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

Section 1

Short title, construction, collective citation and commencement.

Section 2

Interpretation.

Section 3

Laying of regulations and orders before Houses of the Oireachtas.

Section 4

Repeals.

PART II

Regulation of Payment Systems

Section 5

Definitions (Part II).

Section 6

Membership of payment system.

Section 7

Payment systems.

Section 8

Existing payment systems.

Section 9

Approval of rules.

Section 10

Refusal to approve of rules.

Section 11

Application of section 17 of Act of 1971.

Section 12

Failure to comply with conditions or requirements.

Section 13

Revocation of approval of rules of payment system.

Section 14

Offences.

Section 15

Imposition of requirements for membership.

Section 16

Amendment of section 26 of Act of 1971.

Section 17

Exemption of payment systems.

Section 18

Payment of fees.

Section 19

Prohibition of revocation of certain payments.

Section 20

Electronic settlement of accounts.

Section 21

Amendment of section 7 of Act of 1942.

Section 22

Power to make regulations for cross-border transfers.

PART III

Power of the Bank to Form or Acquire a Company

Section 23

Power of Bank to form or acquire a company.

PART IV

Functions and Duties of Governor of Bank

Section 24

Functions and duties of Governor.

Section 25

Amendment of section 8 of Act of 1942.

Section 26

Amendment of section 19 of Act of 1942.

Section 27

Application of section 20 of Act of 1942.

PART V

Supervision of Bureaux de Change

Section 28

Definitions (Part V).

Section 29

Prohibition of carrying on of bureau de change functions.

Section 30

Requirements or conditions for bureaux de change.

Section 31

Application of section 17 of Act of 1971 to bureaux de change.

Section 32

Failure by bureaux de change to comply with requirements or conditions.

Section 33

Publication of names.

Section 34

Offences and penalties.

Section 35

Revocation of authorisations.

Section 36

Amendment of Consumer Credit Act, 1995 .

PART VI

Amendments to Investment Intermediaries Act, 1995

Section 37

Amendment of section 4 of Investment Intermediaries Act, 1995.

Section 38

Amendment of section 8 of Investment Intermediaries Act, 1995.

Section 39

Amendment of section 10 of Investment Intermediaries Act, 1995.

Section 40

Amendment of section 20 of Investment Intermediaries Act, 1995.

Section 41

Amendment of section 22 of Investment Intermediaries Act, 1995.

Section 42

Amendment of section 25 of Investment Intermediaries Act, 1995.

Section 43

Amendment of section 26 of Investment Intermediaries Act, 1995.

Section 44

Amendment of section 27 of Investment Intermediaries Act, 1995.

Section 45

Amendment of section 28 of Investment Intermediaries Act, 1995.

Section 46

Amendment of section 29 of Investment Intermediaries Act, 1995.

Section 47

Amendment of section 31 of Investment Intermediaries Act, 1995.

Section 48

Amendment of section 64 of Investment Intermediaries Act, 1995.

Section 49

Amendment of section 78 of Investment Intermediaries Act, 1995.

PART VII

Miscellaneous

Section 50

Amendment of section 24 of Act of 1942.

Section 51

Amendment of section 28 of Act of 1942.

Section 52

Amendment of section 16 of Act of 1989.

Section 53

Application of section 47 of Act of 1989.

Section 54

Amendment of section 48 of Act of 1989.

Section 55

Amendment of section 75 of Act of 1989.

Section 56

Amendment of section 76 of Act of 1989.

Section 57

Amendment of section 90 of Act of 1989.

Section 58

Amendment of section 91 of Act of 1989.

Section 59

Amendment of section 92 of Act of 1989.

Section 60

Amendment of section 3(2) of Consumer Credit Act, 1995.

Section 61

Amendment of Part II, Chapter VII of Act of 1989.

Section 62

Amendment of section 104 of Act of 1989.

Section 63

Amendment of section 139 of Act of 1989.

Section 64

Amendment of section 3 of Bretton Woods Agreements Act, 1957.

Section 65

Amendment of section 3 of International Finance Corporation Act, 1958.

