Table of Contents
Central Bank Act, 1942 (No. 22)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-4)1. Short title, collective citation, and construction.2. Interpretation.2A. Definition of 'subsidiary company'.3. The appointed day.4. Repeals.Part II Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission (ss. 5-18)Constitution, functions and powers of the Bank (ss. 5-6F)5. Establishment of Central Bank of Ireland.5A. General functions and powers of the Bank.5B. Specific powers of the Bank.5C. Supplementary powers of Bank with respect to certain responsibilities.6. Bank to perform functions of European System of Central Banks.6A. Objectives of Bank in discharging ESCB functions, etc.6B. Bank's power to hold and deal in land, etc.6C. Power of the Bank to establish divisions, etc. within the Bank.6D. Staff of Bank.6E. Assignment of employees of Bank.6F. Bank may engage agents and act as agent for others.Financial and administrative matters (ss. 6G-18)6G. General fund of the Bank.6H. Accounting and other records of Bank.6I. Report and returns by Bank.6J. Exemption of Bank from taxes.6K. Provisions relating to documents of the Bank.7. Certain particular powers of the Bank.8. Certain further powers of the Bank.9. The capital of the Bank.10. Seal of Bank.11. Interpretation of references to the Commission in the Currency Act, 1927.12. The Associated Banks.13. Admission of a bank to be an Associated Bank.14. Removal of a bank from being an Associated Bank.15. Dissolution of the Commission.16. Appointments to the staff of the Bank.17. Copyright in notes issued by the Bank.18. General adaptation of references to the Commission.Part III The Board of Directors of the Bank (ss. 18A-33)18A. Interpretation: Part III.18B. Functions of Central Bank Commission.18BA. Membership of Board and Regulatory Authority.18C. Acts, etc., of Commission to be acts, etc., of Bank.18CA. Membership of Commission.18D. Additional powers of Commission.18E. Bank may establish advisory groups.18F. Delegation of certain functions of Commission, etc.19. Appointment, tenure of office, etc., of the Governor.19A. Responsibilities and powers of the Governor.19B. Decisions about certain issues involving Treaties governing European Union and ESCB Statute.20. Prohibition of the Governor holding shares in a bank.21. Removal of Governor from office.22. Acting Governor.22A. Head of Central Banking to carry out certain responsibilities of the Governor.23. Heads of Function.23A. Responsibilities of Heads of Function.23B. Appointment of Heads of Function.23C. Terms of appointment of Heads of Function.23D. Acting Heads of Function.24. Appointment of members of Commission.24A. Remuneration, etc., of appointed members of Commission.24B. Tenure of office of members of Commission.25. Vacation of office of members of Commission.26. Panel for appointment of the first banking Directors.27. Panel for the appointment of banking Directors other than the first such Directors.28. Filling of vacancies in Commission.29. Prohibition of certain Directors holding shares in a bank.30. Operation of disqualification of the Governor or a Director.31. Oath of secrecy to be taken by the Governor, Directors, and officers.32. Meetings and procedure of the Commission.33. Compensation and superannuation of Chairman, Commissioners, Governor, and Directors.Part IIIA Management, finance, and accountability (ss. 32A-33AF)Chapter 1A Management (ss. 32A-32B)32A. Framework for assignment of responsibilities.32B. Bank to prepare strategic plan.Chapter 2A Finance and accounting (ss. 32C-32K)32C. Annual estimates in relation to financial regulation functions.32D. Power to impose levies.32E. Power to prescribe fees.32F. General fund.32G. Surplus or deficiency in income of Bank during financial year.32H. Bank's surplus income.32I. Provision of funds by Bank to meet shortfall.32J. Accounting and other records of Bank.32K. Report of operations, etc., by Bank.Chapter 3A Accountability (ss. 32L-32M)32L. Annual performance statements.32M. International peer review of regulatory performance.Chapter I Constitution, functions and powers of Regulatory Authority (ss. 33A-33P)33A. Interpretation: Part IIIB and Schedule 3.33B. Establishment of Regulatory Authority.33C. Functions and powers of Regulatory Authority.33D. Regulatory Authority to comply with certain guidelines.33E. Membership of Regulatory Authority.33F. Appointment of Chief Executive of the Regulatory Authority.33G. Appointment of acting Chief