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Central Bank Act, 1971 (No. 24)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-6)1. Short title, collective citation, construction and commencement.2. Definitions.3. Expenses.4. Laying of orders and regulations before Houses of the Oireachtas.5. Repeals.6. Transitional provision.Part II Licensing and Supervision of Banks (ss. 7-31FA)7. Restriction on carrying on of banking business.8. Exemption of persons from section 7.9. Grant of licences.9A. Authorisation of third country branches.9B. Refusal to grant an authorisation under section 9A.9C. Revocation of authorisations granted under section 9A.9CA. Third country branch reporting9CB. Cooperation with competent authorities9D. Programme of operations and structural organisation.9E. Initial capital.9F. Effective direction of business and place of head office.9FA.9G. Shareholders and members.9GA. Assessment of suitability of shareholders or members9H. Waiver for credit institutions permanently affiliated to central body.9I. Refusal of authorisation.9J. Prior consultation of competent authorities.10. Conditions of licences.11. Revocation of licences.12. Publication of names of holders of licences and notices of revocation of licences.13. Deposits at Bank for purposes of licences.14. Restriction on use of certain words.15. Provisions in relation to incorporation of banking companies.16. Provisions in relation to registration or change of business name.17. Holders of licences etc. to keep certain records.17A. Powers of authorised persons with respect to holders of licences.18. Holders of licences and others to provide Bank with required information and returns.19. Publication of business statements by holders of licences.20. Displaying of financial statements by holders of licences.21. Bank may give certain directions to holders of licences.22. Directions by Bank in relation to advertisements of holders of licences.23. Regulation of ratios between assets and liabilities of holders of licences.23A. Composition of assets and liabilities.24. Power of Bank to require deposits by holders of licences in certain circumstances.25. Power of Bank in respect of clearances of holders of licences.26. Collection of cheques, etc., drawn on holders of licences.27. Restriction on advertising for deposits.28. Provisions in relation to judgments against holders of licences.28A. Power of Court to prohibit certain contraventions of, or failure to comply with, this Act.29. Proceedings in relation to deposits under section 7.30. Provisions in relation to bankruptcy and winding up.31. Duties of holder of licence or authorisation under section 9A on termination of banking business.Part IIA Authorisation and Supervision of Class 1 Firms (ss. 31A-31R)31A. Interpretations/Definitions (Class 1 firms)31B. Requirement for a Class 1 authorisation (Class 1 firms)31C. Application for authorisation (Class 1 firms)31D. Programme of operations and structural organisation (Class 1 firms)31E. Initial Capital (Class 1 firms)31F. Effective direction of business and place of head office (Class 1 firms)31FA.31G. Shareholders and members (Class 1 firms)31H. Assessment of suitability of shareholders and members (Class 1 firms)31I. Waiver for credit institutions permanently affiliated to central body (Class 1 firms)31J. Refusal of authorisation (Class 1 firms)31K. Prior consultation of competent authorities (Class 1 firms)31L. Conditions of authorisation (Class 1 firms)31M. Revocation of authorisation (Class 1 firms)31N. Publication of names of holders of authorisations and notices of revocation of authorisations (Class 1 firms)31O. Holders of Class 1 authorisations to keep certain records31P. Holders of Class 1 authorisations and others to provide Bank with required information and returns31Q. Publication of business statements by holders of Class 1 authorisations31R. Requirement for holders of MiFID authorisation to re-authorise.Part III Transfers of Banks (ss. 32-42)32. Interpretation (Part III).33. Approval by Minister of transfer of bank.33A. Effect of order under section 33(1) on certain other rights.33B. Minister's power to modify application of section 33A.34. Transfer of accounts.34A. Transfer of property.35. Transfer of securities.36. Rights and obligations in relation to transferred securities.37. Transfer in the case of property held on bailment.38. Transfer of officers, clerks and servants.39. Application of certain instruments.40. Application of Bankers' Books Evidence Act, 1879.41. Continuance of pending legal proceedings.42. Exemptions from stamp duty.Part IV Currency (ss. 43-46)43. Standard of value.44. Issue of legal tender notes by Bank.45. Amendment of section 49 of Act of 1927.46. Amendment of section 50 of Act of 1927 and of section 5 of the Currency (Amendment) Act, 1930.Part V Miscellaneous (ss. 47-60)47. Additional powers and functions of Bank.48. Central Bank Reserve Bonds.49. Transfer of Exchequer Account to Bank.50. Transfer of land bond registers to Bank.51. Provisions relating to Bank of Ireland.52. Amendment of Moneylenders Acts, 1900 and 1933.53. Directors of Bank.54. Superannuation.55. Return of deposits under Act of 1942.56. Amendment of Bankers' Books Evidence Act, 1879.57. Amendment of section 14 of Decimal Currency Act, 1970.58. Offences and punishments.59. Prosecution of offences by Bank.60. Offences in relation to certain bodies.Schedule - Enactments Repealed
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 June 2022 - onwards

31E. Initial Capital (Class 1 firms)

(1) Subject to subsection (3), the Bank shall not take a draft decision to propose to the ECB to grant a Class 1 authorisation unless the applicant holds separate own funds, or has an initial capital, of at least €5,000,000.

(2) Initial capital shall comprise only one or more of the items referred to in Article 26(1)(a) to (e) of the Capital Requirements Regulation.

(3) The Bank may take a draft decision to propose to the ECB to grant a Class 1 authorisation to particular categories of Class 1 firms the initial capital of which is less than €5,000,000, subject to the applicant having an initial capital of at least €1,000,000.

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