Section 66

Amendment of section 3 of International Development Association Act, 1960.

Section 67

Amendment of section 3 of Multilateral Investment Guarantee Agency Act, 1988.

Section 68

Amendment of section 3 of European Bank for Reconstruction and Development Act, 1991.

Section 69

Amendment of Part II, Chapter II of Act of 1989.

Section 70

Amendment of Act of 1971.

Section 71

Amendment of section 11 of Act of 1971.

Section 72

Amendment of section 48 of Act of 1971.

Section 73

Amendment of section 51 of Act of 1971.

Section 74

Injunction to prevent an unauthorised person acting as a credit institution.

Section 75

Powers of inspection.

Section 76

Search and seizure.

Section 77

Examination by Comptroller and Auditor General.

Section 78

Amendment of Building Societies Act, 1989.

Section 79

Information to be supplied by mortgage lenders.

Section 80

Amendment of Trustee (Authorised Investments) Act, 1958.

Section 81

Amendment of European Communities (Deposit Guarantee Schemes) Regulations, 1995.

Section 82

References to company in ICC Bank Act, 1992

Section 83

Amendment of Stock Transfer Act, 1963.

Section 84

Representative offices.

Section 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.

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 .

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.

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.

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

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.

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

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.

Offences.

14.—Any person who contravenes section 7 or section 8

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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

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.

Amendment of section 78 of Investment Intermediaries Act, 1995 .

49.—

Section 78

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.

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

Application of section 47 of Act of 1989.

53.—Section 47 of the Act of 1989 shall apply— (a) to every financial institution to which Chapter VII of Part II of the Act of 1989 relates, (b) to every exchange to which Chapter VIII of Part II of the Act of 1989 relates and every member of that exchange, and (c) to every person authorised by the Bank to carry on money broking business, as if each such institution, exchange, member or person so authorised were the holder of a licence for the purposes of the Central Bank Acts, 1942 to 1997.

Amendment of section 48 of Act of 1989.

54.—Section 48 of the Act of 1989, is hereby amended by the insertion of the following subsection after subsection (3): “(4) The Bank shall be notified of any application for a petition for the winding up of the holder of a licence before the petition is presented.”.

Amendment of section 75 of Act of 1989.

55.—Section 75 of the Act of 1989 is hereby amended by the insertion of the following paragraph after paragraph (a) of subsection (2): “(aa) the acquiring transaction is being entered into with the prior approval of the Bank in the interests of the proper and orderly regulation of banking or financial markets in the State, or”.

Amendment of section 76 of Act of 1989.

56.—Section 76 of the Act of 1989 is hereby amended by designation of that section as subsection (1) thereof and by the insertion of the following subsection: “(2) A person may apply to the Court for an order, on such conditions as the Court may decide, declaring that, notwithstanding the failure of that person to notify the Bank as required by this Chapter, the acquiring transaction is, and always had been, a valid transaction and that title to any shares or other interest concerned did pass and that all purported exercise of powers is and always had been valid, and if the Court finds that the failure to notify the Bank of the proposed acquiring transaction was due to inadvertence on the part of the person, or if the Court considers that it is otherwise in the interest of justice to do so, it shall grant the order sought.”.

Amendment of section 90 of Act of 1989.

57.—Section 90 of the Act of 1989 is hereby amended by designation of that section as subsection (1) thereof and by the insertion of the following subsection: “(2) The Bank may apply from a date specified in writing by it any or all of the provisions of this Part to any person who has applied for a certificate under section 39B (inserted by section 30 of the Finance Act, 1987 ) of the Finance Act, 1980 , where the Bank is of the opinion that the application of these provisions to that person is necessary in the interests of the proper and orderly regulation of the Custom House Docks Area (within the meaning of section 41 of the Finance Act, 1986 ) and this Part shall have full effect as if that person were a person to whom a certificate had been given by the Minister.”.

Amendment of section 91 of Act of 1989.

58.—Section 91 of the Act of 1989 is hereby amended by the insertion of the following subsection after subsection (2): “(3) Notwithstanding subsection (1), an order under this section may provide that— (a) the provisions of this Chapter shall not apply to financial institutions of a specified class or financial institutions engaged in a specified class of business, or (b) the provisions of this Chapter shall apply to every such financial institution referred to in subparagraph (a) to the extent only specified in the order.”.