Executive in certain cases.33H. Responsibilities of Chief Executive of the Regulatory Authority.33I. Chairperson of the Regulatory Authority.33J. Power to impose levies.33K. Power of Chief Executive to prescribe fees.33L. Provision of funds by Bank to Regulatory Authority to meet shortfall.33M. Regulatory Authority to keep proper accounts.33N. Regulatory Authority to prepare annual estimate of income and expenditure.33O. Regulatory Authority to provide Minister with annual report and other reports.33P. Regulatory Authority to prepare strategic plan.Chapter 2 Consumer Director (ss. 33Q-33V)33Q. Appointment of Consumer Director.33R. Appointment of acting Consumer Director in certain cases.33S. Responsibilities of Consumer Director.33SA. Supplementary powers of Consumer Director with respect to carrying out the responsibilities imposed under section 33S.33T. Consumer Director to prepare annual report.33U. Consumer Director to provide information, reports and advice to Chief Executive.33V. Consumer Director to prepare strategic plan.Chapter 3 Registrar of Credit Unions (ss. 33W-33AF)33W. Interpretation: Chapter 3.33X. Appointment of Registrar of Credit Unions.33Y. Appointment of acting Registrar of Credit Unions in certain cases.33Z. Signature of Registrar of Credit Unions.33AA. Responsibilities and powers of Registrar of Credit Unions.33AB. Bank to provide Registrar with adequate funds.33AC. Registrar to prepare annual report.33AD. Registrar to provide information, reports and advice to Head of Financial Regulation.33AE. Registrar to prepare work plan.33AF. Registrar to keep proper accounts.Part IIIB Provisions Applicable to the Bank and its Constituent Parts (ss. 33AG-33AM)33AG. Superannuation schemes for the benefit of officers and employees of Bank and its constituent parts.33AH. Special provisions for superannuation schemes established under Currency Act 1927 and Central Bank Act 1989.33AI. Provisions applicable to superannuation schemes established under section 33AG or continued under section 33AII.33AJ. Bank and associates not liable for certain acts and omissions.33AK. Disclosure of information.33AL. Bank to inform persons of obligations under section 33AK.33AM. Certain persons required to attend proceedings of Oireachtas committees.Part IIIC Enforcement of Designated Enactments and Designated Statutory Instruments (ss. 33AN-33BH)Chapter 1 Interpretation (ss. 33AN-33ANH)33AN. Interpretation (Part IIIC).33ANA. Application of Part to credit unions.33ANB. Application of Part to credit unions pursuant to Payment Services Directive.33ANC. Application of Part under Capital Requirements Directive.33AND. Application of Part for SSM and SSM Framework Regulations.33ANE. Application of Part under Bank Recovery and Resolution Directive.33ANF. Application of Part to insurance holding companies and mixed financial holding companies.33ANFA. Application of Part under PEPP Regulation.33ANG. Application of Part under Investment Firms Directive.33ANH. Application of Part to holding companies under Part 3 of Central Bank Reform Act 2010.Chapter 2 Power of Bank to hold inquiries (ss. 33ANI-33AX)33ANI. Interpretation (Chapter 2).33ANJ. Investigation of suspected prescribed contravention.33ANK. Investigation report.33ANL. Confidential information provided for purposes of investigation etc. not to be disclosed.33AO. Bank may hold inquiry into suspected commission of or participation in prescribed contravention.33AP. Notice of inquiry, submissions, attendance and adjournment.33AQ. What decisions Bank can make at conclusion of inquiry held under section 33AO.33AR. Alternative procedure when commission of or participation in prescribed contravention is acknowledged.33ARA. Considerations relevant to imposition of sanctions.33AS. Limitations on imposing monetary penalties.33AT. Financial service provider etc. not to be liable to be penalised twice for same contravention.33AU. Observance of directions imposing disqualification or conditions.33AV. Power of Bank to resolve suspected contraventions, etc.33AW. Appeal, confirmation and taking effect of decisions under this Part.33AWA. Confirmation of sanctions imposed by consent.33AX. Decision of Bank to be appealable.Chapter 3 Conduct of inquiries (ss. 33AXA-33BF)33AXA. Interpretation (Chapter 3).33AY. Proceedings at inquiries.33AZ. Inquiry normally to be held in public.33AZA. Power to order information about proceedings not to be disclosed.33AZB. Confidential information provided for purposes of