and powers, and

(b) the value of outcomes and outputs derived from the use of those resources.]

Annotations

Amendments:

F245

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 55, S.I. No. 469 of 2010.

Editorial Notes:

E138

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003; substituted as per F-note above.

F246[Registrar to prepare work plan.

33AE

33AE.(1) The Registrar shall, at least 3 months before the beginning of each financial year

(a) prepare for the year a draft work plan that complies with this section, and

(b) submit the draft plan to the Bank for approval.

(2) A draft work plan shall specify

(a) the objectives of the Registrar for the financial year concerned,

(b) the nature and scope of the activities to be undertaken,

(c) the strategies and policies for achieving those objectives and how the resources allocated to the Registrar are proposed to be used, and

(d) targets and criteria for assessing the performance of the Registrar.

(3) If the Head of Financial Regulation has notified the Registrar of any requirements with respect to the form in which a draft work plan is to be prepared, the Registrar shall take such steps as are necessary to ensure that the plan complies with those requirements.

(4) The Bank may approve a work plan either with or without amendment.

(5) On being approved under subsection (4), a draft work plan prepared for a financial year becomes the work plan for the Registrar for that year. The Registrar shall take all reasonably practical steps to implement the plan.]

Annotations

Amendments:

F246

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 56, S.I. No. 469 of 2010.

Editorial Notes:

E139

Previous affecting provision: application of section restricted (28.11.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (Transitional) (No. 2) Regulations 2003 (S.I. No. 650 of 2003), regs. 3(1) and (5), commenced on enactment; superseded as per F-note above.

E140

Previous affecting provision: section inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003; substituted as per F-note above.

F247[Registrar to keep proper accounts.

33AF

33AF.(1) The Registrar shall keep accounting records that properly record and explain the Registrars transactions.

(2) The Registrar shall, as soon as practicable after the end of each financial year, provide the Bank with sufficient information about the financial affairs of the Registrar as will enable the Bank to comply with section 6H(2) for that year.

(3) The Registrar shall ensure that the accounting records kept under this section comply with any accounting standards notified to the Registrar in writing by the F248[Head of Financial Regulation].

(4) The Registrar is required to retain the accounting records for at least 6 years after the transactions to which they relate are completed.

(5) The Registrar is required to make the accounting records available at all reasonable times for inspection by any member of the F249[Commission].]

Annotations

Amendments:

F247

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F248

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 57, S.I. No. 469 of 2010.

F249

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 58, S.I. No. 469 of 2010.

PART IIIB.

Provisions Applicable to the Bank and its Constituent Parts]

Annotations

Amendments:

F250

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Annotations

Editorial Notes:

E141

Previous affecting provision: sanctions imposed under Part may be notified (14.01.2005) in accordance with European Communities (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005), reg. 27; revoked (1.10.2018) by European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018), reg. 60(1)(a), in effect as per reg. 1(2). However, reg. 60(2) provides that references to the 2005 Regulations have effect as references to the corresponding provision of the 2018 Regulations.

F250[ Superannuation schemes for the benefit of officers and employees of Bank and its constituent parts.

33AG

33AG.(1) This section applies to and in respect of the following persons:

(a) the Governor and former Governors;

F252[ (b) former Directors;

(ba) appointed members and former appointed members of the Commission;

(bb) ex-officio members of the Commission and former ex-officio members of the Commission;

(c) former members of the Regulatory Authority;

(ca) officers and former officers of the Bank;]

(d) employees and former employees of the Bank.

(2) The Bank may establish and operate one or more superannuation schemes under which superannuation benefits are payable on the retirement or death of persons to whom this section applies. However, such a scheme does not take effect until it has been approved by the Minister.

(3) A superannuation scheme established under this section is to be embodied in rules made by the Bank. Those rules must provide for the operation of the scheme and, in particular, for

(a) the making of contributions (including contributions by the Bank) towards the superannuation benefits to be paid under the scheme, and

(b) the payment of those benefits to or in respect of persons to whom this section applies.

