Central Bank Act, 1997

Central Bank Act, 1997 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1997 Central Bank Act, 1997 Central Bank Act, 1997 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Revised Act Acht Athbh… Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 8 of 1997 CENTRAL BANK ACT, 1997 ARRANGEMENT OF SECTIONS PART I Preliminary and General Section 1. Short title, construction, collective citation and commencement. 2. Interpretation. 3. Laying of regulations and orders before Houses of the Oireachtas. 4. Repeals. PART II Regulation of Payment Systems 5. Definitions (Part II). 6. Membership of payment system. 7. Payment systems. 8. Existing payment systems. 9. Approval of rules. 10. Refusal to approve of rules. 11. Application of section 17 of Act of 1971. 12. Failure to comply with conditions or requirements. 13. Revocation of approval of rules of payment system. 14. Offences. 15. Imposition of requirements for membership. 16. Amendment of section 26 of Act of 1971. 17. Exemption of payment systems. 18. Payment of fees. 19. Prohibition of revocation of certain payments. 20. Electronic settlement of accounts. 21. Amendment of section 7 of Act of 1942. 22. Power to make regulations for cross-border transfers. PART III Power of the Bank to Form or Acquire a Company 23. Power of Bank to form or acquire a company. PART IV Functions and Duties of Governor of Bank 24. Functions and duties of Governor. 25. Amendment of section 8 of Act of 1942. 26. Amendment of section 19 of Act of 1942. 27. Application of section 20 of Act of 1942. PART V Supervision of Bureaux de Change 28. Definitions (Part V). 29. Prohibition of carrying on of bureau de change functions. 30. Requirements or conditions for bureaux de change. 31. Application of section 17 of Act of 1971 to bureaux de change. 32. Failure by bureaux de change to comply with requirements or conditions. 33. Publication of names. 34. Offences and penalties. 35. Revocation of authorisations. 36. Amendment of Consumer Credit Act, 1995 . PART VI Amendments to Investment Intermediaries Act, 1995 37. Amendment of section 4 of Investment Intermediaries Act, 1995. 38. Amendment of section 8 of Investment Intermediaries Act, 1995. 39. Amendment of section 10 of Investment Intermediaries Act, 1995. 40. Amendment of section 20 of Investment Intermediaries Act, 1995. 41. Amendment of section 22 of Investment Intermediaries Act, 1995. 42. Amendment of section 25 of Investment Intermediaries Act, 1995. 43. Amendment of section 26 of Investment Intermediaries Act, 1995. 44. Amendment of section 27 of Investment Intermediaries Act, 1995. 45. Amendment of section 28 of Investment Intermediaries Act, 1995. 46. Amendment of section 29 of Investment Intermediaries Act, 1995. 47. Amendment of section 31 of Investment Intermediaries Act, 1995. 48. Amendment of section 64 of Investment Intermediaries Act, 1995. 49. Amendment of section 78 of Investment Intermediaries Act, 1995. PART VII Miscellaneous 50. Amendment of section 24 of Act of 1942. 51. Amendment of section 28 of Act of 1942. 52. Amendment of section 16 of Act of 1989. 53. Application of section 47 of Act of 1989. 54. Amendment of section 48 of Act of 1989. 55. Amendment of section 75 of Act of 1989. 56. Amendment of section 76 of Act of 1989. 57. Amendment of section 90 of Act of 1989. 58. Amendment of section 91 of Act of 1989. 59. Amendment of section 92 of Act of 1989. 60. Amendment of section 3(2) of Consumer Credit Act, 1995. 61. Amendment of Part II, Chapter VII of Act of 1989. 62. Amendment of section 104 of Act of 1989. 63. Amendment of section 139 of Act of 1989. 64. Amendment of section 3 of Bretton Woods Agreements Act, 1957. 65. Amendment of section 3 of International Finance Corporation Act, 1958. 66. Amendment of section 3 of International Development Association Act, 1960. 67. Amendment of section 3 of Multilateral Investment Guarantee Agency Act, 1988. 68. Amendment of section 3 of European Bank for Reconstruction and Development Act, 1991. 69. Amendment of Part II, Chapter II of Act of 1989. 70. Amendment of Act of 1971. 71. Amendment of section 11 of Act of 1971. 72. Amendment of section 48 of Act of 1971. 73. Amendment of section 51 of Act of 1971. 74. Injunction to prevent an unauthorised person acting as a credit institution. 75. Powers of inspection. 76. Search and seizure. 77. Examination by Comptroller and Auditor General. 78. Amendment of Building Societies Act, 1989. 79. Information to be supplied by mortgage lenders. 80. Amendment of Trustee (Authorised Investments) Act, 1958. 81. Amendment of European Communities (Deposit Guarantee Schemes) Regulations, 1995. 82. References to company in ICC Bank Act, 1992 83. Amendment of Stock Transfer Act, 1963. 84. Representative offices. 85. Amendment of Decimal Currency Act, 1969. SCHEDULE PART I Repeals PART II Revocation Acts Referred to ACC Bank Act, 1992 1992, No. 6 Bretton Woods Agreements Act, 1957 1957, No. 18 Building Societies Act, 1989 1989, No. 17 Central Bank Acts, 1942 to 1989 Companies Acts, 1963 to 1990 Companies (Amendment) Act, 1977 1977, No. 31 Companies (Amendment) Act, 1986 1986, No. 25 Comptroller and Auditor General (Amendment) Act, 1993 1993, No. 8 Consumer Credit Act, 1995 1995, No. 24 Criminal Justice Act, 1994 1994, No. 15 Data Protection Act, 1988 1988, No. 25 Decimal Currency Act, 1969 1969, No. 23 European Bank for Reconstruction and Development Act, 1991 1991, No. 1 Finance Act, 1980 1980, No. 14 Finance Act, 1981 1981, No. 16 Finance Act, 1986 1986, No. 13 Finance Act, 1987 1987, No. 10 ICC Bank Act, 1992 1992, No. 21 Insurance Act, 1989 1989, No. 3 International Development Association Act, 1960 1960, No. 35 International Finance Corporation Act, 1958 1958, No. 22 Investment Intermediaries Act, 1995 1995, No. 11 Investment Limited Partnerships Act, 1994 1994, No. 24 Multilateral Investment Guarantee Agency Act, 1988 1988, No. 32 Netting of Financial Contracts Act, 1995 1995, No. 25 Pensions Acts, 1990 to 1996 Public Offices Fees Act, 1879 42 & 43 Vict., c. 58 Statistics Act, 1993 1993, No. 21 Stock Exchange Act, 1995 1995, No. 9 Stock Transfer Act, 1963 1963, No. 21 Trustee Act, 1893 56 & 57 Vict., c. 53 Trustee (Authorised Investments) Act, 1958 1958, No. 8 Trustee Savings Banks Act, 1989 1989, No. 21 Unit Trusts Act, 1990 1990, No. 37 Number 8 of 1997 CENTRAL BANK ACT, 1997 AN ACT TO MAKE PROVISION FOR THE REGULATION BY THE CENTRAL BANK OF IRELAND OF PAYMENT SYSTEMS AND BUREAUX de CHANGE, AND TO AMEND AND EXTEND THE CENTRAL BANK ACTS, 1942 TO 1989 AND OTHER ENACTMENTS, AND TO PROVIDE FOR RELATED MATTERS. [31st March, 1997] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART I Preliminary and General Short title, construction, collective citation and commencement. 1.