37.— (1) A person appearing before the Head of Financial Regulation in compliance with an evidentiary notice commits an offence if the person—

(a) refuses or fails to give evidence in compliance with the evidentiary notice, or

(b) refuses or fails to answer a question put to the person by the Head of Financial Regulation or in cross-examination with the permission of the Head of Financial Regulation.

(2) Subsection (1) does not apply if the person has a reasonable excuse.

(3) It is a reasonable excuse for the purposes of subsection (2) for a person to refuse or fail to answer a question that the answer might tend to incriminate the person.

(4) Subsection (3) does not limit what is a reasonable excuse for the purposes of subsection (2).

(5) If a person alleges that he or she has a reasonable excuse for refusing or failing to give evidence, or refusing or failing to answer a question, he or she shall provide a written statement setting out details of the excuse to the Head of Financial Regulation.

(6) The Bank may have regard to the contents of a statement under subsection (5) for the purposes of the exercise of its powers and the performance of its functions under the Central Bank Acts 1942 to 2010.

(7) A statement under subsection (5) is not admissible in evidence, against the person who made it, in proceedings in relation to an offence.