(4) As soon as practicable after establishing a superannuation scheme or superannuation schemes under this section, the Bank shall establish a trust fund for holding contributions made to the scheme or to each of those schemes and for the payment of superannuation benefits under the scheme or schemes. However, if the Bank establishes two or more such superannuation schemes, a single trust fund may be established in respect of all or a group of those schemes.

(5) As soon as practicable after establishing a trust fund under this section, the Bank shall appoint two or more trustees to hold and operate the trust fund.

(6) The trustees of the trust fund relating to a superannuation scheme established under this section shall, from that fund, pay to or in respect of persons to whom this section applies on their retirement or death the appropriate superannuation benefits under the scheme.

(7) The Bank shall arrange for all rules made under this section to be laid before each House of the Oireachtas as soon as practicable after they are made. If either House, within the 21 days on which it has sat after the rules are laid before it, passes a resolution annulling the rules, the rules are accordingly annulled, but without affecting the validity of anything previously done under them.

(8) In this section

"retirement", in relation to a person referred to in F253[paragraph (a), (b), (ba) or (c) of subsection (1),] includes not being re-appointed after the end of the persons term of office;

"superannuation benefit" means a superannuation benefit payable to or in respect of a person to whom this section applies or, where such a person has died, to the spouse F254[or civil partner within the meaning of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010] or a child of that person, and includes a pension, a retirement allowance and a gratuity.]

Annotations

Amendments:

F251

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F252

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 59, S.I. No. 469 of 2010.

F253

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 60, S.I. No. 469 of 2010.

F254

Inserted (1.01.2011) by Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010), s. 99(2) and sch., pt. 2, item 10, S.I. No. 648 of 2010.

Editorial Notes:

E142

Power pursuant to section exercised (1.10.2008) by Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008 (S.I. No. 99 of 2008).

F255[Special provisions for superannuation schemes established under Currency Act 1927 and Central Bank Act 1989.

33AH

33AH.(1) Despite the repeal of the Currency Act 1927 and section 15 of the Central Bank Act 1989, the following schemes continue to have effect:

(a) any scheme operating under section 31(4) of the Currency Act 1927, immediately before the commencement of this section;

(b) any scheme operating under section 15 of the Central Bank Act 1989, immediately before that commencement.

(2) A scheme continued by this section is taken to be rules for the purposes of the Interpretation Act 1937.

(3) The Bank may, with the approval of the Minister, merge with a superannuation scheme established under section 33AG a scheme continued by this section. However, the Minister may give that approval only if satisfied that the persons who have accrued rights under the scheme continued by this section will have benefits under the merged scheme that are no less favourable than those under the scheme so continued.

(4) The Bank may take such action as is necessary to effect a merger under subsection (3).]

Annotations

Amendments:

F255

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

Editorial Notes:

E143

Power pursuant to section exercised (1.10.2008) by Central Bank and Financial Services Authority of Ireland Superannuation Scheme 2008 (S.I. No. 99 of 2008).

F256[Provisions applicable to superannuation schemes established under section 33AG or continued under section 33AH.

33AI

33AI.(1) If the Revenue Commissioners so determine, a superannuation scheme established under section 33AG or continued under section 33AH is an exempt approved scheme for the purposes of Chapter 1 of Part 30 of the Taxes Consolidation Act 1997.

(2) The Minister may determine a trust fund established for the purposes of a superannuation scheme established under section 33AG or continued under section 33AH to be public funds for the purposes of the Superannuation Act 1892.

(3) Section 30 of the Pensions (Increase) Act 1964, applies to a superannuation scheme established under section 33AG or continued under section 33AH.

(4) A superannuation benefit is not payable under a superannuation scheme established under section 33AG or continued under section 33AH if the benefit relates to the same period of service as that in respect of which a superannuation benefit has been paid under another such scheme.

(5) For the purposes of this section, "superannuation benefit" has the same meaning as in section 33AG.]

