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Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12)Introductory TextActs Referred toPart 1 Preliminary (s. 1)1. Short title and commencement.Part 2 Amendment of Central Bank Act 1942 (ss. 2-33)2. Interpretation.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. (ss. 34-35)35. Consequential amendment of other legislation.34. Repeal of certain enactments.Part 4 Savings and Transitional Provisions (s. 36)36. Schedule 3 (savings and transitional provisions).Schedule 1 Consequential Amendments to other ActsSchedule 1, Part 1 Amendment of Assurance Companies Act 1909Schedule 1, Part 2 Amendment of Insurance Act 1936Schedule 1, Part 3 Amendment of Insurance Act 1953Schedule 1, Part 4 Amendment of Companies Act 1963Schedule 1, Part 5 Amendment of Insurance Act 1964Schedule 1, Part 6 Amendment of Central Bank Act 1971Schedule 1, Part 7 Amendment of Insurance (No. 2) Act 1983Schedule 1, Part 8 Amendment of Insurance Act 1989Schedule 1, Part 9 Amendment of Central Bank Act 1989Schedule 1, Part 10 Amendment of Building Societies Act 1989Schedule 1, Part 11 Amendment of Trustee Savings Banks Act 1989Schedule 1, Part 12 Amendment of Companies (Amendment) Act 1990Schedule 1, Part 13 Amendment of Companies Act 1990Schedule 1, Part 14 Amendment of Unit Trusts Act 1990Schedule 1, Part 15 Amendment of Housing (Miscellaneous Provisions) Act 1992Schedule 1, Part 16 Amendment of Investment Limited Partnership Act 1994Schedule 1, Part 17 Amendment of Criminal Justice Act 1994Schedule 1, Part 18 Amendment of Solicitors (Amendment) Act 1994Schedule 1, Part 19 Amendment of Stock Exchange Act 1995Schedule 1, Part 20 Amendment of Investment Intermediaries Act 1995Schedule 1, Part 21 Amendment of Consumer Credit Act 1995Schedule 1, Part 22 Amendment of Netting of Financial Contracts Act 1995Schedule 1, Part 23 Amendment of Central Bank Act 1997Schedule 1, Part 24 Amendment of Credit Union Act 1997Schedule 1, Part 25 Amendment of Central Bank Act 1998Schedule 1, Part 26 Amendment of Investor Compensation Act 1998Schedule 1, Part 27 Amendment of Dormant Accounts Act 2001Schedule 1, Part 28 Amendment of Asset Covered Securities Act 2001Schedule 2 Amendment of European Communities RegulationsSchedule 2, Part 1 Amendment of European Communities (Non-Life Insurance) Regulations 1976 (S.I. No. 115 of 1976)Schedule 2, Part 2 Amendment of European Communities (Insurance Agents and Brokers) Regulations 1978 (S.I. No. 178 of 1978)Schedule 2, Part 3 Amendment of European Communities (Co-Insurance) Regulations 1983 (S.I. No. 65 of 1983)Schedule 2, Part 4 Amendment of European Communities (Life Assurance) Regulations 1984 (S.I. No. 57 of 1984)Schedule 2, Part 5 Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989 (S.I. No. 78 of 1989)Schedule 2, Part 6 Amendment of European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991 (S.I. No. 142 of 1991)Schedule 2, Part 7 Amendment of European Communities (Non-Life Insurance) (Legal Expenses) Regulations 1991 (S.I. No. 197 of 1991)Schedule 2, Part 8 Amendment of European Communities (Non-Life Insurance) (Amendment) Regulations 1992 (S.I. No. 244 of 1992)Schedule 2, Part 9 Amendment of European Communities (Credit Institutions: Accounts) Regulations 1992 (S.I. No. 294 of 1992)Schedule 2, Part 10 Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992)Schedule 2, Part 11 Amendment of European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 (S.I. No. 396 of 1992)Schedule 2, Part 12 Amendment of European Communities (Non-Life Insurance) Framework Regulations 1994 (S.I. No. 359 of 1994)Schedule 2, Part 13 Amendment of European Communities (Life Assurance) Framework Regulations 1994 (S.I. No. 360 of 1994)Schedule 2, Part 14 Amendment of European Communities (Deposit Guarantee Schemes) Regulations 1995 (S.I. No. 168 of 1995)Schedule 2, Part 15 Amendment of European Communities (Non-Life Insurance Accounts) Regulations 1995 (S.I. No. 202 of 1995)Schedule 2, Part 16 Amendment of European Communities (Insurance Undertakings: Accounts) Regulations 1996 (S.I. No. 23 of 1996)Schedule 2, Part 17 Amendment of European Communities (Supplementary Supervisions of Insurance Undertakings in an Insurance Group) Regulations 1999 (S.I. No. 399 of 1999)Schedule 2, Part 18 Amendment of European Communities (Electronic Money) Regulations 2002 (S.I. No. 221 of 2002)Schedule 2, Part 19 Amendment of European Communities (Cross Border Payments in Euro) Regulations 2002 (S.I. No. 335 of 2002)Schedule 3 Savings and Transitional Provisions
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
Version 2 of 2

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

The Principal Act is amended by inserting the following sections after section 6 (as substituted by section 6):

"6A. Objectives of Bank in discharging ESCB functions, etc.

(1) In discharging its functions and exercising its powers as part of the European System of Central Banks, the primary objective of the Bank is to maintain price stability.

(2) The Bank also has the following objectives:

(a) contributing to the stability of the financial system;

(b) promoting the efficient and effective operation of payment and settlement systems; and

(c) discharging such other functions and powers as are conferred or imposed on it by the Rome Treaty, the ESCB Statute or any enactment.

(3) The Minister may, from time to time, request the Governor, the Board or the Regulatory Authority to consult with the Minister, in relation to their respective functions, as regards the performance by the Bank of any function of the Bank (other than one imposed on it by the Rome Treaty or the ESCB Statute).

(4) The Minister may, from time to time, request the Governor to inform the Minister with respect to the pursuit of the primary objective of the Bank.

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