—(1) This Act may be cited as the Central Bank Act, 1997. (2) This Act shall come into operation on such day or days as may be appointed by order or orders made by the Minister, either generally or with reference to any particular purpose or provision, and different days may be appointed for different purposes and different provisions of this Act. (3) This Act, other than sections 3 , 36 to 49 , 60 , 64 to 68 , 78 to 83 and 85 and the Central Bank Acts, 1942 to 1989, shall be construed together as one Act and may be cited together as the Central Bank Acts, 1942 to 1997. Interpretation. 2.—(1) In this Act, unless the context otherwise requires— “the Act of 1942” means the Central Bank Act, 1942 ; “the Act of 1971” means the Central Bank Act, 1971 ; “the Act of 1989” means the Central Bank Act, 1989; “the Bank” means the Central Bank of Ireland; “the Court” means the High Court; “credit institution” has the meaning assigned to it by the Regulations of 1992; “enactment” means any Act or instrument made thereunder; “financial institution” means an undertaking other than a credit institution providing any one or more of the financial services set out in the Schedule to the Regulations of 1992; “insurance undertaking” has the meaning assigned to it by the Insurance Act, 1989 ; “the Minister” means the Minister for Finance; “mortgage lender” means a credit institution or other person whose business includes the making of housing loans where “housing loan” means an agreement for credit on the security of a mortgage of a freehold or leasehold estate or interest in a house where— (a) the loan is made for the purpose of enabling the borrower to provide or improve the house or to purchase the said estate or interest, or (b) the loan is made for the purpose of refinancing a loan within the meaning of paragraph (a), or (c) the house is to be used as the principal residence of the borrower or his dependants; “prescribed” means prescribed by Regulations made by the Minister; “the Regulations of 1992” means the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ); “statutory functions”, in relation to the Bank, means its functions— (a) under the Central Bank Acts, 1942 to 1997, (b) imposed by virtue of the ACC Bank Act, 1992 (Section 4) Regulations, 1992 ( S.I. No. 373 of 1992 ), the ICC Bank Act, 1992 (Section 3) Regulations, 1993 ( S.I. No. 24 of 1993 ), the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ), or the European Communities (Consolidated Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 396 of 1992 ), (c) under the Unit Trusts Act, 1990 (No. 37 of 1990), (d) under the Building Societies Act, 1989 (No. 17 of 1989), (e) under the Companies Act, 1990 (No. 33 of 1990), (f) under the Trustee Savings Banks Act, 1989 (No. 21 of 1989), (g) under the Investment Limited Partnerships Act, 1994 (No. 24 of 1994), (h) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ), and any instruments amending that instrument, (i) under the Stock Exchange Act, 1995 (No. 9 of 1995), (j) under the Investment Intermediaries Act, 1995 (No. 11 of 1995), and (k) under any other enactment; “subsidiary” has the meaning assigned to it by section 155 of the Companies Act, 1963 . (2) For the purposes of the Central Bank Acts, 1942 to 1997, “deposit”, on or after the commencement of this section, means a sum of money accepted on terms under which it is repayable with or without interest whether on demand or on notice or at a fixed or determinable future date. (3) In this Act a reference to a section, a Part or a Schedule is a reference to a section or a Part of, or a Schedule to, this Act, unless it is indicated that reference to some other enactment is intended. (4) In this Act a reference to a subsection, paragraph or subparagraph is a reference to a subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended. (5) In this Act a reference to an enactment shall be construed as a reference to that enactment as amended or adapted, whether before or after the commencement of this section, by or under any subsequent enactment. Laying of regulations and orders before Houses of the Oireachtas. 3.—Every regulation or order made under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation or order is passed by either such House within the next 21 days on which that House has sat after the regulation or order is laid before it, the regulation or order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. Repeals. 4.—(1) The Acts mentioned in column (2) of Part I of the Schedule are hereby repealed to the extent specified in column (3) of that Schedule. (2) The instrument mentioned in column (2) of Part II of the Schedule is hereby revoked to the extent specified in column (3) of that Schedule. PART II Regulation of Payment Systems Definitions (Part II). 5.—In this Part— “existing payment system” means a payment system operating at the time of the commencement of this section; “payment system” means a system established in the State, or proposed to be established in the State, by any person, in which credit institutions or financial institutions participate and which provides for— (a) all or any of the following, namely, the processing, handling, clearance and settlement of any means of payment or of any securities, or (b) the payment of any moneys by that means of payment, by or as between the members of the system or third parties, whether or not the processing, handling, clearance, settlement or payment of any of the moneys takes place in part or in whole within the State or outside the State; “rules”, in relation to a payment system or a proposed payment system, means the rules governing or proposed to govern the membership and operation of the payment system. Membership of payment system. 6.—The Bank may become a member of, or be a party to the establishment or operation of, a payment system. Payment systems. 7.—No payment system, other than an existing payment system, shall be established or operated unless the persons who propose to establish the system have submitted the rules for such a proposed payment system (in this part referred to as a “proposed system”) to the Bank for approval and the Bank has approved of those rules. Existing payment systems. 8.—(1) Within three months of the passing of this Act, every payment system which was in operation before such passing (in this Part referred to as “an existing system”) shall— (a) submit its rules to the Bank for approval, or (b) cease to operate. (2) Pending a decision by the Bank to approve or not to approve of the rules of an existing system submitted to it under subsection (1) (a), the Bank may— (a) impose on the system such conditions or requirements as it considers appropriate to impose, or (b) issue a direction under section 12 as if the existing system were a system the rules of which had been approved of by the Bank. (3) The operators of a payment system may appeal to the Court against the imposition of any condition or requirement or the giving of a direction under this section. (4) On hearing an appeal under subsection (3) of this section, the Court may confirm, vary or rescind any condition, requirement or direction imposed under this section. Approval of rules. 9.