Annotations

Amendments:

F256

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F257[Bank and associates not liable for certain acts and omissions.

33AJ

33AJ.(1) This section applies to the following persons:

(a) the Bank;

F258[(b) the Governor;

(ba) the Heads of Function;

(bb) the Secretary General of the Department of Finance, in his or her capacity as an ex-officio member of the Commission;

(bc) the appointed members of the Commission;]

(c) the Registrar of Credit Unions;

(d) the Registrar of the Appeals Tribunal;

(e) employees of the Bank;

(f) agents of the Bank F259[].

(2) A person to whom this section applies is not liable for damages for anything done or omitted in the performance or purported performance or exercise of any of its functions or powers, unless it is proved that the act or omission was in bad faith.

(3) The fact that the Bank has authorised or revoked the authorisation, or regulates the activities, of a person, under any of its functions is not a warranty by the Bank as to the persons solvency or performance.

(4) The fact that the Bank in performing any of its functions

(a) has approved or revoked the approval, or regulates the affairs or activities, of a stock exchange or a financial futures and options exchange, or

(b) has approved, amended, revoked or imposed rules, or has consented or refused to consent to amendments of rules,

is not a warranty by the Bank as to the solvency or performance of the exchange or any member of the exchange.

(5) Neither the State nor the Bank is liable for losses incurred because of the insolvency, default or performance of a person or body referred to in subsection (3) or (4).

(6) Nothing in subsections (3) to (5) limits the effect of subsection (2).

F260[(7) In this section, "agent" includes a person appointed or authorised by the Bank, the Governor or the F261[Head of Financial Regulation] to perform any function or exercise a power under the Central Bank Acts or any other enactment.]]

Annotations

Amendments:

F257

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3.

F258

Substituted and inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 61, S.I. No. 469 of 2010.

F259

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 62, S.I. No. 469 of 2010.

F260

Substituted (6.07.2005) by Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005), s. 35, S.I. No. 323 of 2005.

F261

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, pt. 1, item 63, S.I. No. 469 of 2010.

Modifications (not altering text):

C23

Liability of Bank excluded (21.07.2019) by European Union (Prospectus) Regulations 2019 (S.I. No. 380 of 2019), reg. 6, in effect as per reg. 1(2).

Liability of Bank and other bodies

6. Without prejudice to the generality of section 33AJ of the Act of 1942, approval of a prospectus by the Bank shall not be deemed to be or construed as a representation or warranty as to the solvency or credit-worthiness of the issuer of the prospectus or the truth or accuracy of the contents of the prospectus.

F262[Disclosure of information.

33AK

F263[33AK.(1) This subsection applies to the following persons:

(a) the Governor and every former Governor;

(b) every former Director of the Central Bank and Financial Services Authority of Ireland;

(c) every former member of the Irish Financial Services Regulatory Authority;

(d) every member and every former member of the Commission;

(e) every Head of Function and every former Head of Function;

(f) the Registrar of Credit Unions and every former Registrar of Credit Unions;

(g) every other officer or employee and every other former officer or employee of the Bank;

(h) every person who is or was formerly employed as a consultant, auditor or in any other capacity by the Bank F264[or is or was an agent engaged by the Bank];

(i) every person to whom this subsection (as in force immediately before the amendment of this section by the Central Bank Reform Act 2010) applied immediately before that coming into operation.

(1A) A person to whom subsection (1) applies shall not disclose confidential information concerning

(a) the business of any person or body whether corporate or incorporate that has come to the persons knowledge through the persons office or employment with the Bank, or

(b) any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers,

if such disclosure is prohibited by the Rome Treaty, the ESCB Statute or the F265[supervisory EU legal acts].]

(2)  (a) If requested by the Bank, the directors or those charged with the direction of a supervised entity shall, in accordance with paragraph (b), inform the Bank on the extent of any disclosure duly made by or on behalf of them or the entity to any authority, whether within the State or otherwise.

