C6

Application of subs. (1) restricted (28.07.2014) by Strategic Banking Corporation of Ireland Act 2014 (22/2014), s. 5(6), S.I. No. 359 of 2014.

Formation of Strategic Banking Corporation of Ireland

5. …

(6) Sections 7(1), 8 and 15 of the Central Bank Act 1971 do not apply to the SBCI or a person who acts on behalf of the SBCI.

C7

Certain financial institutions not specified (1.11.2007) by Data Protection Act 1988 (Section 16(1)) Regulations 2007 (S.I. No. 657 of 2007), reg. 4(a), see also reg. 4(h) in relation to data processor, in effect as per reg. 1(2).

Data controllers and data processors to whom Regulation 3 does not apply.

4. The following categories of data controller and data processor are not specified for the purposes of section 16(1) (inserted by section 16 of the Act of 2003) of the Principal Act even if such a data controller or data processor falls under any one or more of paragraphs (a) to (k) of Regulation 3(1):

(a) a data controller, being a financial institution, other than an institution referred to in paragraphs (a) and (f) of section 7(4) (inserted by section 33 of, and Part 4 of Schedule 3 to, the Central Bank and Financial Services Authority Act 2004 (No. 21 of 2004)) of the Central Bank Act 1971 (No. 24 of 1971);

...

C8

Application of subs. (4) restricted (1.11.2007) by European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007), reg. 169(3)(b), in effect as per reg. 1(2).

Powers of inspection

169. …

(3) If an inspector has reasonable grounds for believing that a director or past director or employee or past employee or agent or past agent or shareholder or past shareholder of the investment firm or regulated market or of any other person mentioned in paragraph (1) of this Regulation whose affairs the inspector is investigating, maintains or has maintained, either at that time or at any time in the past, an account of any description in a credit institution or an account with any other financial institution, including holdings of investment instruments, whether alone or jointly with another person and whether in the State or elsewhere, into or out of which there has been paid—

(a) any money which has resulted from or been used in the financing of any transaction, arrangement or agreement relating to the business of the investment firm or market operator or relating to client money or investment instruments, or

(b) any money which has been in any way connected with any act or omission, or series of acts or omissions, which on the part of that director or employee or agent constituted misconduct (whether fraudulent or not) towards the investment firm or market operator or the firm's or market operator's shareholders or any client or creditor of the firm or market operator,

the inspector may require the director or past director or officer or past officer or employee or past employee or agent or past agent or shareholder or past shareholder or other person mentioned in paragraph (1) of this Regulation to produce to the inspector all documents in the director's employee's or agent's possession, or under the director's, employee's or agent's control, relating to that account and in this paragraph “credit institution account” includes an account with any person exempt by virtue of section 7(4) of the Central Bank Act, 1971, from the requirement of holding a licence granted under section 9 of that Act.

C9

Application of subs. (1) restricted (20.04.2001) by Trustee Savings Banks Act 1989 (Section 57) (TSB Bank) Order 2001 (S.I. No. 175 of 2001), art. 3(9)(a).

AUTHORISATION OF REORGANISATION OF TSB BANK INTO THE TRANSFEREE

3. …

(9) With effect from the reorganisation of TSB Bank into the transferee under paragraph (1) and until the reorganisation of the transferee into the holding company under Article 4(1)—

(a) section 7(1) of the Central Bank Act, 1971, shall not apply in relation to the transferee; and

(b) all of the supervisory provisions of—

(i) Part II of the Central Bank Act, 1971 (No. 24 of 1971), and

(ii) Chapters I to VI of Part II of the Central Bank Act, 1989 (No. 17 of 1989),

shall apply to the transferee as if it were the holder of a licence granted under section 9 of the Central Bank Act, 1971, and, accordingly, any reference in the said provisions to a “holder” in relation to a licence so granted shall be construed as including a reference to the transferee.

C10

Application of subs. (1) restricted (2.03.2000) by National Treasury Management Agency (Amendment) Act 2000 (39/2000), s. 24, commenced on enactment.