inquiry not to be disclosed.33BA. Power to summon witnesses and take evidence.33BAA. Documentary evidence.33BB. Bank may refer to Court question of law arising at inquiry.33BC. Publication by Bank of certain information relating to imposition of administrative sanctions.33BD. Bank may make guidelines with respect to the conduct of proceedings under this Part.33BE. Performance and exercise of regulatory functions.33BF. Limitation of judicial review.Chapter 4 Supplementary (ss. 33BG-33BH)33BG. Documents privileged for purposes of law of defamation.33BH. Service of documents.Part IIID Panel for purposes of certain decisions (s. 33BI)33BI. Panel for purposes of certain decisions.Part IV Extinction of Consolidated Bank Notes (ss. 34-40)34. Definitions in respect of this Part of this Act.35. Restrictions on amount of consolidated bank notes outstanding.36. Payment in respect of consolidated bank notes outstanding after cesser of issue.37. Payments by Associated Banks on consolidated bank notes.38. Stamp duty in respect of consolidated bank notes.39. Notes of former banks of issue.40. Power of banks of issue to write off certain notes.Part V Deposits by Bankers (ss. 41-45)41. Construction of references to holding oneself out as a banker.42. Obligation to make deposit in the High Court.43. General provisions in relation to deposits under this Part of this Act.44. Deposit on behalf of a company before its incorporation.45. Payment of debts out of deposit.Part VI Bankers' Licences and the Duties of Licensed Bankers (ss. 46-51)46. Application of this Part of this Act.47. Bankers' licences.48. Publication of financial statements by licensed bankers.49. Publication of balance sheets by licensed bankers.50. Power to required deposit by licensed bankers in certain circumstances.51. Powers in respect of licensed bankers' clearances.Part VII Counterfeit and Unauthorised Currency (ss. 52-57)52. Definition of "bank note" in this Part of this Act.53. Extension of the Forgery Act, 1913.54. Disposal of bank notes, etc. seized under the Forgery Act, 1913.55. Making, etc. a document purporting to be or resembling a bank note.56. Prohibition of unauthorised money.57. Amendment of the Customs Consolidation Act, 1876.Part VIIA Irish Financial Services Appeals Tribunal (ss. 57A-57AZ)Chapter 1 Preliminary (ss. 57A-57B)57A. Interpretation: Part VIIA and Schedule 5.57B. Objects of this Part.Chapter 2 Constitution and jurisdiction of Appeals Tribunal (ss. 57C-57K)57C.Establishment of the Appeals Tribunal.57D. Membership of the Appeals Tribunal.57E. Eligibility for appointment as a member.57F. Appointment of acting members.57G. Jurisdiction and powers of the Appeals Tribunal.57H. Constitution of the Appeals Tribunal for particular proceedings.57I. Functions of Chairperson.57J. Registrar and staff of the Appeals Tribunal.57K. Responsibilities of Registrar of the Appeals Tribunal.Chapter 3 Hearing and determination of appeals (ss. 57L-57AI)57L. Right of appeal to Appeals Tribunal against appealable decision.57M. Appeals Tribunal may decide persons whose interests affected by a decision.57N. Duty of Bank to give reasons on request.57O. Bank may refuse reasons in certain cases.57P. Appeals Tribunal may determine whether person entitled to reasons or made request within reasonable time.57Q. Appeals Tribunal may order Bank to provide a statement of reasons or an adequate statement of reasons.57R. Operation and implementation of appealed decision pending determination of appeal.57S. Conditions of stay order.57T. Opportunity of parties to make submissions.57U. Representation of parties.57V. Procedure of the Appeals Tribunal.57W. Proceedings on hearing to be normally conducted in public.57X. Power to remit matters to Bank for further consideration.57Y. Reconstitution of Appeals Tribunal during hearing of appeal.57Z. What decisions the Appeals Tribunal can make in determining an appeal.57AA. How decisions of the Appeals Tribunal are to be made and given.57AB. Appeals Tribunal may reserve decision.57AC. Effect of decision of the Appeals Tribunal.57AD. Amendments and irregularities.57AE. Recovery of amounts ordered to be paid.57AF. Powers in relation to witnesses.57AG. Power to correct decisions of the Appeals Tribunal.57AH. Appeals Tribunal may award costs in certain circumstances.57AI. Appeals Tribunal may make rules of procedure.Chapter 4 References and appeals to High Court (ss. 57AJ-57AM)57AJ. References of questions of law to High Court.57AK. Right of appeal to High Court.57AL. Orders on appeal to the High Court.57AM. Appeal does not stay decision of the Appeals Tribunal.Chapter 5 Miscellaneous (ss. 57AN-57AZ)57AN. Contempt of Appeals Tribunal.57AO. Act or omission that is both an offence and contempt.57AP. Appeals Tribunal to have seal.57AQ. Authentication of documents.57AR. Judicial notice to be taken of certain signatures.57AS. Proof of certain matters not required.57AT. Protection of barristers, solicitors, witnesses and others.57AU. Allowances and expenses of witnesses.57AV. Notices, service and lodgement of documents.57AW. Annual report of the Appeals Tribunal.57AX. How the cost of operating the Appeals Tribunal is to be met.57AY. Registrar to keep proper accounting records.57AZ. Government may make regulations with respect to the Appeals Tribunal.Part VIIB Financial Services Ombudsman (ss. 57BA-57CU)Chapter 1 Interpretation and objects of Part (ss. 57BA-57BB)57BA. Definitions.57BB. Objects of this Part.Chapter 2 Financial Services Ombudsman Council (ss. 57BC-57BH)57BC. Establishment of Financial Services Ombudsman Council.57BD. Functions and powers of Financial Services Ombudsman Council.57BE. Council may impose levies and fees for the purposes of this Part.57BF. Council to make regulations for the purposes of this Part.57BG. Council chairperson to provide Minister with reports.57BH. Council chairperson to appear before Oireachtas committee when required.Chapter 3 Financial Services Ombudsman's Bureau (ss. 57BI-57BO)57BI. Financial Services Ombudsman's Bureau.57BJ. Financial Services Ombudsman.57BK. Functions and powers of Financial Services Ombudsman.57BL. Deputy Financial Services Ombudsman.57BM. Acting Financial Services Ombudsman.57BN. Bureau staff.57BO. Immunity of Financial Services Ombudsman and others.Chapter 4 Accounts and reports (ss. 57BP-57BW)57BP. Financial Services Ombudsman to ensure proper accounts are kept in respect of the Bureau.57BQ. Financial Services Ombudsman to arrange for preparation of annual statement of accounts.57BR. Financial Services Ombudsman to prepare annual report of activities of the Bureau.57BS. Financial Services Ombudsman to publish certain other reports.57BT. Financial Services Ombudsman to arrange for preparation of annual estimate of income and expenditure.57BU. Financial Services Ombudsman to prepare strategic plan.57BV. Financial Services Ombudsman to provide Council and Minister with reports.57BW. Financial Services Ombudsman to appear before Oireachtas committee when required.Chapter 5 How consumer complaints are to be dealt with (ss. 57BX-57CJ)57BX. Complaints about conduct of regulated financial service providers.57BY. Duty of Financial Services Ombudsman to investigate complaints.57BZ. Financial Services Ombudsman may decline to investigate or to continue to investigate complaint.57CA. Financial Services Ombudsman to attempt to deal with complaint by mediation in first instance.57CB. Persons entitled to make certain submissions to Financial Services Ombudsman.57CC. Financial Services Ombudsman to conduct investigations in private.57CD. Progress report to complainant.57CE. Financial Services Ombudsman can require regulated financial service provider to give information.57CF. Financial Services Ombudsman may enter premises of regulated financial service provider or associated entity of such a provider.57CG. Circuit Court may order person to comply with requirements, etc., of Financial Services Ombudsman.57CH. Obstruction of Financial Services Ombudsman in the performance or exercise of functions and powers.57CI. Adjudication of complaints.57CJ. Enforcement of Financial Services Ombudsman's directions.Chapter 6 References and Appeals under this Part to the High Court (ss. 57CK-57CN)57CK. Financial Services Ombudsman may refer question of law of High Court.57CL. Right of appeal to High Court against Financial Services Ombudsman's finding.57CM. Orders on appeal to the High Court relating to Financial Services Ombudsman's finding.57CN. Appeal stays the finding of the Financial Services Ombudsman.Chapter 7 Supplementary provisions (ss. 57CO-57CQ)57CO. Protection and other provisions relating to disclosures of information.57CP. Power of Court to grant injunctions in certain cases.57CQ. Financial Services Ombudsman and Council to co-operate with Bank and others.Chapter 8 Reciprocal arrangements with corresponding agencies of other EEA Countries (ss. 57CR-57CU)57CR. Definitions (Chapter 8).57CS. Financial Services Ombudsman