Central Bank Act 1971

Restriction on advertising for deposits.

27

27.— F111[(1) Subject to subsection (2) of this section, a person shall not advertise for or otherwise solicit deposits or other repayable funds from the public on his own behalf or on behalf of any other person.

(2) F112[Subsection (1) of this section does not apply to advertising for or otherwise soliciting deposits or other repayable funds from the public

(a) by the holder of a licence F113[or authorisation under section 9A], the Bank, or a person to whom, because of subsection (4) of section 7 of this Act, subsection (1) of that section does not apply, or

(b) by a person to whom, because of section 8(2) of this Act, section 7(1) of this Act does not apply, or

(c) by a person authorised to carry on business in the State by the F114[European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)], or

(d) by a person on behalf of a person referred to in paragraph (a), (b) or (c) of this subsection.]

(3) If an advertisement or other solicitation for deposits or other repayable funds from the public is published and it does not include the name and address of the person who arranged with the publisher for the advertisement or solicitation, then the Bank may, at any time within the period of twelve months after any publication of the advertisement, request the publisher to supply the name and address of that person to the Bank and the publisher shall forthwith comply with that request.

(4) In this section “deposits or other repayable funds from the public” does not include the acceptance of a sum or sums of money excluded from the definition of banking business under section 2 of the Act of 1971.

(5) Reference in this section or section 58(3) of this Act (as amended by section 9 of the Act of 1989) to the solicitation of deposits F115[or other repayable funds], however expressed, includes every form of solicitation for deposits F115[or other repayable funds]including, in particular, the display or publication of any such matter by way of notice, leaflet, circular, pamphlet, brochure, photograph, film, video, sound broadcasting, television, electronic communication or personal canvassing.]

Annotations

Amendments:

F111

Substituted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 70(e), S.I. No. 150 of 1997.

F112

Substituted (1.07.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 part 4 para. 8(a), S.I. No. 455 of 2004.

F113

Inserted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5(1) and sch. 2 part 2 item 13, S.I. No. 287 of 2013.

F114

Substituted (31.03.2014) by European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014), reg. 154(1)(i).

F115

Inserted (1.07.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 part 4 para. 8(b), S.I. No. 455 of 2004.

Editorial Notes:

E64

Previous affecting provision: subs. (2)(aa) inserted and subs. (2)(b) amended (1.01.1993) by European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992), reg. 39(c), in effect as per reg. 1(2); section substituted (9.04.1997) as per F-note above.

E65

Previous affecting provision: subs. (2A) inserted and subs. (3) substituted (12.07.1989) by Central Bank Act 1989 (16/1989), s. 43; section substituted (9.04.1997) as per F-note above.