The Act of 1942 is hereby amended by the insertion of the following section after section 5:
"5A. Performance by Bank of European System of Central Banks' functions.
(1) The Bank shall perform any function or duty or exercise any power required by or under the provisions of the Treaty or the Statute.
(2) With effect from the date of the establishment of the European System of Central Banks, sole authority and responsibility for the performance of any function or duty or the exercise of any power conferred or imposed upon the Bank by or under the Treaty or the Statute shall be vested in the Governor.
(3) Subject to the requirements of the Treaty and the Statute, the Governor shall keep the Board informed of, and may discuss with the Board, the discharge by the Governor of the functions, duties and powers vested in the Governor under this section.
(4) Whenever the Governor is unable, by reason of absence, ill-health or any other cause to discharge the functions, duties and powers re