(b) Where a request is made under paragraph (a), the directors or those charged with the direction of a supervised entity shall give to the Bank all the information so requested that is in their possession or under their control, within

(i) 30 days of receipt of the request, or

(ii) such longer period as the Bank may allow when making the request or subsequently.

(c) In responding to a request for information under this subsection, the directors or those charged with the direction of the supervised entity concerned shall exercise due diligence and shall not, by any act or omission, give or cause to be given to the Bank false or misleading information.

(3)  (a) Subject to F266[subsection (1A)] and paragraph (b), the Bank shall report, as appropriate, to

(i) the Garda Síochána, or

(ii) the Revenue Commissioners, or

(iii) the Director of Corporate Enforcement, or

(iv) the Competition Authority, or

F267[(iva) F268[]]

(v) any other body, whether within the State or otherwise, charged with the detection or investigation of a criminal offence, or

(vi) any other body charged with the detection or investigation of a contravention of

(I) the Companies Acts 1963 to 2001, or

(II) the Competition Act 2002, or in so far as any commencement order under that Act does not relate to the repeal of provisions of the Competition Acts 1991 and 1996, which would otherwise be subsisting those Acts,

F269[or

(III) the Irish Collective Asset-management Vehicles Act 2015,]

any information relevant to that body that leads the Bank to suspect that

(A) a criminal offence may have been committed by a supervised entity, or

(B) a supervised entity may have contravened a provision of an Act to which subparagraph (vi) relates.

F266[(b) Paragraph (a) does not apply

(i) where the Bank is satisfied that the supervised entity has already reported the information concerned to the relevant body, or

(ii) where the information concerned has come into the possession of, or to the knowledge of the Bank, from an authority, in a jurisdiction other than that of the State, duly authorised to exercise functions similar to any one or more of the statutory functions of the Bank.]

(c) Information contained in a report under paragraph (a) may only be used by the body to which it is addressed for the purposes of

(i) the detection or investigation of a contravention of a provision of an Act to which paragraph (a)(vi) relates, or

(ii) any investigation which may lead to a prosecution for a criminal offence and any prosecution for the alleged offence.

F270[(3A) Where a provision of any of the F265[supervisory EU legal acts], or of any of the following Regulations of the European Parliament and of the Council, requires or permits the Bank to report information to a supervisory body established by that Regulation, the Bank may do so:

(a) Regulation (EU) No. 1092/2010 of 24 November 20102;

(b) Regulation (EU) No. 1093/2010 of 24 November 20102;

(c) Regulation (EU) No. 1094/2010 of 24 November 20104;

(d) Regulation (EU) No. 1095/2010 of 24 November 20105.]

(4) (a) In relation to a supervised entity, where the Bank identifies information

(i) which it believes is or is likely to be material to an authority concerned with the enforcement of any law, and

(ii) which it believes it is unable, due to the provisions of F266[subsection (1A)] F271[or (5B)], to disclose to that authority, and

(iii) in respect of which it is not satisfied that the information has been disclosed to that authority by the directors, or those charged with the direction, of the supervised entity,

then, the Bank shall issue to the directors or others duly charged with the direction of the supervised entity a document, to be known as a Disclosure Issue Notice, and the notice shall

(I) specify the name of the authority concerned, and

(II) identify the information that the Bank has identified as causing it to issue the Disclosure Issue Notice.

(b) The Bank shall advise the authority concerned when a Disclosure Issue Notice is issued.

(c) Where a Disclosure Issue Notice is issued in respect of a company to which section 158 of the Companies Act 1963 applies (which relates to the directors report), the directors report shall comply with subsection (6B) of that section.

(5) Subject to F266[subsection (1A)], the Bank may disclose confidential information

(a) required for the purposes of criminal proceedings, or

(b) with the consent of the person to whom the information relates and, if the information was obtained from another person, that other person, or

(c) where the Bank is or was the agent of a person made to the person as the persons agent, or

(d) to an authority in a jurisdiction other than that of the State duly authorised to exercise functions similar to any one or more of the statutory functions of the Bank and which has obligations in respect of nondisclosure of information similar to the obligations imposed on the Bank under this section, or

(e) to any institution of the European Community because of the States membership of the Community, or to the European Central Bank for the purpose of complying with the Rome Treaty or the ESCB Statute, or

(f) to an approved stock exchange, within the meaning of the Stock Exchange Act 1995

(i) in respect of member firms of the exchange for the purpose of monitoring compliance by member firms with stock exchange rules or with conditions or requirements imposed by the Bank, or with both, or

(ii) where the Bank considers it necessary to do so, either for the proper and orderly regulation of stock exchanges and their member firms or for the protection of investors, or for both, or

(g) to a financial futures and options exchange, within the meaning of section 97 of the Central Bank Act 1989, whose rules have been approved by the Bank under Chapter VIII of the Central Bank Act 1989

(i) for the purpose of monitoring compliance by the members of that exchange with those rules or with conditions or requirements imposed by the Bank, or with both, or

(ii) where the Bank considers it necessary to do so for the proper and orderly regulation of futures and options exchanges and their members, or

(h) to

(i) an inspector appointed under the Companies Acts 1963 to 2001, or section 57 of the Stock Exchange Act 1995, or

(ii) a Committee appointed under section 65 of the Stock Exchange Act 1995, or

(i) to a body that is a competent authority for the purpose of Council Directive 93/22/EEC of 10 May 1993 or Council Directive 93/6/EEC of 15 March 1993, or

(j) to an approved professional body

(i) for the purpose of monitoring compliance by investment business firms with rules or with conditions or requirements imposed by the Bank, or

(ii) where the Bank considers it necessary to do so for the proper and orderly regulation of investment business firms, or

(k) to

(i) a Committee appointed under section 74 of the Investment Intermediaries Act 1995, or

(ii) a person nominated or approved of by a supervisory authority in accordance with section 51(2) of that Act, or

(iii) an inspector appointed by the Court under Part VIII of that Act, or

(l) to a product producer in respect of investment business services or investment advice provided by a restricted activity investment product intermediary who holds an appointment in writing from the producer under section 27 of the Investment Intermediaries Act 1995, or

(m) to an officer of statistics (as defined by section 20 of the Statistics Act 1993) in connection with the collection, compilation, analysis or interpretation of data relating to balance of payments, national accounts or any other financial statistics prepared for those purposes, or

(n) F272[]

(o) to the Comptroller and Auditor General that is required for the performance of that officers functions or to a person employed in the Office of the Comptroller and Auditor General, or

(p) to an auditor to whom F273[subsections (3) and (4) of section 32I apply], or

(q) to the Minister for the Environment and Local Government in connection with that Ministers functions under the national housing programme with respect to a mortgage lender, or

(r) to the Investor Compensation Company Limited, or to a subsidiary of that company established by the Bank in order to provide administrative services to that company, or

(s) for the purposes of the hearing of an appeal by the Appeals Tribunal, or

(t) for the purpose of complying with a requirement imposed under section 33AM or by or under any other law, or

(u) where the Bank is in receipt of information from an authority in a jurisdiction other than the State duly authorised to exercise functions similar to one or more of the statutory functions of the Bank, made with the permission of that authority, or

(v) to a liquidator, examiner, receiver or any other person or body involved in the liquidation or bankruptcy of a supervised entity in relation to that entity, in accordance with the F265[supervisory EU legal acts], where applicable, or

(w) to the auditor of a supervised entity in relation to that entity, in accordance with the F265[supervisory EU legal acts], where applicable, or

(x) to any body established under law for the purposes of overseeing auditors, in accordance with the terms of the F265[supervisory EU legal acts], where applicable, or

(y) to the Director of Corporate Enforcement for the purpose of any investigation under Part II (as amended) of the Companies Act 1990, or to an officer of the Director for the purposes of the Directors functions and in accordance with the terms of the F265[supervisory EU legal acts], where applicable, or