—(1) The Bank shall decide to approve or refuse to approve the rules of a system within three months of the receipt of a submission under section 8 (1) and where the Bank approves of the rules of an existing system or for a proposed system, it may— (a) make its approval subject to conditions or requirements or both as it thinks fit, and (b) at any time after approval, impose conditions or requirements or both on any class of payment system or amend or revoke any condition or requirement or both to which this subsection relates, whether or not previously amended by this subparagraph. (2) Every condition or requirement imposed to which this subsection relates and every amendment thereto or revocation thereof shall be imposed, amended or revoked as the Bank sees fit in the interest of the proper and orderly regulation of the payment system concerned and of competition between payment systems and every such condition or requirement may be imposed on either or both— (a) that class of payment system, and (b) the members of that payment system. (3) In respect of any condition or requirement to which subsection (1) (b) relates, a condition or requirement shall not be imposed, amended or revoked until— (a) the Bank has notified the operators or, when appropriate, the members of the payment system of its intention to so impose, amend or revoke, and (b) the Bank has considered any representations made by the payment system or any member thereof within such time limit as the Bank may specify when notifying the payment system. (4) The approval by the Bank of the rules of, or for, a payment system shall not constitute a warranty as to the solvency of that system or of any member of that system and the Bank shall not be liable, by reason of its approval, in respect of any losses incurred through the insolvency or default of that system or any of its members. (5) An application for approval of the rules of an existing system or for a proposed system shall be in such form and contain such particulars as the Bank may from time to time determine. (6) The Bank shall not approve of the rules of an existing system or a proposed system unless the existing system or proposed system is a company incorporated under the Companies Acts, 1963 to 1990. (7) The operator of an existing system or the promoter of a proposed system may appeal to the Court against the imposition of any condition or requirement within 21 days of the imposition thereof and the Court may, on hearing an appeal under this section, confirm, vary or rescind any condition or requirement under this section. Refusal to approve of rules. 10.—(1) The Bank shall not refuse to approve of the rules of an existing system or for a proposed system without the consent of the Minister and unless it is satisfied that the approval would not be in the interest of the proper and orderly regulation of such a system, and the Minister shall not consent to the refusal unless he or she is satisfied that the approval would not be in the interest of the proper and orderly regulation of such a system. (2) Whenever the Bank proposes to refuse to approve of the rules of an existing system or for a proposed system— (a) it shall notify the system or, in the case of a proposed system, the promoter of the system, in writing that it intends to seek the consent of the Minister to the proposed refusal and of its reasons for the refusal and that the system or the promoter may, within the period of 21 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed refusal, (b) the operators of the system or the promoter may make such representations in writing to the Minister within the time aforesaid, and (c) the Minister shall, before deciding to give or withhold his or her consent, consider any representations duly made to him or her under this subsection in relation to the proposed refusal. Application of section 17 of Act of 1971. 11.—Without prejudice to the provisions of section 9 , section 17 (which relates to books and records of holders of licences) (as amended by section 36 of the Act of 1989) of the Act of 1971 shall apply as if— (a) every payment system to which this Part applies, and (b) every member of that system, who is not at the time of the commencement of this section the holder of a licence for the purpose of the Central Bank Acts, 1942 to 1989, and this Act, were the holder of such a licence. Failure to comply with conditions or requirements. 12.—(1) Where the Bank is satisfied that a payment system or any member thereof has failed or is failing to comply with a condition or requirement under section 8 (2) (a) or section 9 , the Bank may give a direction to— (a) the payment system to cease such activities as the Bank may specify, and (b) any or all of the members of the payment system to cease operating as a member or members of that system, for a specified period or until further notice by the Bank. (2) (a) The payment system to which, or member or members thereof to whom, a direction is given under subsection (1) may apply in a summary manner to the Court for, and the Court may grant, an order setting aside the direction. (b) The Bank may apply in a summary manner to the Court to have a direction by it under this section confirmed by the Court. (3) The Court when considering the matter may make such interim or interlocutory order as it considers appropriate. (4) Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice that it is desirable, the whole or any part of proceedings under this section may be heard otherwise than in public. Revocation of approval of rules of payment system. 13.—(1) The Bank may— (a) revoke an approval of the rules of a payment system if the system to which it was granted so requests, (b) with the consent of the Minister, revoke an approval of the rules of a payment system, if— (i) the system— (I) has not commenced to operate within 12 months of the date on which the approval was granted, or (II) has ceased operating for a period of more than one month, (ii) the payment system being a company, the company is being wound up, (iii) the payment system (being an existing system) or the promoter of a proposed system has obtained the approval of the Bank through false statements or any other irregular means, (iv) the payment system becomes unable to meet its obligations to creditors or suspends payment lawfully due by the system or by any member thereof, or (v) since the grant of the approval, the circumstances relevant to the grant have changed and are such that, if an application for an approval were made in the changed circumstances, it would be refused. (2) Whenever the Bank proposes to revoke an approval (other than in pursuance of a request by the payment system to which it was granted to do so)— (a) it shall notify the payment system concerned that it intends to seek the consent of the Minister to the revocation and of the reasons for that revocation and that the system may, within 21 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed revocation, (b) the payment system may make such representations in writing to the Minister within the time aforesaid, and (c) the Minister shall, before deciding to give or withhold his or her consent, consider any representations duly made to him or her under this subsection in relation to the proposed revocation. (3) Where an approval of the rules of a payment system is revoked and the system is not a company which is being wound up— (a) the system and the members thereof shall continue to be subject to the duties and obligations imposed by or under this Part or section 18 of the Act of 1971 until all liabilities of the system and its members have been discharged to the satisfaction of the Bank, (b) the system shall, as soon as possible after the approval is revoked, notify the Bank and such other persons (if any) as the Bank indicates are to be notified of the measures being taken or proposed to be taken to discharge in full and without undue delay the liabilities of the system and the members thereof, (c) in the case where— (i) that payment system has notified the Bank in accordance with paragraph (b) and the Bank is of the opinion that the measures being taken or proposed to be taken for the purposes of that paragraph are not satisfactory, or (ii) that payment system has not so notified the Bank and the Bank is of the opinion that the system has failed to so notify as soon as possible after the approval is revoked, or (iii) the Bank is of the opinion that the payment system has failed to take all reasonable steps to notify persons that the Bank has indicated, under paragraph (b), are to be notified, then, the Bank may give a direction in writing to that payment system or to any of its members for such period, not exceeding six months, as may be specified therein, prohibiting the payment system or the members thereof so directed from— (I) dealing with or disposing of any assets or specified assets of the payment system or of its members in any manner, or (II) engaging in any transaction or class of transaction or specified transaction, or (III) making payments, without the prior authorisation of the Bank, and the Bank may require that payment system or any of its members to prepare and submit to it for its approval within two months of the direction, a scheme for the orderly discharge in full of the liabilities concerned. (4) (a) Where the approval of the rules of a payment system is revoked and the system is a company which is being wound up, the liquidator of the company shall, in addition to the duties and obligations in respect of the winding up, be subject to the duties and obligations to which the payment system would be subject were it a payment system to which subsection (3) relates and that subsection shall, for the purpose of this subsection, be construed accordingly. (b) Notwithstanding paragraph (a), the Bank may, where it revokes an approval and considers it appropriate in the circumstances, remove in writing the duty and obligation imposed on the liquidator concerned to comply with paragraph (b) of subsection (3) and may impose in writing on that liquidator such further or other duty and obligation which corresponds to that set out in the said paragraph (b). (c) Nothing in this subsection shall be construed as affecting any duty or obligation under this Part of the members of the payment system concerned. (5) The Bank shall as soon as may be after the revocation of an approval of the rules of a payment system publish a notice of the revocation in such manner as it thinks fit. (6) (a) The system to which a direction was given under subsection (3), or a liquidator to whom a direction was given under subsection (4), may apply in a summary manner to the Court for, and the Court may grant, an order setting aside the direction. (b) The Bank may apply in a summary manner to the Court to have a direction by it under this section confirmed by the Court. (7) The Court when considering the matter may make such interim or interlocutory order as it considers appropriate. (8) Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings under this section may be heard otherwise than in public. Offences. 14.—Any person who contravenes section 7 or section 8 (1) and a payment system or a member thereof who— (a) commits by act or omission a breach of a condition or requirement duly imposed and which relates to the approval by the Bank of the rules of the system, or (b) fails by act or omission to comply with a direction confirmed by the Court under section 12 or section 13 , shall be guilty of an offence and shall be liable— (i) on summary conviction, to a fine not exceeding £1,500 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or (ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding five years, or to both, and (iii) if the contravention, breach or failure in respect of which such person, payment system or member was convicted is continued after conviction, that person, system or member shall be guilty of an offence on every day on which the contravention, breach or failure continues after conviction in respect of the original contravention, breach or failure and for each such offence that person, system or member shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000. Imposition of requirements for membership. 15.—In approving the rules of a payment system or in imposing terms and conditions for the operation of a system, the Bank may, without prejudice to any other requirement it sees fit to impose in the interests of the proper and orderly regulation of the system, impose conditions in relation to all or any of the following: (a) the requirements for membership and rules of operation of the system; (b) the code of conduct to be followed by the members of the system; (c) the apportionment of costs as between the members themselves or between the members and the system; (d) the fees, contributions or any other financial requirement in relation to membership of a payment system whatsoever imposed or to be imposed on an existing member of the system or an applicant for membership of the system. Amendment of section 26 of Act of 1971. 16.