(e) to ensure that the expenditure in relation to the area of the assignment accords with the purpose for which the expenditure is appropriate and chargeable to the accounts of the Bank and that value for money is obtained, and (f) to perform, on behalf of the Commission, functions in relation to appointments, performance and discipline of personnel in the area of the assignment.
\nBank to prepare strategic plan.
\n32B.—(1) At least 3 months before the beginning of each period specified in subsection (2), the Bank shall— (a) prepare for the period a strategic plan that complies with this section, and (b) submit the plan to the Minister.
\nChapter 2A Finance and accounting Annual estimates in relation to financial regulation functions.
\n32C.—No later than one month before the end of each financial year, the Bank shall prepare and submit to the Minister an estimate of— (a) its income from levies and fees imposed by regulations under sections 32D and 32E, (b) any other source of funds for the purposes of its powers and functions under the designated enactments and designated statutory instruments, and (c) its expenditure in relation to the exercise of those powers and functions, during the next financial year.
\nPower to impose levies.
\n32D.—(1) The Commission may make regulations prescribing levies to be paid by persons who are subject to regulation under the designated enactments and designated statutory instruments.
\nPower to prescribe fees.
\n32E.—(1) The Commission may make regulations prescribing fees for the purpose of any enactment that provides, by reference to this section or to section 33K (as in force at any time before the coming into operation of this section), for the payment of a fee.
\nGeneral fund.
\n32F.—(1) The Bank shall continue to keep and operate the fund called the general fund.
\nSurplus or deficiency in income of Bank during financial year.
\n32G.—(1) If the total sum received by the Bank on account of levies and fees prescribed under sections 32D and 32E during a financial year is greater than the Bank’s expenditure on the performance of its functions and the exercise of its powers during that financial year, the Bank— (a) shall apply the surplus to the performance of those functions and the exercise of those powers in the following financial year, and (b) shall reduce the levies and fees prescribed in relation to the latter financial year accordingly.
\nBank’s surplus income.
\n32H.—(1) The Bank shall pay its surplus income as and when determined under this section into the Exchequer in such manner as the Minister directs and may at any time pending such determination pay into the Exchequer such sums on account of surplus income as may be agreed on by the Minister and the Bank.
\nProvision of funds by Bank to meet shortfall.
\n32I.—(1) If at any time it appears to the Commission that the funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E are, or are likely to be, insufficient to enable the Bank to properly perform its regulatory functions, the Bank may apply to the performance of those functions such amount as the Commission considers necessary.
\nAccounting and other records of Bank.
\n32J.—(1) The Bank shall keep all proper accounting records of all its transactions.
\nReport of operations, etc., by Bank.
\n32K.—(1) Within 6 months after the end of each financial year, the Bank shall prepare a report of its operations during the year and present the report to the Minister.
\nChapter 2A Accountability Annual performance statements.
\n32L.—(1) No later than 30 April in each year, the Bank shall prepare a statement relating to the Bank’s performance in regulating financial services (in this section called a ‘ per formance statement ’).
\nInternational peer review of regulatory performance.
\n32M.—At least every 4 years the Bank shall make appropriate arrangements for— (a) another national central bank, or (b) another person or body certified by the Governor, after consultation with the Minister, as appropriate, to carry out a review of the Bank’s performance of its regulatory functions.”.
\n40 Section 33X(1) Delete “Regulatory Authority is to”, substitute “Bank shall”.
\n41 Section 33X(3) Delete “Regulatory Authority”, substitute “Bank”.
\n42 Section 33X(6) Delete “Regulatory Authority”, substitute “Bank”.
\n43 Section 33X(7) Delete “members of the Regulatory Authority”, substitute “Bank”.
\n44 Section 33X(8)(c) Delete “members of the Regulatory Authority”, substitute “Bank”.
\n45 Section 33X(9) Delete “Regulatory Authority”, substitute “Bank”.
\n46 Section 33Y(1) Delete “The Regulatory Authority”, substitute “The Governor, with the consent of the Commission,”.
\n47 Section 33Y(3) Delete “The Regulatory Authority”, substitute “Bank”.
\n48 Section 33Y(4) Delete “Regulatory Authority”, substitute “Bank”.
\n49 Section 33AA(1)(a) Delete “Regulatory Authority”, substitute “Bank”.
\n50 Section 33AA(3) Delete “Regulatory Authority”, substitute “Bank”.
\n51 Subsections (4) to (7) of section 33AA Substitute: “(4) In carrying out the responsibilities and exercising the powers imposed or conferred by this section, the Registrar, through the Head of Financial Regulation, is subject to the control of the Bank and shall comply with any directions by the Commission with respect to the carrying out of those responsibilities or the exercise of those powers.
\n52 Section 33AB Substitute: “Bank to provide Registrar with adequate funds.
\n33AB.—(1) The Bank shall provide the Registrar with such funds as the Bank considers necessary to enable the Registrar to perform the functions and exercise the powers of the Registrar.
\n53 Section 33AC(1)(b) Delete “Regulatory Authority”, substitute “Bank”.
