Central Bank Act 1942

F390[Power of F391[Bank] to resolve suspected contraventions, etc.

33AV

33AV.(1) If the F391[Bank] suspects on reasonable grounds that

(a) a regulated financial service provider is committing or has committed a prescribed contravention, or

(b) a person concerned in the management of the financial service provider is participating or has participated in such a contravention,

it may enter into an agreement in writing with the financial service provider or person to resolve the matter.

(2) Such an agreement is to be on such terms as are specified in the agreement and is binding on the F391[Bank] and the financial service provider or person concerned. Those terms may include terms under which that financial service provider or person accepts the imposition of sanctions of the kind referred to in section 33AQ.

(3) The F391[Bank] may enter into an agreement under this section

(a) without having held an inquiry into the matter under section 33AO or 33AR, or

(b) after beginning (but not after completing) such an inquiry.

F392[(3A) Subject to subsection (4), where the regulated financial service provider or person concerned in the management of the financial service provider with whom the Bank has entered into an agreement under this section fails to comply with any of the terms of the agreement, the Bank may apply to the High Court for an order under subsection (3B).]

F392[(3B) If satisfied on application to it under subsection (3A) that the regulated financial service provider or person concerned has failed to comply with any of the terms of the agreement under this section, the High Court may make an order requiring that regulated financial service provider or person to comply with those terms or that term, as the case may be.]

(4) The F391[Bank] may, by proceedings brought in a court of competent jurisdiction, recover as a debt due to the Bank the amount of any amount agreed to be paid under an agreement entered into under this section.]

Annotations

Amendments:

F390

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10, S.I. No. 455 of 2004, subject to transitional provisions in s. 35 and sch. 5.

F391

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(2)(a), S.I. No. 469 of 2010.

F392

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 69, S.I. No. 287 of 2013.

Editorial Notes:

E181

Decision under section may be subject to restitution order as provided (1.0.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 54(1)(a), S.I. No. 287 of 2013.