In short
This law primarily facilitates the transfer of business and assets of building societies and amends the Central Bank Act 1971 for this and other purposes. It also provides for specific payments from the Central Fund to support financial assistance for the Hellenic Republic.
What it regulates
- The effective and expeditious transfer of business, assets, and liabilities of building societies.
- Amendments to the Central Bank Act 1971 related to building societies and their authorisations.
- Payments from the Central Fund for financial assistance to the Hellenic Republic.
- The definition of "building society" within the context of the Central Bank Act 1971.
Who it concerns
- Building societies that have been granted or deemed to be granted authorisation under the Building Societies Act 1989.
- The State, regarding payments from the Central Fund.
- The Central Bank, as the Central Bank Act 1971 is amended.
Key points
- The Central Bank Act 1971 is amended to include a definition of "building society."
- The law allows for the transfer of business of a building society acting through its board of directors.
- For ICS Building Society, the definition of "relevant agreement" includes the Governor and Company of the Bank of Ireland.
- Sums not exceeding €126,000,000 in aggregate may be paid from the Central Fund between 2014 and 2026 for financial assistance to the Hellenic Republic.
📄 Legal text
Central Bank Act 2014
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Central Bank Act 2014
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Number 9 of 2014
CENTRAL BANK ACT 2014
CONTENTS
Section
1. Amendment of Central Bank Act 1971
2. Certain payments out of Central Fund
3. Short title and collective citation
Acts Referred to
Building Societies Act 1989
(No. 17)
Central Bank Act 1971
(No. 24)
Central Bank Acts 1942 to 2013
European Stability Mechanism Act 2012
(No. 20)
Number 9 of 2014
CENTRAL BANK ACT 2014
An Act to make provision for the effective and expeditious transfer of the business and other assets and liabilities of building societies and for that and other purposes to amend the
Central Bank Act 1971
; to make provision for certain payments out of the Central Fund to the account established by the ESM as agent on behalf of the euro area Member States to receive payments for the purpose of providing financial assistance to the Hellenic Republic; and to make provision for related matters.
[4 th June, 2014]
Be it enacted by the Oireachtas as follows:
Amendment of Central Bank Act 1971
1. The
Central Bank Act 1971
is amended—
(a) in section 32 by inserting the following definition:
“ ‘building society’ means a building society to which an authorisation has been granted or deemed to be granted under the
Building Societies Act 1989
;”,
(b) in section 33(1) —
(i) by inserting “or a building society acting through its board of directors” after “Whenever the holder of a licence”,
(ii) by inserting “, or where the transferor is a building society the business to which its authorisation,” after “the business to which the licence”, and
(iii) in paragraph (a) by deleting “not less than four months”,
(c) in section 33A by inserting the following subsection after subsection (2) :
“(2A) Where the transferor is ICS Building Society, the definition of ‘relevant agreement’ in subsection (2) has effect as if the references to transferor also include the Governor and Company of the Bank of Ireland.”,
and
(d) in section 42(2) by inserting “or authorisation” after “licence”.
Certain payments out of Central Fund
2. There may be paid out of the Central Fund or the growing produce of that Fund sums, not exceeding €126,000,000 in aggregate, to enable the State to make payments in the years from 2014 to 2026 to the account established by the ESM (within the meaning of the
European Stability Mechanism Act 2012
) as agent on behalf of the euro area Member States to receive payments for the purpose of providing financial assistance to the Hellenic Republic.
Short title and collective citation
3. (1) This Act may be cited as the Central Bank Act 2014.
(2) The Central Bank Acts 1942 to 2013 and section 1 may be cited together as the Central Bank Acts 1942 to 2014.
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AI explanation based on the official legal text. Indicative, not a substitute for legal advice.