\n54 Section 33AC(2) Substitute: “(2) The Head of Financial Regulation may direct the Registrar as to the form of the report and the matters that the report shall deal with. The Registrar shall comply with any such direction.”.
\n55 Section 33AD Substitute: “Registrar to provide information, reports and advice to Head of Financial Regulation.
\n33AD.—The Registrar shall provide the Head of Financial Regulation with such information relating to the performance and exercise of the Registrar’s responsibilities and powers as the Head of Financial Regulation requires from time to time. That information may include (but is not limited to) information relating to— (a) the use by the Registrar of the resources of the Bank that have been allocated for the performance and exercise of those responsibilities and powers, and (b) the value of outcomes and outputs derived from the use of those resources.”.
\n56 Section 33AE Substitute: “Registrar to prepare work plan.
\n33AE.—(1) The Registrar shall, at least 3 months before the beginning of each financial year— (a) prepare for the year a draft work plan that complies with this section, and (b) submit the draft plan to the Bank for approval.
\n57 Section 33AF(3) Delete “Chief Executive”, substitute “Head of Financial Regulation”.
\n58 Section 33AF(5) Delete “Regulatory Authority”, substitute “Commission”.
\n59 Paragraphs (b) and (c) of section 33AG(1) Substitute: “(b) former Directors; (ba) appointed members and former appointed members of the Commission; (bb) ex-officio members of the Commission and former ex-officio members of the Commission; (c) former members of the Regulatory Authority; (ca) officers and former officers of the Bank;”.
\n60 Section 33AG(8), definition of “retirement”
\nDelete “subsection (1)(a), (b) or (c),”, substitute “paragraph (a), (b), (ba) or (c) of subsection (1),”.
\n61 Section 33AJ(1)(b) Substitute: “(b) the Governor; (ba) the Heads of Function; (bb) the Secretary General of the Department of Finance, in his or her capacity as an ex-officio member of the Commission; (bc) the appointed members of the Commission;”.
\n62 Section 33AJ(1)(f) Delete “or of any of its constituent parts”.
\n63 Section 33AJ(7) Delete “Chief Executive”, substitute “Head of Financial Regulation”.
\n64 Section 33AK(1) Substitute: “33AK.—(1) This subsection applies to the following persons: (a) the Governor and every former Governor; (b) every former Director of the Central Bank and Financial Services Authority of Ireland; (c) every former member of the Irish Financial Services Regulatory Authority; (d) every member and every former member of the Commission; (e) every Head of Function and every former Head of Function; (f) the Registrar of Credit Unions and every former Registrar of Credit Unions; (g) every other officer or employee and every other former officer or employee of the Bank; (h) every person who is or was formerly employed as a consultant, auditor or in any other capacity by the Bank; (i) every person to whom this subsection (as in force immediately before the amendment of this section by the Central Bank Reform Act 2010) applied immediately before that coming into operation. (1A) A person to whom subsection (1) applies shall not disclose confidential information concerning— (a) the business of any person or body whether corporate or incorporate that has come to the person’s knowledge through the person’s office or employment with the Bank, or (b) any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers, if such disclosure is prohibited by the Rome Treaty, the ESCB Statute or the Supervisory Directives.”.
\n65 Section 33AK(5) After paragraph (ah), insert: “(aha) to any Commission of Investigation established under the Commissions of Investigation Act 2004 , or”.
\n66 Section 33AK(5)(al) Delete “functions.”, substitute “functions, or”.
\n67 Section 33AK(5) Insert at the end: “(am) to a body or authority that is a competent authority for the purposes of a Regulation of the European Union or European Communities that imposes restrictive measures within the framework of the EU Common Foreign and Security Policy.”.
\n68 Section 33AK(5)(p) Delete “section 6H applies”, substitute “subsections (3) and (4) of section 32I apply”.
\n69 Section 33AL Substitute: “Bank to inform persons of obligations under section 33AK.
\n33AL.—(1) Subject to subsection (2), the Commission shall inform a person who is about to be appointed— (a) as Governor, (b) as an appointed member of the Commission, (c) as a Head of Function, (d) as Registrar of Credit Unions, (e) as an officer or employee of the Bank, or (f) as a consultant or auditor or in any other capacity by the Bank, of the obligation imposed by section 33AK.
\n70 Paragraphs (a) to (d) of section 33AM(1) Substitute: “(a) the Governor; (b) the Head of Central Banking; (c) the Head of Financial Regulation;”.
\n71 Section 33AN, definition of “inquiry”
\nSubstitute: “ ‘ inquiry ’ means an inquiry held under section 33AO or section 33AR, and includes such an inquiry begun by the former Regulatory Authority and continued by the Bank;”.
\n72 Section 33BE Substitute: “Performance and exercise of regulatory functions.
\n33BE.—(1) Such officers and employees of the Bank and such suitably qualified persons as the Bank designates from time to time pursuant to subsection (2) are responsible for performing and exercising the functions and powers of the Bank under this Part.
