Central Bank Act 1942

F154[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) F155[For the purposes of subsection (2), the following periods 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.

F156[(3A) The cumulative term in office of a person appointed as a Head of Function after 11 January 2026 shall not exceed a period of 14 years and any term so served shall count towards determining that period for the purposes of this subsection.]

(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.]

F156[(8) Where a person ceases to hold office as a Head of Function for any of the reasons in specified in paragraphs (d), (e), (f), (g) or (i) of subsection (6), the reason for the cessation of that person’s office shall be made public unless he or she objects to the publication.]

Annotations

Amendments:

F154

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

F155

Substituted (10.07.2026) by European Union (Capital Requirements) (Amendment) Regulations 2026 (S.I. No. 326 of 2026), reg. 59(a)(i).

F156

Inserted (10.07.2026) by European Union (Capital Requirements) (Amendment) Regulations 2026 (S.I. No. 326 of 2026), reg. 59(a)(ii), (iii).