Amendment of section 92 of Act of 1989.

59.—Section 92 of the Act of 1989 is hereby amended by the insertion of the following subsections: “(3) The Bank may decide not to impose prudential, supervisory and reporting requirements and conditions on a financial institution or a class of financial institutions where it considers that the imposition of such requirements and conditions is not necessary in the interests of the reasonable protection of the public, the financial system or a sector thereof, or otherwise in the interests of the proper and orderly regulation of the institution or class of institutions, or the Custom House Docks Area (within the meaning of section 41 of the Finance Act, 1986 ).

Amendment of section 3

60.—Section 3(2) of the Consumer Credit Act, 1995 , is hereby amended by the insertion of the following paragraph after paragraph (a): “(aa) any transaction or proposed transaction conducted in the course of relevant trading operations within the meaning of section 39A (inserted by section 17 of the Finance Act, 1981 ) of the Finance Act, 1980 , or within the meaning of section 39B (inserted by section 30 of the Finance Act, 1987 ) of the Finance Act, 1980 .”.

Amendment of Part II, Chapter VII of Act of 1989.

61.—The Act of 1989 is hereby amended by the insertion of the following section after section 96: “Application of this Part to certain classes of financial institution.

96A.—The provisions of this Chapter shall continue to apply to a financial institution which has had its certificate revoked by the Minister, or has surrendered its certificate, until such time as the institution has discharged its liabilities in whole or in part to the satisfaction of the Bank.”.

Amendment of section 104 of Act of 1989.

62.—Section 104 of the Act of 1989 is hereby amended by the insertion of the following subsection after subsection (3): “(4) A prospectus or other document advertising the services of an exchange shall contain a statement in a prominent position in such form or manner approved by the Bank and containing such particulars for the protection of subscribers relating to the approval or otherwise of the rules of the exchange and its proposed establishment as the Bank may direct in writing.”.

Amendment of section 139 of Act of 1989.

63.—Section 139 of the Act of 1989 is hereby amended by the substitution of the following subsection for subsection (1): “(1) Notwithstanding anything to the contrary contained in any enactment, or in any prospectus or other document relating to the terms of issue, holding or transfer of any securities or other instruments, the issue or the transfer of such securities or other instruments may be made and shall be effective if instructions for the issue or transfer are communicated by electronic means and any issue or transfer of securities shall be deemed to be effective if recorded in a computerised system established by the Bank or any agent of the Bank, without the need for instructions in writing.”.

Amendment of section 3 of Bretton Woods Agreements Act, 1957 .

64.—

Section 3

of the Bretton Woods Agreements Act, 1957 , is hereby amended in subsection (7) by the deletion of: “and may advance to the Minister for Finance any sum or sums required for payments under this section”, and that subsection, as so amended, is set out in the Table to this section.

TABLE

Amendment of section 3 of International Finance Corporation Act, 1958 .

65.—

Section 3

of the International Finance Corporation Act, 1958 , is hereby amended in subsection (6) by the deletion of: “and may advance to the Minister for Finance any sum or sums required for payments under this section”, and that subsection, as so amended, is set out in the Table to this section.

TABLE

Amendment of section 3 of International Development Association Act, 1960 .

66.—

Section 3

of the International Development Association Act, 1960 , is hereby amended in subsection (7) by the deletion of: “and may advance to the Minister for Finance any sum or sums required for payments under this section”, and that subsection, as so amended, is set out in the Table to this section.

TABLE

Amendment of section 3 of Multilateral Investment Guarantee Agency Act, 1988 .

67.—Section 3 of the Multilateral Investment Guarantee Agency 1988, is hereby amended in subsection (5) by the deletion of: “and may advance to the Minister for Finance any sum or sums required for payments under this section, subject to such security, rate of interest and other terms and conditions as are agreed between the Minister and the Bank”, and that subsection, as so amended, is set out in the Table to this section.

