Central Bank Act 1942
F443[When decisions of the F444[Bank] under this Part take effect.
F445[33AW.— (1) In this section—
(a) an "inquiry decision" means any of the following:
(i) a finding made by the Bank under section 33AQ(1) or (2);
(ii) a decision of the Bank imposing a sanction under section 33AQ;
(iii) a decision of the Bank imposing a sanction under section 33AR(2)(b) or (4)(b),
(b) an "appeal decision" means a decision of the Appeals Tribunal affirming or varying, or made in substitution for, an inquiry decision.
(2) An inquiry decision is an appealable decision for the purposes of Part VIIA.
(3) An appeal under Part VIIA against an inquiry decision may be made only on one or more of the following grounds:
(a) any ground that could, but for section 33BF, be relied on in an application seeking judicial review of the inquiry decision;
(b) so far as it is not within paragraph (a), the ground that any sanction imposed is not proportionate.
(4) An inquiry decision and an appeal decision do not take effect unless confirmed by the High Court on an application under this section.
(a) a person who is the subject of an inquiry decision does not, under Part VIIA, appeal against that decision within the period required by that Part,
(b) an appeal under Part VIIA against an inquiry decision is withdrawn, or
(c) the Appeals Tribunal makes an appeal decision,
the Bank shall, as soon as practicable, make an application to the High Court for confirmation of the inquiry decision or appeal decision, as the case may be.
(6) On an application under subsection (5), the High Court shall confirm the decision unless it is satisfied, on the basis of the evidence that was before the Bank or the Appeals Tribunal when making the decision—
(a) that the Bank or the Appeals Tribunal made an error of law which is—
(i) manifest from the record of the decision, and
(ii) fundamental so as to deprive the decision of its basis,
(b) that any sanction imposed is manifestly disproportionate.
(7) Where, on an application under subsection (5), the High Court does not confirm the decision, the Court may—
(a) substitute for the decision any appropriate decision that the Bank or the Appeals Tribunal, as the case may be, could have lawfully made in relation to the matter, or
(b) set aside the decision and remit the matter for reconsideration by the Bank or the Appeals Tribunal, as the case may be, together with any recommendation or direction of the Court as to what aspects of the matter should be reconsidered.
(8) An application under subsection (5) may be made on an ex parte basis provided that the person who is the subject of the decision informs the Bank in writing that the person agrees to the application being made ex parte.
(9) A decision confirmed by the High Court under this section, and a decision of the High Court made under subsection (7)(a) in substitution for a decision—
(a) takes effect on the day on which the Court’s decision is given or such later date as the Court may specify in its decision, and
(b) has effect as an order of the Court and may be enforced accordingly.]]
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.
Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(2)(a), S.I. No. 469 of 2010.
Substituted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 53, S.I. No. 176 of 2023, subject to transitional provisions in s. 94.
Previous affecting provision: subss. (1), (2), (4), (5) 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.