—Section 26 of the Act of 1971 is hereby amended by the substitution for subsection (7) (inserted by section 42 of the Act of 1989) of the following subsections: “(7) The Minister may, after consultation with the Bank and where he or she is of the opinion that the proper and orderly regulation of financial markets so requires, by order— (a) in the case of either or both subsections (2) and (3) of this section, apply those subsections or restrict their application to any class of persons, and (b) in the case of subsection (6) of this section, amend that subsection by the addition thereto or deletion therefrom, of any instrument specified in that subsection, and, in the case of each subsection, whether or not previously affected by virtue of this subsection. (8) In this section ‘holder of a licence’ shall be deemed to include a credit institution within the meaning of Regulation 2 of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ). (9) Where the Minister is of the opinion, after consulting the Bank and such other Ministers (if any) as he considers it appropriate to consult with, that there are adequate supervisory and inspection provisions contained in any enactment relating to a financial institution or a class or type of institution to which the provisions of this Chapter would apply, then the Minister may by order specify the enactment concerned and, where necessary in the context of that enactment, the institution or class or type of institution to which the order relates and, accordingly, those provisions shall not apply to an institution to which the order relates. (10) The Minister may, after consulting the Bank and such other Ministers (if any) as he considers it appropriate to consult with, by order, revoke an order, under subsection (9).”. Exemption of payment systems. 17.—The Bank may exempt a payment system or a class of payment system from some or all of the requirements of this Part on such terms and conditions as the Bank may decide, where it is of the opinion that the application of this Part to that system or class of system is not necessary in the interest of the proper and orderly regulation of financial transactions in the State. Payment of fees. 18.—(1) Subject to subsection (2), the Minister may, after consultation with the Bank, prescribe the fee to be paid to the Bank by any person supervised or regulated by it under any enactment and different fees may be prescribed for different classes of persons. (2) Where the Minister proposes to prescribe a fee under subsection (1), he or she— (a) shall notify the persons of the class to which the proposed fee relates of that proposed fee, and (b) shall not prescribe the fee until he or she has considered any representations made to him or her within such period, being not less than two months after the date the notification was sent to each person concerned. Prohibition of revocation of certain payments. 19.—Where any credit institution instructs the Central Bank to make a payment to the Central Bank or to another credit institution that instruction may not be revoked on or after the debiting of the account of such credit institution. Electronic settlement of accounts. 20.—Notwithstanding anything to the contrary contained in any enactment relating to settlement or other accounts held at the Bank, all payment instructions and authorisations to and from the Bank shall be effective if made through a computerised system established by the Bank or in any other electronic form and not otherwise recorded within the Bank (without the need for an instrument in writing). Amendment of section 7 of Act of 1942. 21.—The following section is hereby substituted for section 7 of the Act of 1942: “7.—(1) It shall be lawful for the Bank to do all or any of the following things, that is to say: (a) buy or sell coin or gold or silver bullion, or other precious metal, or any currency or currency units, however described; (b) receive deposits; (c) open accounts in other countries or act as agent, depository, or correspondent of any credit institution carrying on business in or outside the State; (d) with the consent of the Minister acquire, hold, or dispose of shares in a bank or other institution formed wholly or mainly by banks which are the principal currency authority in their respective countries; (e) re-discount any exchequer note or bill, local authority bill, bill of exchange or promissory note on such terms and conditions as the Bank sees fit; (f) make loans or advances to credit institutions on the security of such assets and subject to such terms and conditions as the Bank sees fit; (g) fix and publish from time to time the minimum rate or rates at which the Bank may re-discount any bill or debt instrument or otherwise make funds available to credit institutions; (h) buy, hold, or sell securities; (i) keep registers of securities generally; (j) operate or participate in any depository of securities or of other instruments; (k) keep the accounts for the clearing and settlement of securities or payment instruments; (l) become a member of, or a party to the establishment or operation of a payment system; (m) operate or participate in any system that provides a settlement service for transactions in securities or other instruments for its members; (n) enter into agreements with any depositories of securities or other instruments and to carry out any transactions under the terms of such agreements necessary for the settlement of transactions between members of such depositories and members of any depository operated by the Bank.”. Power to make regulations for cross-border transfers. 22.—(1) The Minister may make regulations providing for the regulation of cross-border credit transfers and, without prejudice to the generality of the foregoing, the regulations may provide, in respect of such credit transfers, for all or any of the following: (a) transparency; (b) periods of time within which establishments may be bound to make a payment; (c) an obligation to execute transfers in accordance with instructions in payment orders, including instructions as regards allocation of costs; (d) an obligation, in the event of non-execution of transfers, to refund an amount up to and including the full amount, interest and charges; (e) dispute resolution procedures. (2) In this section— “cross-border credit transfer” means a transaction carried out on the initiative of an originator via an institution or its branch in one Member State of the European Union, with a view to making available an amount of money to a beneficiary at an institution or its branch in another Member State; “transparency” means the making available to actual and prospective customers in writing, including where appropriate by electronic means, in a readily comprehensible form, information on conditions for cross-border credit transfers. PART III Power of the Bank to Form or Acquire a Company Power of Bank to form or acquire a company. 23.—(1) Subject to subsection (4), the Bank may promote and take part in the formation or establishment of one or more than one company. (2) The Bank may acquire, hold and dispose of shares or other interests in one or more than one company and become a member of a company. (3) The Bank may exercise total or partial control of the composition of the board of directors that controls or manages a company promoted, formed or established by it. (4) The exercise by the Bank of any power conferred by this section shall be subject to the consent of the Minister, given after consultation with any other Minister of the Government who, in the opinion of the Minister, having regard to the functions of that Minister of the Government, ought to be consulted. (5) The consent of the Minister shall be required for the drawing up of or amending of the Memorandum and Articles of Association of any company formed or acquired by the Bank. (6) The functions and powers of any subsidiary of the Bank shall be limited to those conferred on the Bank. (7) Subsection (6) shall not apply where the Bank becomes a member of, or is a party to the establishment or operation of a payment system. PART IV Functions and Duties of Governor of Bank Functions and duties of Governor. 