Central Bank Act 1942

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.