Central Bank Act, 1961

In short

This law allows for changes to a specific scheme related to the Central Bank Act of 1942, primarily concerning superannuation (pension) arrangements. It ensures that this scheme can be updated over time.

What it regulates

The ability to amend "the Scheme" which was established under the Central Bank Act, 1942.
The process for making these amendments, requiring approval from the Minister for Finance and review by the Oireachtas.
Restrictions on how amendments can affect service periods in the Civil Service.
Specific provisions for Governors of the Central Bank who have also served in the Civil Service.

Who it concerns

The Board of Directors of the Central Bank of Ireland.
The Minister for Finance.
Houses of the Oireachtas.
Governors of the Central Bank, especially those with prior Civil Service experience.

Key points

"The Scheme" can be amended from time to time.
Amendments must be made by the Board of Directors of the Central Bank of Ireland with the consent of the Minister for Finance.
Any amendment scheme must be laid before each House of the Oireachtas, and either House can annul it within 21 sitting days.
Amendments generally cannot affect Civil Service periods, except for Governors who were in an established Civil Service position immediately before becoming Governor, allowing their Civil Service and Governor service to be aggregated for superannuation purposes.
For specific Governors, amendments can take effect from December 1st, 1960, and awards will be determined similarly to those under the Superannuation Acts, 1834 to 1956.

Legal text

Central Bank Act, 1961 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 1961 Central Bank Act, 1961 Central Bank Act, 1961 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 Print Full ActPriontáil an tAcht Iomlán Number 8 of 1961. CENTRAL BANK ACT, 1961. ARRANGEMENT OF SECTIONS Section 1. The Scheme. 2. General power to amend the Scheme. 3. Restriction with respect to service in the Civil Service. 4. Short title and collective citation. Acts Referred to Central Bank Act, 1942 1942, No. 22 Superannuation Act, 1956 1956, No. 8 Superannuation Act, 1936 1936, No. 39 Number 8 of 1961. CENTRAL BANK ACT, 1961. AN ACT TO ENABLE THE SCHEME MADE PURSUANT TO PARAGRAPH (C) OF SUBSECTION

(1)OF SECTION 33 OF THE CENTRAL BANK ACT, 1942 , TO BE AMENDED. [30th March, 1961.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— The Scheme. 1.—In this Act “the Scheme” means the scheme made pursuant to paragraph (c) of subsection

(1)of section 33 of the Central Bank Act, 1942 . General power to amend the Scheme. 2.—

(1)The Scheme may be amended from time to time.

(2)Every such amendment shall be effected by means of an amending scheme which the Board of Directors of the Central Bank of Ireland is hereby authorised to make subject to the consent of the Minister for Finance.

(3)Every scheme under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and if either House, within the next twenty-one days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. Restriction with respect to service in the Civil Service. 3.—

(1)An amendment under this Act of the Scheme shall not be made in relation to any period of service in the Civil Service except that, in the case of a Governor who has had a period or periods of service in the Civil Service and who was serving in an established position in the Civil Service immediately before becoming Governor, the Scheme may be amended so that the said period or periods (together with any period which, pursuant to any enactment, is to be added thereto for superannuation purposes) may, for the purposes of an award to or in relation to him under the Scheme as amended by the amending scheme, be aggregated with his service as a Governor.

(2)Where an amendment under this Act of the Scheme is made by virtue of the exception contained in subsection

(1)of this section, the following provisions shall have effect: (

a)the amendment shall be stated to have effect, and shall have effect, as from the 1st day of December, 1960, (
b)the amendment shall provide that an award under the Scheme as amended by the amending scheme— (
i)shall be determined in like manner as an award under the Superannuation Acts, 1834 to 1956, and (
ii)shall be subject to provisions corresponding to those applying pursuant to the Superannuation Act, 1956 , in the case of established civil servants, (
c)no payment by way of superannuation allowance, gratuity or other benefit under the Superannuation Acts, 1834 to 1956, shall be made to or in relation to any person becoming Governor after the 1st day of December, 1960, if he is a person in relation to whom the amendment has effect, (
d)in the case of a person in relation to whom the amendment has effect and who was Governor on the 1st day of December, 1960— (
i)no payment by way of superannuation allowance, gratuity or other benefit under the Superannuation Acts, 1834 to 1956, shall be made to or in relation to him on or after the day of the making of the amending scheme, and (
ii)any payments made to or in relation to him under an award made under the Scheme as amended by the amending scheme shall be reduced by the total amount of any payments under the Superannuation Acts, 1834 to 1956 (or under any of those Acts) which were made to or in relation to him before the day of the making of the amending scheme.

(3)In this section— “Civil Service” includes, in addition to the Civil Service of the Government and the Civil Service of the State, the civil services mentioned in paragraphs (a), (b), (c), (e) and (f) of subsection

(1)of section 2 of the Superannuation Act, 1936 ; “Governor” has the same meaning as in the Central Bank Act, 1942 . Short title and collective citation. 4.—

(1)This Act may be cited as the Central Bank Act, 1961.

(2)The Currency and Central Bank Acts, 1927 to 1942, and this Act may be cited together as the Currency and Central Bank Acts, 1927 to 1961. Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.