Central Bank Act 1942

F497[Performance and exercise of regulatory functions.

33BE

33BE.(1) Such officers and employees of the Bank and such suitably qualified persons as the Bank designates from time to time pursuant to subsection (2) are responsible for performing and exercising the functions and powers of the Bank under this Part.

(2) Without prejudice to the generality of subsection (1), the Bank may for the purposes of that subsection designate a person who is not an officer or employee of the Bank. A person so designated is an agent of the Bank for performing and exercising the functions and powers of the Bank under this Part or the part of those functions and powers for which the Bank designated him or her.]

F498[(3) In relation to an inquiry that the Bank holds or considers holding, the following functions or powers are restricted for the purposes of subsections (4) and (6):

(a) functions or powers under section 33AO(1) or (2) of deciding whether to hold the inquiry;

(b) functions or powers of the person presiding at the inquiry;

(c) functions or powers under subsection (1), (2), (3) or (5) of section 33AQ;

(d) functions or powers under subsection (2)(b) or (4)(b) of section 33AR of determining whether to impose a sanction or what sanction to impose.]

F498[(4) Functions or powers which are restricted under subsection (3) in relation to an inquiry that the Bank holds or considers holding shall not be performed or exercised by—

(a) where subsection (1) or (2) of section 33AO applies, a person involved in carrying out the investigation referred to in that subsection,

(b) where subsection (2)(b) or (4)(b) of section 33AR applies, a person involved in carrying out the investigation referred to in that section, or

(c) a person exercising the Bank’s power to decide to carry out the investigation referred to in paragraph (a) or (b).]

F498[(5) A person performing or exercising functions or powers under section 33AO(1) or (2) of deciding whether to hold an inquiry shall not be involved in making submissions, leading evidence or examining witnesses on behalf of the Bank at the inquiry.]

F498[(6) Functions or powers which are restricted under any of paragraphs (b) to (d) of subsection (3) in relation to an inquiry shall not be performed or exercised by a person involved in making submissions, leading evidence or examining witnesses on behalf of the Bank at the inquiry.]

F498[(7) Subject to subsections (4) and (6), the persons responsible for performing and exercising the functions of the Bank to preside at an inquiry and make findings under subsection (1), (2), (3) or (5) of section 33AQ or determinations under subsection (2)(b) or (4)(b) of section 33AR at the conclusion of the inquiry (referred to in this Chapter as "inquiry members") shall be appointed by the Bank from a panel established by the Minister under section 33BI.]

F498[(8) A person exercising the Bank’s power to decide to carry out an investigation referred to in section 33ANJ(1) shall not be involved in carrying out the investigation.]

F498[(9) Subsection (8) does not prevent the person referred to in that subsection from exercising functions, of management, advice or otherwise, that do not affect the independence of the investigation.]

Annotations

Amendments:

F497

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1, part 1, item 72, S.I. No. 469 of 2010.

F498

Inserted (19.04.2023) by Central Bank (Individual Accountability Framework) Act 2023 (5/2023), s. 66, S.I. No. 176 of 2023, subject to transitional provisions in s. 96.

Editorial Notes:

E209

Previous affecting provision: section 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; substituted as per F-note above.