24.—The Governor of the Bank shall, if so requested, attend before a Select Committee of Dáil Éireann that is assigned the role of examining matters related to the Bank and shall furnish that Committee with such information as may be requested, subject to any restrictions in this regard as are placed on him or her by virtue of the provisions of the Central Bank Acts, 1942 to 1989, and this Act. Amendment of section 8 of Act of 1942. 25.—Section 8 of the Act of 1942 is hereby amended by the insertion of the following paragraph after paragraph (b)— “(bb) provide advice and assistance to the Central Statistics Office in regard to the collection, compilation, analysis or interpretation of balance of payments, national accounts or any other financial statistics relevant for these purposes, including where appropriate to undertake the collection of data for this purpose;”. Amendment of section 19 of Act of 1942. 26.—Section 19 of the Act of 1942 is hereby amended: (a) by the substitution of the following paragraph for paragraph (b) of subsection (4): “(b) he shall, during his term of office, be ineligible for election as a director of any credit institution, financial institution, or insurance undertaking;”; (b) by the substitution of the following subsection for subsection (5): “(5) In this section and in section 2: ‘credit institution’ means an undertaking whose business it is to receive deposits or other repayable funds from the public and to grant credit on its own account but does not include the European Monetary Institute; ‘financial institution’ means an undertaking other than a credit institution providing any one or more of the financial services set out in the Schedule to the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ); ‘insurance undertaking’ has the meaning assigned to it by the Insurance Act, 1989 .”. Application of section 20 of Act of 1942. 27.—(1) Section 20 of the Act of 1942 shall apply as if every reference to a bank, wherever it occurs, were a reference to a credit institution, a financial institution or an insurance undertaking. (2) Nothing in section 20 of the Act of 1942 shall be construed as prohibiting the Governor of the Bank from effecting any policy of insurance or purchasing the units of, or participating in, any collective investment scheme whose funds are invested in bonds or equities generally, including the bonds or shares of a credit institution or financial institution, or from having an ordinary savings account with a building society or a friendly society. PART V Supervision of Bureaux de Change Definitions (Part V). 28.—In this Part— “authorisation” means an authorisation granted to a person by the Bank under this Part to carry on bureau de change business; “bureau de change business” means any business which consists of the provision of foreign currency exchange services to the public but excluding— (a) the provision of such services by a person or body referred to in section 32 (1) (a) to (k) or (m) of the Criminal Justice Act, 1994 , in the normal course of the business of such person or body, or (b) the provision of such services on an ancillary basis by a trader to customers in the normal course of business. Prohibition of carrying on of bureau de change functions. 29.—(1) A person shall not carry on bureau de change business at any time after this section has been in operation for six months unless the person has been granted an authorisation for the purposes of this section and the authorisation has not been revoked. (2) Subject to the provisions of this section, the Bank may grant or refuse to grant to any person applying to it an authorisation to carry on bureau de change business. (3) The Bank shall not refuse an authorisation without the consent of the Minister and unless it is satisfied that the authorisation would not be in the interest of the orderly regulation of bureau de change business in the context of the effective implementation of the money laundering provisions of the Criminal Justice Act, 1994 . (4) The Minister shall not grant his or her consent to the refusal unless he or she is satisfied that the authorisation would not be in the interest of the orderly regulation of bureau de change business in the context of the effective implementation of the money laundering provisions of the Criminal Justice Act, 1994 . (5) Whenever the Bank proposes to refuse an authorisation to a person— (a) it shall notify the person in writing that it intends to seek the consent of the Minister to the refusal and of its reasons for the refusal and that the person may, within 21 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed refusal, (b) the person may make such representations in writing to the Minister within the time aforesaid, and (c) the Minister shall, before deciding to grant or refuse to grant his or her consent, consider any representations duly made to him or her under this subsection in relation to the proposed refusal. (6) An application for an authorisation shall be in such form and contain such particulars as the Bank may from time to time determine. (7) The authorisation of a person under this section shall not constitute a warranty as to the solvency of the person to carry on bureau de change business and the Bank shall not be liable in respect of any losses incurred through the insolvency or default of the person. Requirements or conditions for bureaux de change. 30.—Every person carrying on bureau de change business shall comply with any requirements or conditions relating to that business that the Bank considers prudent to impose on that person from time to time for the purposes and in the interest of the orderly regulation of bureau de change business in the context of the effective implementation of the money laundering provisions of the Criminal Justice Act, 1994 . Application of section 17 of Act of 1971 to bureaux de change. 31.—Without prejudice to section 30 of this Act, section 17 of the Act of 1971 shall apply as if every person authorised by the Bank to carry on bureau de change business were the holder of a licence for the purposes of the Central Bank Acts, 1942 to 1997. Failure by bureaux de change to comply with requirements or conditions. 32.—(1) Where, on an application made in a summary manner by the Bank, the Court is of the opinion that there has occurred or is occurring a failure by a person carrying on bureau de change business to comply with a requirement or condition imposed by virtue of section 30 , the Court may by order prohibit the continuance of the failure by the person concerned. (2) The Court when considering the matter may make such interim or interlocutory order as it considers appropriate. (3) Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings under this section may be heard otherwise than in public. Publication of names. 