Central Bank (Supervision and Enforcement) Act 2013


Amendment of Financial Services (Deposit Guarantee Scheme) Act 2009.

81.— The Financial Services (Deposit Guarantee Scheme) Act 2009 is amended—

( a) in section 1 by inserting the following definition:

“‘relevant Member State institution’ means an institution authorised in another Member State which has established in the State a branch which maintains a deposit in the deposit protection account pursuant to Regulation 26 of the Deposit Guarantee Regulations;”,


( b) by inserting the following sections after section 8:

“Power of Bank to make regulations for information to be kept relating to eligible deposits.

8A.— (1) Where the Bank considers it necessary to do so in the public interest the Bank may make regulations for securing that accurate information in relation to persons who maintain eligible deposits with credit institutions or relevant Member State institutions (in this section referred to as ‘depositors’) is available to them and to the Bank (in particular to enable the Bank to meet its obligations to make guarantee payments out of the deposit protection account to depositors in accordance with the Deposit Guarantee Regulations).

(2) The regulations may include provision—

( a) requiring credit institutions and relevant Member State institutions to keep such information as the Bank may prescribe in relation to depositors,

( b) about the form and manner in which, and the period for which, the prescribed information is to be kept, and

( c) for enabling the verification of the prescribed information.

Requirement to provide information to Bank.

8B.— The Bank may require a credit institution or relevant Member State institution to provide to the Bank at such time or times and in such manner as the Bank may require—

( a) any information kept by it in compliance with regulations under section 8A, and

( b) any information which the Bank may reasonably require to satisfy itself that requirements imposed by regulations under that section have been, and are being, complied with by the credit institution or relevant Member State institution.

Direction to credit institution.

8C.— (1) If the Bank considers that a credit institution or relevant Member State institution has failed, or is failing, to comply with any requirement imposed by regulations made under section 8A, the Bank may direct it to take specified steps to comply with the requirement.

(2) If the Bank considers that a credit institution or relevant Member State institution has failed, or is failing, to comply with a direction under subsection (1) the Bank may make an application to the High Court, and the High Court may, on such an application, make an order requiring it to comply with the direction.

Directions under section 8C: supplementary.

8D.— (1) The provisions of a direction under section 8C have effect from the date specified in the direction in relation to them.

(2) A direction under section 8C shall set out—

( a) all terms of the direction, including any date specified as the date by which, or period specified as the period within which, any provision of the direction is to be complied with, and

( b) any incidental, supplementary or consequential provision for securing that the direction is fully complied with.

(3) On an application under section 8C(2), the High Court may make any such interim or interlocutory order as it considers appropriate.

(4) An order under subsection (3) may include an order to take such ancillary or incidental steps as the High Court may consider appropriate to give full effect to the order.”,


( c) in section 9(1) by substituting the following for “A person who contravenes section 4(1) commits an offence and is liable—”:

“A person who contravenes section 4(1), fails to comply with a requirement under section 8B or a direction under section 8C or provides information under section 8B knowing it to be false or misleading commits an offence and is liable—”.