Central Bank Act 1942

F133[Responsibilities and powers of the Governor.


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.

F134[(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.]




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.


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