TABLE

Amendment of section 3 of European Bank for Reconstruction and Development Act, 1991 .

68.—

Section 3

of the European Bank for Reconstruction and Development Act, 1991 , is hereby amended in subsection (5) by the deletion of: “and may advance to the Minister any sum or sums required for payments under this section, subject to such security, rate of interest and other terms and conditions as are agreed between the Minister and the Central Bank of Ireland”, and that subsection, as so amended, is set out in the Table to this section.

TABLE

Amendment of Part II, Chapter II of Act of 1989.

69.—The Act of 1989 is hereby amended by the insertion in Part II, Chapter II of the following section after section 25: “25A. (1) The Bank or any employee of the Bank or any member of its Board or any authorised person or authorised officer appointed by the Bank for the performance of its statutory functions shall not be liable for damages for anything done or omitted in the discharge or purported discharge of any of its statutory functions under this Act unless it is shown that the act or omission was in bad faith.

Amendment of Act of 1971.

70.—The Act of 1971 is hereby amended— (a) by the deletion of subsection (1) (as amended by the European Communities (Deposit Guarantee Schemes) Regulations, 1995 ( S.I. No. 168 of 1995 )) of section 7 and the substitution therefor of the following subsection: “(1) Subject to the provisions of this Act, a person, other than the Bank, shall not, in or outside the State, carry on banking business or hold himself out or represent himself as a banker or as carrying on banking business or on behalf of any other person accept deposits or other repayable funds from the public, unless he is the holder of a licence.”, (b) by the substitution in section 2 (as amended by section 29 of the Act of 1989) for the definition of “banking business” of the following definition: “‘banking business’ means— (a) the business of accepting, on own account, sums of money from the public in the form of deposits or other repayable funds whether or not involving the issue of securities or other obligations, howsoever described, or (b) the business aforesaid and any other business normally carried on by a bank, which may include the granting of credits on own account; but excluding— (i) deposits with a trader from persons employed by him in his trading business or from his customers in the normal course of his trading business and deposits or instalments in respect of the letting, leasing or selling of goods under a hire-purchase agreement, or a leasing agreement or a credit-sale agreement, or (ii) a sum or sums of money accepted as security or collateral or as a bond for the repayment of a debt or the performance of a contract related to goods or services, or (iii) a sum or sums of money accepted by way of advance or part payment under a contract for the sale, hire or other provision of goods or services, and repayable only in the event that the goods or services are not in fact sold, hired or otherwise provided, or (iv) a sum or sums of money accepted solely as a premium in respect of the issue or renewal of a life assurance policy issued by a holder of an authorisation under the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), or (v) a sum or sums of money accepted as a contribution within the meaning of the Pensions Acts, 1990 to 1996, or (vi) a sum or sums of money accepted by a person where it can be shown that— (I) no part of the business activities of the person so accepting or of any other person is financed wholly or substantially out of those funds, and (II) such funds are, in the normal course of business, accepted on a casual or incidental basis only,

or (vii) a sum or sums of money accepted under financial contracts, (within the meaning of the Netting of Financial Contracts Act, 1995 ) which may include the acceptance of collateral, and ‘banking’ and cognate words shall be construed accordingly.”, (c) by the insertion in section 2 of the following subsection: “(2) Where the Minister is of the opinion that it is consistent with the orderly and proper regulation of banking he may, after consultation with the Bank, by order amend this section to add thereto any category of funds or delete therefrom any category of funds mentioned therein for the time being.”, (d) by the substitution of the following paragraph for paragraph (a) of section 8 (2) (as amended by section 31 of the Act of 1989): “(a) Subject to such conditions, if any, as it may consider appropriate, the Bank may exempt any person or any class or classes of person from the requirement to hold a licence in respect of the issuing of any category or categories of securities or other obligations, howsoever described, where— (i) the requirements would arise only out of the issuing of such securities or other obligations to which the definition of banking business relates; and (ii) the Bank is of the opinion that the exemption would not conflict with the orderly and proper regulation of banking.”, and (e) by the substitution of the following section for section 27 (as amended by section 43 of the Act of 1989 and the Regulations of 1992) of the Act of 1971: “27.—(1) Subject to subsection (2) of this section, a person shall not advertise for or otherwise solicit deposits or other repayable funds from the public on his own behalf or on behalf of any other person.