Non-application of section 7(1) of Central Bank Act, 1971

24.—Subsection (1) (inserted by section 70(a) of the Central Bank Act, 1997) of section 7of the Central Bank Act, 1971, shall not apply to—

(a) the Minister, or

(b) the Agency, if the function conferred on the Minister by section 20(1)stands delegated to the Agency by virtue of an order under section 23,

in respect of the provision of central treasury services.

C11

Application of section to certain companies provided for by Trustee Savings Bank Act 1989 (21/1989), s. 57(8)(b), (c), S.I. No. 21 of 1990, as substituted (28.03.2001) by Trustee Savings Banks (Amendment) Act 2001 (6/2001), s. 1, commenced on enactment.

[57.— …

(3) (a) An order may authorise the reorganisation of—

(i) one or more banks into a company referred to in subparagraph (i) or (ii) of paragraph (c) and an order so doing may provide for the transfer or other disposal to the company of all or part of the undertaking, property and rights of the bank or banks concerned and of all or part of the liabilities or obligations thereof, including deposits in the bank or banks and the liabilities referable thereto, to the company; and

(ii) a relevant company into a banking company, provided that the Minister has consulted with the Central Bank in advance of the making of an order, and an order so doing may provide for the transfer or other disposal to the banking company of all or part of the undertaking, property and rights of the relevant company and of all or part of the liabilities or obligations thereof, including deposits formerly in the bank or banks to which the relevant company succeeded and the liabilities referable thereto, to the banking company.

...

(c) In this subsection “company” means—

(i) a company the composition of the board of directors of which is controlled by the Minister or as respects which more than half in nominal value of its equity share capital and more than half in nominal value of its shares carrying voting rights are held by the Minister, or

(ii) a company the composition of the board of directors of which is controlled by a person or persons other than the Minister and as respects which more than half in nominal value of its equity share capital or more than half in nominal value of shares carrying voting rights are held by a person or persons other than the Minister,

and for the purposes of subparagraph (i), the composition of the board of directors of a company shall be deemed to be controlled by a person or persons including the Minister in a case where, if the person or persons were a company, the composition of that board would be deemed, by virtue of section 155(2) of the Act of 1963, to be controlled by the latter company.

…

(8) (a) If and for so long as the relevant company is a company to which subsection (3)(c)(i) applies, this Act shall apply in relation to the relevant company subject to any modifications or adaptations (including the adaptation of references to trustees and rules of trustee savings banks) that the Minister considers necessary or expedient and specifies in an order and any other necessary modifications and adaptations.

(b) If the relevant company is a company to which subsection (3)(c)(ii) applies, this Act (other than this section) shall not apply in relation to the relevant company and, if the relevant company has been reorganised into a banking company, to the banking company concerned and the rights, liabilities and obligations referable to a deposit in the bank (being as respects a deposit, liabilities to return the deposit to the depositor and to pay interest on it (if it was payable) at the rate prevailing immediately before the reorganisation) shall become instead rights, liabilities and obligations incident to the relationship of customer and banker and shall be variable, and, subject to paragraph (c), section 7 of the Central Bank Act, 1971, shall apply in relation to the relevant company, and the banking company concerned, accordingly.

(c) If the relevant company is a company to which subsection (3)(c)(ii) applies, the Minister may, after consultation with the Central Bank, make provision in an order for and in connection with the transition from regulation and supervision of the bank concerned by and under this Act to regulation and supervision of the relevant company by and under the Companies Acts and the Central Bank Acts, including provision that section 7(1) of the Central Bank Act, 1971, shall not apply in relation to the relevant company, on such conditions and for such period as the Minister considers necessary and specifies in an order.

...]

C12

Application of section restricted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 84(1), S.I. No. 150 of 1997.

84.—(1) Subject to such terms and conditions as may be specified by the Bank, nothing in section 7 of the Act of 1971 shall prohibit the establishment of a representative office in the State of a credit institution that is authorised in any state other than a Member State of the European Economic Area.

...

C13

Application of subs. (4) restricted (23.07.1992) by ICC Bank Act 1992 (21/1992), s. 3(1).

Supervision of Company by Central Bank.

3.—(1) Notwithstanding section 7(4) (inserted by section 30 of the Central Bank Act, 1989) of the Central Bank Act, 1971, the Minister, after consultation with the Central Bank, for the purpose of enabling the Central Bank to exercise supervision of the Company under the Central Bank Acts, 1942 to 1989, may by regulations apply to the Company all or any of the supervisory provisions of Part II of the Central Bank Act, 1971, or Chapters I to VI of Part II of the Central Bank Act, 1989, with such modifications or adaptations as he considers necessary.

C14

Application of subs. (4) restricted (24.04.1992) by ACC Bank Act 1992 (6/1992), s. 4(1), S.I. No. 97 of 1992.

Supervision of Corporation by Central Bank.

4.—(1) Notwithstanding section 7(4) (inserted by section 30 of the Central Bank Act, 1989) of the Central Bank Act, 1971, the Minister, after consultation with the Central Bank, for the purpose of enabling the Central Bank to exercise supervision of the Corporation under the Central Bank Acts, 1942 to 1989, may by regulations apply to the Corporation all or any of the supervisory provisions of Part II of the Central Bank Act, 1971, or Chapters I to VI of Part II of the Central Bank Act, 1989, with such modifications or adaptations as he considers necessary.

...

C15

Application of subs. (4)(a)(ii) restricted and references construed (12.07.1989) by Central Bank Act 1989 (16/1989), s. 16(2)(i), S.I. No. 176 of 1989.

Disclosure of information.

16.—(1) A person, who at the commencement of this section is, or at any time thereafter is appointed, Governor or a Director, officer or servant of the Bank or who is employed by the Bank in any other capacity, shall not disclose, during his term of office or employment or at any time thereafter, any information concerning—

(a) the business of any person or body (whether corporate or unincorporate) which came to his knowledge by virtue of his office or employment, or

(b) the Bank's activities in respect of the protection of the integrity of the currency or the control of credit,

unless such disclosure is to enable the Bank to carry out its functions under the Central Bank Acts, 1942 to 1989, or under any enactment amending those Acts.

(2) The provisions as to non-disclosure contained in subsection (1) shall not apply to any disclosure—

...

and the provisions as to non-disclosure contained in paragraphs (a) and (b) of subsection (1) shall not apply to any disclosure—

(i) in the case of the said paragraph (a), which, in the opinion of the Bank, is necessary for the protection of depositors of money with any person carrying on the business of banking or any business to which section 7(4)(a)(ii) of the Act of 1971 (as amended by this Act) or regulations under section 26 relate or to safeguard the interests of the Bank,

...

C16

Application of subs. (4) restricted and references construed (1.11.1989) by Central Bank Act 1989 (16/1989), s. 73(2) No. 176 of 1989.

Extension of application of Chapter V.

73. ...

(2) Notwithstanding section 7(4) of the Act of 1971 (as amended by this Act) and without prejudice to subsection (1) where, after consulting with the Bank and with such Ministers of the Government (if any) as he considers it appropriate to consult with in the circumstances, the Minister is of the opinion that it is in the public interest so to do, he may by regulation require any institution to which section 7(4)(a)(ii) of the Act of 1971 relates to maintain a deposit in the deposit protection account established under section 54 and for that purpose the provisions of section 53, subsections (2) to (7) of section 55 and sections 56 to 72 shall apply with such modifications as are necessary to give effect to the regulation.

C17

Deposit amount specified, application of subs. (5) restricted and references construed (1.11.1989) by Central Bank Act 1989 (16/1989), s. 55(2), S.I. No. 176 of 1989.

Deposits by holders of licences.

55.— …

(2) The amount of a deposit maintained by a holder of a licence in the Bank pursuant to section 7 of the Act of 1971 (in this section referred to as the deposit) shall, subject to subsection (5), be 0.2 per cent., or such other proportion as may be specified by regulations under section 72(2), of the total—

(a) Irish pound deposits (including deposits on current accounts but, subject to paragraph (b), excluding interbank deposits and deposits represented by negotiable certificates of deposit), and

(b) such other deposits as may be specified by regulations under section 72(2) in respect of all or any class or category of holders of licences,

at offices in the State of the holder, but shall not be less than £20,000 and, accordingly, the reference in the said section 7 to section 13 of the Act of 1971 shall be construed as a reference to this section.