33.—(1) The Bank shall publish from time to time, but not less frequently than once every twelve months, in such manner as it thinks fit, the names of persons authorised to carry on bureau de change business. (2) The Bank shall as soon as may be after the revocation of an authorisation publish a notice of the revocation in such manner as it thinks fit. Offences and penalties. 34.—A person who contravenes subsection (1) of section 29 or a person carrying on bureau de change business who fails by act or omission to comply with a requirement or condition imposed on that person under section 30 shall be guilty of an offence and shall be liable— (a) on summary conviction, to a fine not exceeding £1,500 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or (b) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding five years, or to both, and, if the contravention, breach or failure in respect of which such person was convicted is continued after conviction, that person shall be guilty of an offence on every day on which the contravention, breach or failure continues after conviction in respect of the original contravention, breach or failure and for each such offence that person shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000. Revocation of authorisations. 35.—(1) The Bank may— (a) revoke an authorisation if the person to whom it was granted so requests, (b) with the consent of the Minister, revoke an authorisation if the person to whom it was granted— (i) (I) has not commenced to carry on bureau de change business within 12 months of the date on which the authorisation was granted, or (II) has ceased to carry on bureau de change business and has not carried it on during a period of more than six months immediately following the cesser, (ii) is adjudicated bankrupt, (iii) being a partnership, the partnership is dissolved by death or bankruptcy of any partner, or otherwise under the law of partnership, (iv) being a company, is being wound up, (v) has obtained the authorisation through false statements or any other irregular means, (vi) becomes unable to meet the obligations of that person to the creditors of that person or suspends payments lawfully due or can no longer be relied upon to fulfil those obligations, (vii) is convicted on indictment of an offence under any provision of the Central Bank Acts, 1942 to 1997 or an offence under any provision of the Criminal Justice Act, 1994 , or an offence involving fraud, dishonesty or breach of trust, (viii) has a head office in another state that is a member of the European Communities and the authority in that state that exercises in that state functions corresponding to those of the Bank under this Part has withdrawn authorisation from the institution of which the holder is a branch, (c) with the consent of the Minister, revoke the authorisation if, since the grant of the authorisation, the circumstances relevant to the grant have changed and are such that, if an application for an authorisation were made in the changed circumstances, it would be refused. (2) Whenever the Bank proposes to revoke an authorisation other than in circumstances to which paragraph (a) or (b) (viii) of subsection (1) relates, then— (a) the person to whom it was granted: (i) shall be notified in writing that the Bank intends to seek the consent of the Minister to the revocation, the reasons for the revocation and that the person may, within 21 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed revocation, (ii) may make such representations in writing to the Minister within the time aforesaid, and (b) the Minister shall, before deciding to give or withhold his or her consent, consider any representations duly made to him or her under this subsection in relation to the proposed revocation. Amendment of Consumer Credit Act, 1995 . 36.—The Consumer Credit Act, 1995 , is hereby amended— (a) by the insertion after section 149 of the following section: “149A—(1) Section 149 shall apply to a person who has been granted an authorisation by the Central Bank under Part V of the Central Bank Act, 1997, to carry on bureau de change business, as if— (a) each reference to ‘credit institution’ were a reference to ‘a person authorised to carry on bureau de change business under Part V of the Central Bank Act, 1997’, (b) the reference to ‘three months’ in subsection (1) were a reference to ‘three months after the granting of an authorisation under Part V of the Central Bank Act, 1997,’, (c) the reference to ‘banking or financial business’ in subsection (7) (a) were a reference to ‘bureau de change business’, (d) the reference to ‘banking or financial business’ in subsection (8) (a) (ii) were a reference to ‘bureau de change business’, and (e) subsection (12) (c), (d) and (e) were repealed. (2) Nothing in this section shall cause a person authorised to carry on bureau de change business under Part V of the Central Bank Act, 1997, to be treated as a credit institution for any purpose other than as specified in this section.”, and (b) by the insertion, in section 150, after “credit institution” of “or of a person authorised to carry on bureau de change business under Part V of the Central Bank Act, 1997.”. PART VI Amendments to Investment Intermediaries Act, 1995 Amendment of section 4 of Investment Intermediaries Act, 1995 . 37.—The Investment Intermediaries Act, 1995 , is hereby amended by the substitution of the following section for section 4: “Supervisory authority. 4.—(1) In this Act, ‘supervisory authority’ means the Bank. (2) The Bank shall be the supervisory authority for all investment business firms. (3) Notwithstanding anything to the contrary in this Act, this Act shall be read as if there were only one supervisory authority for the purposes of this Act.”. Amendment of section 8 of Investment Intermediaries Act, 1995 . 38.— Section 8 of the Investment Intermediaries Act, 1995 , is hereby amended— (a) by the deletion after “The Bank” of “and the Minister for Enterprise and Employment”, (b) by the substitution of “authority” for “authorities”. Amendment of section 10 of Investment Intermediaries Act, 1995 . 39.— Section 10 of the Investment Intermediaries Act, 1995 , is hereby amended by the insertion of the following subsection after subsection (16): “(17) Every application for authorisation made to the Minister for Enterprise and Employment under this Act before the coming into operation of this section is hereby deemed to have been made to the Bank.”. Amendment of section 20 of Investment Intermediaries Act, 1995 . 40.— Section 20 (5) of the Investment Intermediaries Act, 1995 , is hereby amended by the deletion of “shall co-operate with the other supervisory authority in the State and”. Amendment of section 22 of Investment Intermediaries Act, 1995 . 