Central Bank Act 1942
F448[Power of F449[Bank] to resolve suspected contraventions, etc.
33AV.—F450[(1) If the Bank suspects on reasonable grounds that—
(a) a person is committing or has committed a prescribed contravention, or
(b) a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention by a regulated financial service provider,
it may, except where the person acknowledges the commission of or participation in the prescribed contravention, enter into an agreement under this section in writing with the 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 F449[Bank] and F451[the person] concerned. Those terms may include terms under which F451[the person] accepts the imposition of sanctions of the kind referred to in section 33AQ.
(3) The F449[Bank] may enter into an agreement under this section—
(a) without having held an inquiry into the matter under section 33AO F452[…], or
(b) after beginning (but not after completing) such an inquiry.
F453[(3A) Subject to subsection (4), where F454[the person] 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).]
F453[(3B) If satisfied on application to it under subsection (3A) that F454[the 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 F454[the person] to comply with those terms or that term, as the case may be.]
(4) The F449[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:
F448
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.
F449
Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(2)(a), S.I. No. 469 of 2010.
F450
Substituted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 52(a), S.I. No. 176 of 2023.
F451
Substituted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 52(b)(i), (ii), S.I. No. 176 of 2023.
F452
Deleted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 52(c), S.I. No. 176 of 2023.
F453
Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 69, S.I. No. 287 of 2013.
F454
Substituted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 52(d), (e)(i), (ii), S.I. No. 176 of 2023.
Editorial Notes:
E204
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.
E205
Previous affecting provision: subs. (1) amended (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(2)(a), S.I. No. 469 of 2010; substituted as per F-note above.