may subscribe to EEA Memorandum of Understanding.57CT. Financial Services Ombudsman may refer complaints to other EEA dispute settlement body.57CU. Financial Services Ombudsman may mediate, investigate and adjudicate complaints referred by other EEA dispute settlement bodies.Part VIIC Consultative Panels (ss. 57CV-57DH)Chapter 1 General (ss. 57CV-57CW)57CV. Interpretation: Part VIIC.57CW. Establishment and membership of Consultative Panels.Chapter 2 Consultative Consumer Panel (ss. 57CX-57CZ)57CX. Membership of Consultative Consumer Panel.57CY. Functions of Consultative Consumer Panel.57CZ. Regulatory Authority to provide sufficient resources to enable Consultative Consumer Panel to function.Chapter 3 Consultative Industry Panel (ss. 57DA-57DC)57DA. Membership of Consultative Industry Panel.57DB. Functions of Consultative Industry Panel.57DC. Regulatory Authority to provide sufficient resources to enable Consultative Industry Panel to function.Chapter 4 Provisions Applying to Both Consultative Panels (ss. 57DD-57DH)57DD. Schedule 8 to have effect with respect to Consultative Panels.57DE. Consultative Panel to prepare annual report.57DF. Responsibilities of Regulatory Authority and Minister with respect to Consultative Panels.57DG. Establishment and operation of advisory groups.57DH. Chairperson of Consultative Panel to attend meetings of relevant Oireachtas Joint Committee when required.Part VIII Coinage (ss. 58-61)58. Amendment of the Coinage Act, 1926.59. Amendment of the Gold and Silver (Export Control, etc.) Act, 1920.60. The issue of coins under the Coinage Act, 1926.61. Copyright in coins.Part VIIIA Regulations and Orders (ss. 61A-61D)61A. Regulations for purposes of this Act.61B. Power to amend or revoke certain orders.61C. Regulations and orders to be laid before each House of Oireachtas.61D. House of Oireachtas may annul regulation or order.Part IX Miscellaneous (ss. 61DA-68)61DA. Prosecution of offences.61E. Bank and certain other persons required to consult.61F. Expenses incurred by Minister in administering this Act.61G. How the Bank may give or serve notices and other documents.61H. Arrangements for collection of certain levies.62. Winding-up of the note reserve fund and establishment of the currency reserve.63. Amendment of section 61 of the Currency Act.64. Amendment of section 3 of the Currency (Amendment) Act, 1930.65. Power of Bank to obtain information as to hire-purchase businesses.66. Amendment of the Bills of Exchange Act, 1882, in respect of banker's drafts.67. Legalisation of bank deposit as a trustee investment.68. Amendment of section 22 of the Bankers (Ireland) Act, 1845.Schedule 1 Procedure of the CommissionFirst Schedule, Part I Sections of the Currency Act repealed in whole or in partFirst Schedule, Part II Other enactments repealedSchedule 2 Designated enactments and designated statutory instrumentsSchedule 2, Part 1 EnactmentsSchedule 2, Part 2 Statutory instrumentsSchedule 3 Provisions Applicable to Regulatory AuthoritySchedule 3, Part 1 Definitions (para. 1)Schedule 3, Part 2 Members (paras. 2-7)Schedule 3, Part 3 Procedure of Regulatory Authority (paras. 8-13)Schedule 4 Maximum Amounts Of Consolidated Bank Notes Which May Be Outstanding With The Associated Banks RespectivelySchedule 5 Provisions Applicable to Members of the Appeals TribunalSchedule 6 Financial Services and Pensions Ombudsman CouncilSchedule 7 Financial Services and Pensions Ombudsman, Deputy Financial Services and Pensions Ombudsman and Other Bureau Staff MembersSchedule 8 Provisions Applying to Both Consultative PanelsSchedule 9 Acts adopted by an Institution of the European Union Referred to in Section 2(2A)(am)Schedule 10 Acts adopted by the European Commission referred to in section 2(2A)(at)
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Version status: | Document consolidation status: Updated to reflect all known changes
Version date: 4 November 1942 - onwards
Introductory Text
Number 22 of 1942
AN ACT TO ESTABLISH A BANK TO BE THE PRINCIPAL CURRENCY AUTHORITY IN THE STATE, TO DISSOLVE THE CURRENCY COMMISSION AND TRANSFER ITS POWERS AND DUTIES (WITH CERTAIN MODIFICATIONS) TO THE SAID BANK, TO CONFER ON THE SAID BANK DIVERS OTHER POWERS AND DUTIES, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH BANKING, CURRENCY, COINAGE, AND THE MATTERS AFORE SAID AND IN PARTICULAR FOR THE GRADUAL EXTINCTION OF CONSOLIDATED BANK NOTES.
[4th November, 1942]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: