Central Bank and Financial Services Authority of Ireland Act 2003

Number 12 of 2003

CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2003

REVISED

Updated to 20 May 2025

This Revised Act is an administrative consolidation of the Central Bank and Financial Services Authority of Ireland Act 2003. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including the Finance (Provision of Access to Cash Infrastructure) Act 2025 (4/2025), enacted 20 May 2025, and all statutory instruments up to and including the Statistics (Community Innovation Survey) Order 2025 (S.I. No. 209 of 2025), made 21 May 2025, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.

Number 12 of 2003

CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2003

REVISED

Updated to 20 May 2025

ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

 

1.

Short title and commencement.

PART 2

Amendment of Central Bank Act 1942

2.

Interpretation: Part 2.

3.

Substitution of section 2 of the Principal Act.

4.

Substitution of section 5 of the Principal Act.

5.

Substitution of section 5A of the Principal Act.

6.

Substitution of section 6 of the Principal Act.

7.

Insertion into the Principal Act of new sections 6A to 6K.

8.

Repeal of section 7 of the Principal Act (certain particular powers of the Bank).

9.

Repeal of section 8 of the Principal Act (certain further powers of the Bank).

10.

Amendment of section 9 of the Principal Act (capital of the Bank).

11.

Amendment of section 10 of the Principal Act (seal of the Bank).

12.

Repeal of section 15 of the Principal Act (dissolution of the Commission).

13.

Insertion into the Principal Act of new sections 18A to 18D.

14.

Amendment of section 19 of the Principal Act (appointment, tenure of office, etc., of the Governor).

15.

Insertion into the Principal Act of new section 19A.

16.

Substitution of section 21 of the Principal Act.

17.

Substitution of section 22 of the Principal Act.

18.

Insertion into the Principal Act of new section 22A.

19.

Amendment of section 23 of the Principal Act (remuneration, etc., of Directors).

20.

Substitution of section 24 of the Principal Act.

21.

Substitution of section 25 of the Principal Act.

22.

Substitution of section 28 of the Principal Act.

23.

Repeal of section 30 of the Principal Act (operation of disqualification of Governor or Director).

24.

Substitution of section 32 of the Principal Act.

25.

Repeal of section 33 of the Principal Act.

26.

Insertion into the Principal Act of new Parts IIIA and IIIB.

27.

Amendment of section 35 of the Principal Act (restrictions on amount of consolidated bank notes outstanding).

28.

Insertion into the Principal Act of new Part VIIA.

29.

Insertion into the Principal Act of new Part VIIIA.

30.

Insertion into the Principal Act of new sections 61E and 61F.

31.

Substitution of the First and Second Schedules to the Principal Act.

32.

Amendment of Third Schedule to the Principal Act.

33.

Insertion into the Principal Act of new Schedule 5.

PART 3

Repeal and Amendment of Other Enactments, etc.

34.

Repeal of certain enactments.

35.

Consequential amendment of other legislation.

PART 4

Savings and Transitional Provisions

36.

Schedule 3 (savings and transitional provisions).

SCHEDULE 1

Consequential Amendments to other Acts

SCHEDULE 2

Amendment of European Communities Regulations

SCHEDULE 3

Savings and Transitional Provisions

Acts Referred to

Asset Covered Securities Act 2001

2001, No. 47

Assurance Companies Act 1909

9 Edw. 7, c. 49

Building Societies Act 1989

1989, No. 17

Central Bank Act 1942

1942, No. 22

Central Bank Acts 1942 to 1998

Central Bank Acts 1942 to 2001

Central Bank Act 1961

1961, No. 8

Central Bank Act 1964

1964, No. 3

Central Bank Act 1971

1971, No. 24

Central Bank Act 1989

1989, No. 16

Central Bank Act 1997

1997, No. 8

Central Bank Act 1998

1998, No. 2

Civil Service Regulation Acts 1956 to 1996

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Companies Acts 1963 to 2001

Companies (Amendment) Act 1990

1990, No. 27

Competition Act 1991

1991, No. 24

Competition Act 2002

2002, No. 14

Competition Acts 1991 and 1996

Consumer Credit Act 1995

1995, No. 24

Credit Union Act 1997

1997, No. 15

Criminal Justice Act 1994

1994, No. 15

Currency Act 1927

1927, No. 32

Dormant Accounts Act 2001

2001, No. 32

Housing (Miscellaneous Provisions) Act 1992

1992, No. 18

Insurance Act 1936

1936, No. 45

Insurance Act 1953

1953, No. 7

Insurance Act 1964

1964, No. 18

Insurance (Amendment) Act 1978

1978, No. 30

Insurance (No. 2) Act 1983

1983, No. 29

Insurance Act 1989

1989, No. 3

Insurance Act 1990

1990, No. 26

Insurance Act 2000

2000, No. 42

Interpretation Act 1937

1937, No. 38

Investment Intermediaries Act 1995

1995, No. 11

Investment Limited Partnership Act 1994

1994, No. 24

Investor Compensation Act 1998

1998, No. 37

Local Government Act 2001

2001, No. 37

Minimum Notice and Terms of Employment Act 1973

1973, No. 4

Ministers and Secretaries Act 1924

1924, No. 16

Netting of Financial Contracts Act 1995

1995, No. 25

Organisation of Working Time Act 1997

1997, No. 20

Parental Leave Act 1998

1998, No. 30

Pawnbrokers Act 1964

1964, No. 31

Pensions (Increase) Act 1964

1964, No. 10

Postal and Telecommunications Services Act 1983

1983, No. 24

Public Offices Fees Act 1879

42 & 43 Vict., c. 58

Redundancy Payments Acts 1967 to 1991

Solicitors (Amendment) Act 1994

1994, No. 27

Statistics Act 1993

1993, No. 21

Stock Exchange Act 1995

1995, No. 9

Superannuation Act 1892

55 & 56 Vict., c. 40

Taxes Consolidation Act 1997

1997, No. 39

Tribunals of Inquiry (Evidence) Acts 1921 to 2002

Trustee Savings Banks Act 1989

1989, No. 21

Unfair Dismissals Act 1977

1977, No. 10

Unit Trusts Act 1990

1990, No. 37

Number 12 of 2003

CENTRAL BANK AND FINANCIAL SERVICES AUTHORITY OF IRELAND ACT 2003

REVISED

Updated to 20 May 2025

AN ACT TO AMEND THE CENTRAL BANK ACT 1942 FOR THE PURPOSE OF REORGANISING AND RENAMING THE CENTRAL BANK OF IRELAND; TO PROVIDE FOR THE ESTABLISHMENT AND FUNCTIONS OF THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY AS A CONSTITUENT PART OF THAT BANK; TO AMEND CERTAIN OTHER ACTS CONSEQUENTIAL ON THE REORGANISATION; AND TO PROVIDE FOR RELATED MATTERS. [22nd April, 2003]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: