The Principal Act is amended by substituting the following sections for section 5A (as inserted by section 4 of the Central Bank Act 1998):

"5A. General functions and powers of the Bank.

(1) The Bank has the following functions:

(a) to carry out the efficient and effective co-ordination of -

(i) the activities of the constituent parts of the Bank, and

(ii) activities undertaken by any of those parts with persons who provide services to, or receive services from, the Bank, and

(iii) the exchange of information among those parts and between any of those parts and any of those persons;

(b) to promote the development within the State of the financial services industry (but in such a way as not to affect the objective of the Bank in contributing to the stability of the State's financial system);

(c) where appropriate, to represent and co-ordinate the representation of the Bank on international financial bodies and at international meetings relating to financial or economic matters;

(d) to establish and maintain, either directly or indirectly, contact with the monetary authorities established in other countries and in territories;