Amendment of section 11 of Act of 1971.

71.—Section 11 (as amended by section 34 of the Central Bank Act, 1989) of the Act of 1971 is hereby amended— (a) by the insertion of the following subparagraph after subparagraph (b) in subsection (1)— “(bb) with the consent of the Minister, revoke the licence if the business of, or the corporate structure of, the holder of the licence has been so organised or the holder of the licence has come under the control of any other undertaking not supervised by the Bank such that the holder is no longer capable of being supervised to the satisfaction of the Bank.”. (b) by the insertion of the following subsection after subsection (5)— “(6) In this section, “control”, “fellow subsidiary”, “parent undertaking” and “subsidiary undertaking” have the meanings they have in the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ), and “associated undertaking” has the meaning it has in the European Communities (Companies: Group Accounts) Regulations, 1992 ( S.I. No. 201 of 1992 ).”.

Amendment of section 48 of Act of 1971.

72.—Section 48 of the Act of 1971 is hereby amended by the substitution of the following subsection for subsection (3): “(3) The Bank shall not issue bonds to bodies other than credit institutions.”.

Amendment of section 51 of Act of 1971.

73.—(1) Section 51 of the Act of 1971 is hereby amended by the substitution of the following subparagraph for subparagraph (i) of paragraph (a) of subsection (1)— “(i) altering the objects and powers of the Bank of Ireland by abandoning, restricting or amending any existing object or power or by adopting a new object or power, or”.

Injunction to prevent an unauthorised person acting as a credit institution.

74.—The Bank may apply to the Court to seek an injunction to prohibit the continuance by any person of any contravention of section 7 (as amended by section 30 of the Act of 1989, as amended by the European Communities (Deposit Guarantee Schemes) Regulations, 1995 ( S.I. No. 168 of 1995 ) and as amended by this Act) of the Act of 1971, or section 27 (as amended by section 43 of the Act of 1989, as amended by the Regulations of 1992 and as amended by this Act) of the Act of 1971 where such a person is not a credit institution.

Powers of inspection.

75.—(1) The powers conferred by this section may be exercised in respect of persons whom the Bank has reasonable grounds to believe have conducted or are conducting banking business or an associated undertaking or related undertaking, and these persons shall be referred to in this section as “persons to whom this section applies”.

Search and seizure.

76.—(1) (a) If a judge of the District Court is satisfied on the sworn information of an appropriate person that there are reasonable grounds for suspecting that there are on any premises any books, records or other documents— (i) of which production has been required under this Act, and (ii) which have not been produced in compliance with that requirement, the judge may issue a warrant authorising any member of the Garda Síochána, together with any other persons named in the warrant at any time or times within one month from the date of the warrant, on production if so requested of the warrant, to enter the premises specified in the information (using such force as is reasonably necessary for the purpose) and to search the premises or other place specified in the warrant and— (I) take possession of any books or documents appearing to be such books or documents as aforesaid, or (II) to take, in relation to any books or documents so appearing, any other steps which may appear necessary for preserving them and preventing interference with them. (b) Any books or documents of which possession is taken under this subsection may be retained for a period of three months.

Examination by Comptroller and Auditor General.

77.—(1) The Comptroller and Auditor General may, in relation to the Bank or any subsidiary of the Bank, carry out such examinations as he or she considers appropriate for the purposes of ascertaining— (a) whether and to what extent the resources of the Bank or any subsidiary of the Bank— (i) have been used, and (ii) if acquired or disposed of by the Bank or any subsidiary of the Bank, have been so acquired or disposed of, economically and efficiently, and (b) whether any such disposal has been effected upon the most favourable terms available.

Amendment of Building Societies Act, 1989 .

78.—The Building Societies Act, 1989 , is hereby amended by the insertion after section 101 of the following section: “101A.—(1) This section shall apply where a conversion scheme specifies rights of members of the society entitling them to shares in the successor company, to acquire shares in the successor company in priority to other subscribers or to any distribution of the funds of the society.