41.— Section 22 of the Investment Intermediaries Act, 1995 , is hereby amended— (a) by the deletion in subsection (5) of “the Minister for Enterprise and Employment or”, (b) by the substitution in subsection (5) of “the Governor” for “that Minister or that Governor”, (c) by the deletion in subsection (6) (a) of “Minister for Enterprise and Employment or the”, and (d) by the deletion in subsection (6) (a) of “said Minister or”. Amendment of section 25 of Investment Intermediaries Act, 1995 . 42.—Section 25 (b) of the Investment Intermediaries Act, 1995 , is hereby amended by the deletion of “the instruments referred to in section 4 (2) (a) to (c)” and the substitution of “units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments,”. Amendment of section 26 of Investment Intermediaries Act, 1995 . 43.— Section 26 (1) of the Investment Intermediaries Act, 1995 , is hereby amended by the deletion of “the instruments referred to in section 4 (2) (a) to (c) of this Act” and the substitution of “units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments,”. Amendment of section 27 of Investment Intermediaries Act, 1995 . 44.—The Investment Intermediaries Act, 1995 , is hereby amended by the substitution of the following section for section 27: “Requirements for investment product intermediaries. 27.—A person shall not act as or hold himself out to be an investment product intermediary unless he holds an appointment in writing from each product producer for which he is an intermediary, and unless— (a) he is a member of any approved representative body specified for this purpose by the supervisory authority whose rules require compliance with the terms of this Act, or (b) he is a certified person, or (c) he otherwise complies with the provisions of this Act, and he effects a policy of professional indemnity insurance in a form specified by the supervisory authority (and different forms may be specified for different classes of person), indemnifying him up to such sum, in such manner, in respect of such matters and valid for such minimum period as the supervisory authority may prescribe from time to time.”. Amendment of section 28 of Investment Intermediaries Act, 1995 . 45.— Section 28 (1) of the Investment Intermediaries Act, 1995 , is hereby amended— (a) by the deletion of “the instruments referred to in section 4 (2) (a) to (c) or” and the substitution of “units or shares in undertakings for collective investments in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 ), and any subsequent amendments thereto, units in a unit trust, other collective scheme instruments,” (b) by the substitution of “by the supervisory authority” for “by the Minister for Enterprise and Employment”. Amendment of section 29 of Investment Intermediaries Act, 1995 . 46.— Section 29 of the Investment Intermediaries Act, 1995 , is hereby amended by the substitution of “the supervisory authority” for “the Minister for Enterprise and Employment”. Amendment of section 31 of Investment Intermediaries Act, 1995 . 47.— Section 31 of the Investment Intermediaries Act, 1995 , is hereby amended— (a) by the substitution in subsection (3) of “the supervisory authority” for “the Minister for Enterprise and Employment”, (b) by the substitution in subsection (3) of “the supervisory authority” for “that Minister”, and (c) by the substitution in subsection (4) of “The supervisory authority” for “The Minister for Enterprise and Employment”. Amendment of section 64 of Investment Intermediaries Act, 1995 . 48.—The Investment Intermediaries Act, 1995 , is hereby amended by the substitution of the following section for section 64: “Authorised officers. 64.—(1) The Governor of the Bank or any other person appointed by the Governor of the Bank for that purpose may authorise in writing such and so many persons to be authorised officers for the purposes of this Act and may revoke such authorisations. (2) Every person who is appointed to be an authorised officer pursuant to this section shall be furnished with a certificate of appointment and shall, if so required, when exercising any power conferred on him by this Act, produce such certificate or a copy of it duly authenticated by the Governor of the Bank or such other person appointed by the Governor of the Bank for that purpose and a form of personal identification.”. Amendment of section 78 of Investment Intermediaries Act, 1995 . 49.— Section 78 (3) of the Investment Intermediaries Act, 1995 , is hereby amended by the deletion of “or the Minister for Enterprise and Employment” in each place where it occurs. PART VII Miscellaneous Amendment of section 24 of Act of 1942. 50.—The following section is hereby substituted for section 24 (as amended by section 14 of the Act of 1989) of the Act of 1942: “24.—(1) Every Director of the Board (other than a service Director) shall, unless he sooner dies, resigns or becomes disqualified, hold office for a period of five years from the date of appointment. (2) Every service Director shall hold office at the pleasure of the Minister and may be removed by the Minister at any time. (3) This section shall apply to every Director of the Bank who holds office on the commencement of section 50 of the Central Bank Act, 1997.”. Amendment of section 28 of Act of 1942. 51.—Section 28 of the Act of 1942 is hereby amended by the substitution of the following subsection for subsection (2): “(2) Not less than ten days before the expiration by effluxion of time of the term of office of a Director to whom this section applies the Secretary to the Board shall notify the Minister of such prospective vacancy.”. Amendment of section 16 of Act of 1989. 52.—Section 16 (as amended by section 50 of the Stock Exchange Act, 1995 , and section 49 of the Investment Intermediaries Act, 1995 ), of the Act of 1989, is hereby amended— (a) by the substitution of the following for paragraph (e) of subsection (2)— “(e) made to an authority in a jurisdiction other than that of the State duly authorised to exercise functions similar to any one or more of the statutory functions of the Bank and which has obligations in respect of non-disclosure of information similar to the obligations imposed on the Bank under this section and the Bank may require from a person it supervises any information for the purposes of assisting the authority in the jurisdiction other than the State, but the Bank may only require such information where the information requested is to assist the authority in the jurisdiction other than the State in the carrying out of its regulatory functions,”, (b) by the insertion after subsection (2) (o) of the following paragraphs: “(p) made to an officer of statistics as defined by section 20 of the Statistics Act, 1993 , in connection with the collection, compilation, analysis or interpretation of data relating to balance of payments, national accounts or any other financial statistics for these purposes, (q) made for the purpose of complying with section 57 …