F274[(z) to

(i) the Minister, in accordance with the provisions of the F265[supervisory EU legal acts] in relation to the Ministers responsibility for policy on the supervision of supervised entities,

(ii) authorities in other Member States with responsibilities corresponding to that of the Minister referred to in subparagraph (i), or

(iii) where the Bank is the chair of a college of supervisors established under Regulation 11A of the European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 (S.I. No. 475 of 2009), to the Committee of European Banking Supervisors,

(za) to an inspector appointed by the Minister and acting on the Ministers behalf,

or]

(aa) in accordance with Article 25(7) of Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field, to a body which has the function of providing clearing or settlement services for one of the States markets where necessary for the performance of its functions, or

(ab) in accordance with the terms of Council Directive 92/49/EEC of 18 June 1992 in respect of insurance undertakings, to bodies which administer compulsory winding up proceedings or guarantee funds, where necessary for the performance of their functions, or

(ac) in accordance with the terms of Council Directive 92/96/EEC of 10 November 1992 in respect of assurance undertakings, to bodies which administer compulsory winding up proceedings or guarantee funds, where necessary for the performance of their functions, or

(ad) to the Pensions Board that is required for the performance of its functions, or

(ae) in summary or collective form, such that individual persons or bodies cannot be identified, in legal proceedings where a supervised entity has been declared bankrupt or is being compulsorily wound up, but only if the information disclosed does not concern the business of any person or body which, to the knowledge of the Bank, may be, or has been involved in attempts to rescue that supervised entity at any stage, or

(af) if the Bank is satisfied that the disclosure is necessary to protect consumers of relevant financial services or to safeguard the interests of the Bank, or

(ag) if the disclosure arises in relation to

(i) the operations of the Bank in any financial market, or

(ii) the issue by the Bank or the European Central Bank of legal tender, or

(iii) the pursuit by the Bank of the objectives set out in section 6A of the Central Bank Act 1942, or

(ah) to a Tribunal of Inquiry established under the Tribunals of Inquiry (Evidence) Acts 1921 to 2002, or

F275[ (aha) to any Commission of Investigation established under the Commissions of Investigation Act 2004, or]

F276[(ahb) to a Joint Committee of the Houses of the Oireachtas that is conducting an inquiry, being an inquiry

(i) that is a Part 2 inquiry (within the meaning of the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013), and

(ii) in respect of which a terms of reference resolution under section 13 of that Act was passed by Dáil Éireann and Seanad Éireann on the 25th day and 26th day, respectively, of November, 2014,

provided the disclosure to that Committee occurs after the making of the rules and standing orders referred to in subsection (6A),]

(ai) to the Revenue Commissioners in relation to their functions in a manner such that no supervised entity can be identified, or

(aj) to the Registrar of Friendly Societies that is required for the performance of the Registrars F277[functions, or]

F278[(aja) to the Credit Union Restructuring Board that is required for the performance of that Boards functions, ]

F279[(ak) to the F280[Financial Services and Pensions Ombudsman] that is required for the performance of that Ombudsmans F281[functions, or]]

F282[F283[(al) to the Competition and Consumer Protection Commission, if the confidential information is required for the performance of the Commissions functions, or]]

F284[ (am) to a deposit guarantee scheme established in accordance with Directive 94/19/EC of the European Parliament and of the Council of 30 May 19942, or

(an) to a body or authority that is a competent authority for the purposes of a Regulation of the European Union or European Communities, or a law of the State implementing such a Regulation, that imposes restrictive measures within the framework of the EU Common Foreign and Security Policy, or

(ao) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Credit Institutions (Stabilisation) Act F285[2010, or]]

F286[(ap) for any purpose connected with the functions of the Bank, the Minister, the Governor or the Head of Financial Regulation or a special manager under the Central Bank and Credit Institutions (Resolution) Act 2011, or

(aq) to authorities or bodies charged with responsibility for maintaining the stability of the financial system in Member States through the use of macroprudential rules, or

(ar) to reorganisation bodies or authorities aiming at protecting the stability of the financial system, or