Information to be supplied by mortgage lenders.

79.—Every mortgage lender shall submit to the Minister for the Environment such information and returns within such period as that Minister may require from time to time for the purposes of his functions in relation to the national housing programme.

Amendment of Trustee (Authorised Investments) Act, 1958.

80.—The Trustee (Authorised Investments) Act, 1958 , is hereby amended— (a) by the substitution of the following section for section 2: “Variation by order of authorised investments.

2.—(1) The Minister for Finance may by order vary by addition or deletion and may specify such conditions as he considers proper in respect of the investment of trust funds in— (a) the investments specified in section 1 (as amended by section 1 of this Act) of the Trustee Act, 1893 , or (b) where those investments have been varied by order under this subsection or under any other statutory authority, those investments as so varied.

5.—(1) Notwithstanding anything contained in this Act where trust funds within the meaning of the Trustee Act, 1893 , or money under the control of or subject to the order of any Court stand or stands invested in a manner which was authorised by law when the investment was effected but which, apart from this section, has ceased to be so authorised, authority is hereby given to continue to keep the funds or money invested in that manner.

Amendment of European Communities (Deposit Guarantee Schemes) Regulations, 1995.

81.—The European Communities (Deposit Guarantee Schemes) Regulations, 1995 ( S.I. No. 168 of 1995 ) are hereby amended— (a) in Regulation 3 (1), by the substitution in the definition of “relevant beneficial owner” of “10 per cent.” for “20 percent.”, and (b) in Regulation 16 (1), by the insertion of the following after paragraph (1) (i): “(j) deposits by financial institutions (as defined in Regulation 2 of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992); (k) deposits by an insurer (as defined in section 2 of the Insurance Act, 1989 ); (l) deposits by the Government of any State or central administrative authority; (m) deposits by provincial, regional, local and municipal authorities; (n) deposits by— (i) 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 ), (ii) a unit trust, or (iii) other collective investment schemes; (o) deposits by pension and retirement funds; (p) debt securities issued by the same institution and liabilities arising out of own acceptances and promissory notes; (q) deposits by companies which are not permitted to draw up abridged balance sheets pursuant to section 10

References to company in ICC Bank Act, 1992 .

82.—(1) Each reference to the Company in section 3

Amendment of Stock Transfer Act, 1963 .

83.—The Stock Transfer Act, 1963 , is hereby amended— (a) in section 2, by the substitution— (i) in paragraphs (d) and (e) (inserted by the Stock Transfer (Forms) Regulations, 1991 ( S.I. No. 77 of 1991 )) of subsection (1), and (ii) in subsection (5) (inserted by those Regulations), for “Gilts Settlement Office”, in each place where it occurs, of “Central Bank of Ireland Securities Settlements Office”, and (b) in section 5, by the insertion of the following subsection after subsection (4) (inserted by the Companies (Amendment) Act, 1977 ): “(5) The Minister, having consulted with the Bank, may by regulation provide for the substitution for the references in that section of that name, of references to another name.”.

Representative offices.

84.—(1) Subject to such terms and conditions as may be specified by the Bank, nothing in section 7 of the Act of 1971 shall prohibit the establishment of a representative office in the State of a credit institution that is authorised in any state other than a Member State of the European Economic Area.

Amendment of Decimal Currency Act, 1969 .

85.—

Section 4

SCHEDULE

Section 4

PART I

Repeals Number and year Short Title Extent of Repeal

(1)

(2)

Sections 12, 13, 14, 23 (5) and 25 (d).

No. 3 of 1964 Central Bank Act, 1964 .

Sections 1 and 3 (i).

No. 32 of 1988 Multilateral Investment Guarantee Agency Act, 1988 .

Section 3 (6).

No. 16 of 1989 Central Bank Act, 1989 .

Section 75 (1) (b), 138, 139 (2).

No. 1 of 1991 European Bank for Reconstruction and Development Act, 1991 .

Section 3 (6).

PART II

Revocation

Section 4

Number and year Short Title Extent of Repeal

(1)

(2)

Regulation 5.

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