F287[F288[(as) for the purposes of contractual or institutional protection schemes as referred to in Article 113(7) of the Capital Requirements Regulation, or]

(at) for any purpose connected with the functions of the Bank under Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 20127, or

(au) to the Information Commissioner that is required for the performance of that Commissioners functions under the Freedom of Information Act 2014, or

F289[(av) to the ECB or a national competent authority in accordance with the SSM Regulation or the SSM Framework Regulation, or

F290[(aw) for any purpose connected to the functions of the Bank as a competent authority or resolution authority under Directive 2014/59/EU of the European Parliament and of the Council of 15 May 20144, or]]]]

F291[(ax) to independent actuaries of insurance undertakings and reinsurance undertakings (within the meaning of the European Union (Insurance and Reinsurance) Regulations 2015) carrying out legal supervision of those entities and the bodies responsible for overseeing such F292[actuaries, or]]

F293[(ay) in accordance with the SRM Regulation, to

(i) the SRB,

(ii) national resolution authorities in other Member States,

(iii) the Commission,

(iv) the Council,

(v) the ECB, or

(vi) competent authorities in F292[other Member States, or]]

F294[(az) to the Workplace Relations Commission in accordance with Part 3 of the European Communities (Market Abuse) Regulations 2016 F295[(S.I. No. 349 of 2016), or]]

F296[(ba) to the Data Protection Commission that is required for the performance of that Commissions functions under the Data Protection Regulation or the Data Protection Acts F297[1988 to 2018, or]]

F298[(bb) to financial intelligence units (within the meaning of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 201520 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 201821 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU).]

F271[(5A) Subsection (5) shall not apply to confidential information received by the Bank in the performance of its functions as a competent authority designated as such for the purposes of the Payment Services Directive.

(5B) A person to whom subsection (1) applies shall not disclose confidential information concerning

(a) the business of any person or body whether corporate or incorporate that has come to the persons knowledge through the persons office or employment with the Bank, or

(b) any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers,

if such disclosure is required to be prohibited by the Payment Services Directive.

(5C) Subject to subsection (5B), the Bank may disclose confidential information received by it in the performance of its functions as a competent authority (so designated for the purposes of the Payment Services Directive)

(a) to a public authority or body designated by another Member State as the competent authority for the purposes of the Payment Services Directive,

(b) to the European Central Bank and the central banks of other Member States, in their capacity as monetary and oversight authorities, and, where appropriate, other public authorities responsible for overseeing payment and settlement systems,

(c) to the European Banking Authority, in its capacity of contributing to the consistent and coherent functioning of supervising mechanisms (as referred to in point (a) of Article 1(5) of Regulation (EU) No 1093/2010 of 24 November 201028),

(d) to the relevant authorities of other Member States designated under laws giving effect to the Payment Services Directive, Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 201529 and other Acts of the European Union applicable to payment service providers (including Acts applicable to the protection of individuals with regard to the processing of personal data and to money laundering and terrorist financing),

(e) to authorities entrusted with the public duty of supervising other financial sector entities and the authorities responsible for the supervision of financial markets,

(f) to authorities or bodies charged with responsibility for maintaining the stability of the financial system in Member States through the use of macroprudential rules,

(g) to reorganisation bodies or authorities aiming at protecting the stability of the financial system,

(h) to bodies involved in the liquidation and bankruptcy of institutions and in other similar procedures,

(i) to the persons responsible for carrying out statutory audits of the accounts of institutions, insurance undertakings and financial institutions,

(j) to the ESCB central banks and other bodies with a similar function in their capacity as monetary authorities when the information is relevant for the exercise of their respective statutory tasks,

F288[(k) to contractual or institutional protection schemes as referred to in Article 113(7) of the Capital Requirements Regulation]

(l) where appropriate, to other public authorities responsible for overseeing payment systems,

(m) to the European Systemic Risk Board, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, where that information is relevant for the exercise of their functions under Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 201031, Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 201032 or Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 201033, as the case may be,

(n) to a clearing house or other similar body recognised under Irish law for the provision of clearing or settlement services where that information is necessary in order to ensure the proper functioning of those bodies in relation to defaults or potential defaults by market participants,

(o) to a liquidator, examiner, receiver or any other person or body involved in the liquidation or bankruptcy of a supervised entity in relation to that entity,

(p) to the Minister for Housing, Planning and Local Government in connection with that Ministers functions under the national housing programme with respect to a mortgage lender,

(q) to

(i) the Minister, in accordance with the provisions of the Payment Services Directive in relation to the Ministers responsibility for policy on the supervision of supervised entities,

(ii) authorities in other Member States with responsibilities corresponding to that of the Minister referred to in subparagraph (i), or

(iii) where the Bank is the chair of a college of supervisors established under Regulation 104 of the European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), to the Committee of European Banking Supervisors,

(r) to an inspector appointed by the Minister and acting on the Ministers behalf,

(s) where the information is required for the purposes of criminal proceedings, or

(t) with the consent of the person to whom the information relates and, if the information was obtained from another person, that other person.

(5D) Where confidential information has been received from an authority designated as a competent authority for the purposes of the Payment Services Directive in another Member State, the Bank shall only disclose such confidential information pursuant to subsection (5C)(h), (i) or (k) in accordance with the express consent of that authority.

(5E) In subsections (5A), (5B), (5C) and (5D), Payment Services Directive means Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 201534.

(5F) Subsections (5A), (5B), (5C) and (5D) shall apply to confidential information received in connection with the operation of the European Communities (Electronic Money) Regulations 2011, subject to the modification that a reference to the Payment Services Directive shall be construed as a reference to Directive 2009/110/EC of the European Parliament and of the Council of 16 September 200935.]

(6) Any person or entity to whom confidential information is provided under subsection (3)(a) or (5) shall comply with the provisions on professional secrecy in the F265[supervisory EU legal acts] F276[and in the ESCB Statute] in holding and dealing with information provided to them by the Bank.

F276[(6A) Any member of either House of the Oireachtas to whom confidential information is provided under subsection (5) and who fails to comply with the provisions of professional secrecy referred to in subsection (6) in respect of that information may be subject to the sanction of the House of which the person is a member in accordance with rules and standing orders made by that House.]

F271[(6B) Any person or entity to whom confidential information is provided under subsection (5C) shall, when holding and dealing with that information, ensure its confidentiality.]

(7) The Bank may, for the purposes of subsection (5)(d) or otherwise, require from a supervised entity any information for the purposes of the Bank assisting an authority to which that subsection relates, but the Bank may only require such information where the information requested is, in the opinion of the Bank, to assist the authority in the carrying out of its regulatory functions.

(8) A person who

(a) contravenes F266[subsection (1A)] F271[or (5B)], or

(b) contravenes paragraph (a) or (c) of subsection (2), or

(c) fails to comply with section 158(6B) of the Companies Act 1963, for the purpose of a Disclosure Issue Notice issued under subsection (4),

commits an offence and is liable

(i) on conviction on indictment to a fine not exceeding 30,000 or to imprisonment for a term not exceeding 5 years, or both, or

(ii) on summary conviction to a fine not exceeding 3,000 or to imprisonment for a term not exceeding 12 months, or both.

(9) Notwithstanding anything to the contrary provided for by or under any enactment, where in the opinion of the Revenue Commissioners, or such officer or officers of the Commissioners as they may from time to time designate for this purpose, there is information which may relate to

(a) the commission of an offence, or

(b) a failure to comply with an obligation,

under the designated enactments or the designated statutory instruments, then the Commissioners or that officer shall disclose the information to the Bank.

(10) In this section

"approved professional body" has the meaning given by section 55 of the Investment Intermediaries Act 1995;

F296["Data Protection Regulation" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 201612 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation);]

"product producer" has the meaning given by section 2 of the Investment Intermediaries Act 1995;