\n73 Paragraphs (b) and (c) of Section 57AV(1) Substitute: “(b) in the case of a body corporate — by leaving it at, or by sending it by pre-paid post to, the head office, a registered office or a principal office of the body corporate.”.
\n74 Section 57CQ(1) Delete “(and in particular the Consumer Director)”.
\n75 Section 57CQ(2) Substitute: “(2) The Council and the Financial Services Ombudsman may make recommendations to the Bank and the Registrar of Credit Unions with respect to measures that the Bank and Registrar might take so as— (a) to effectively deal with persistent patterns of complaints made against specified regulated financial service providers or against a specified class of those financial service providers, (b) to improve the way in which regulated financial service providers deal with complaints that are made against them, or (c) to effectively deal with any other matter relating to promoting the interests of consumers of financial services.”.
\n76 Section 61C Delete “the Government, Minister or the Chief Executive”, substitute “the Government, the Minister or the Bank”.
\n77 Before section 61E, insert: “Prosecution of offences.
\n61DA.—Proceedings for an offence under this Act, a designated enactment or a designated statutory instrument may be brought and prosecuted summarily by the Bank.”.
\n78 Section 61G(1) Delete “or the Regulatory Authority”.
\n79 Section 61G(3)(a) Delete “or Regulatory Authority”.
\n80 After section 61G, insert: “Arrangements for collection of certain levies.
\n61H.—(1) The Bank may enter into an arrangement with a prescribed body in relation to the collection of a levy.
\n81 Schedule 1 Substitute: “Section 32.
\nSCHEDULE 1 Procedure of the Commission General procedure.
\n1.—The procedure for the calling of meetings of the Commission and for the conduct of business at those meetings is, subject to this Schedule, to be as determined by the members. The members may determine that procedure by means of rules or standing orders or by any other means.
\nQuorum.
\n2.—If there are 10 or 11 members of the Commission, 6 members constitute a quorum; if there are 12 members of the Commission, 7 members constitute a quorum.
\nWho is to preside at meetings of Commission.
\n3.—(1) A meeting of the Commission is to be presided over by— (a) the Governor, or (b) in the absence of the Governor, or if there is no Governor— (i) the member appointed under section 22 to act as Governor, or (ii) if no member has been appointed under that section, a member elected by the members present at the meeting.
\nVoting at Commission meetings.
\n4.—A decision supported by a majority of the votes cast at a meeting of the Commission at which a quorum is present is the decision of the Commission.
\nTransaction of business otherwise than at ordinary meetings.
\n5.—(1) The Commission may, if it thinks fit, transact any of its business by the circulation of papers among all its members for the time being. A resolution approved in writing by a majority of those members is taken to be a decision of the Commission.
\nDisclosure of members’ pecuniary interests.
\n6.—(1) If— (a) a member of the Commission has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Commission, and (b) the interest appears to raise a conflict with the proper performance of the member’s duties in relation to the consideration of the matter, the member shall, as soon as possible after the relevant facts have come to his or her knowledge, disclose the nature of the interest at a meeting of the Commission or to the Secretary of the Commission.
\n82 Schedule 2 Substitute: “Section 33C(1) and (2).
\nSCHEDULE 2 Designated enactments and designated statutory instruments
\nEnactments Item Number and year Short Title Provisions 1 9 Edw 7, c.49 Assurance Companies Act 1909 The whole Act 2 No. 45 of 1936 Insurance Act 1936 The whole Act 3 No. 22 of 1942 Central Bank Act 1942 Section 5C 4 No. 7 of 1953 Insurance Act 1953
\n5 No. 33 of 1963 Companies Act 1963
\n6 No. 18 of 1964 Insurance Act 1964 The whole Act 7 No. 24 of 1971 Central Bank Act 1971 The whole Act, other than subsections (1) and (4) of section 7 and sections 44 to 46, 48 to 50 and 55 8 No. 30 of 1978 Insurance (Amendment) Act 1978 The whole Act 9 No. 24 of 1983 Postal and Telecommunications Services Act 1983 Sections 67 and 104 10 No. 29 of 1983 Insurance (No. 2) Act 1983 The whole Act 11 No. 3 of 1989 Insurance Act 1989 The whole Act 12 No. 16 of 1989 Central Bank Act 1989 The whole Act other than sections 22 to 25 and 118 to 126 13 No. 17 of 1989 Building Societies Act 1989 The whole Act 14 No. 21 of 1989 Trustee Savings Banks Act 1989 The whole Act 15 No. 27 of 1990 Companies (Amendment) Act 1990 Sections 3, 3C, 18, 23, 24 and 27 16 No. 33 of 1990 Companies Act 1990
\n17 No. 37 of 1990 Unit Trusts Act 1990 The whole Act 18 No. 18 of 1992 Housing (Miscellaneous Provisions) Act 1992
\n19 No. 24 of 1994 Investment Limited Partnerships Act 1994 The whole Act 20 No. 27 of 1994 Solicitors (Amendment) Act 1994
\n21 No. 11 of 1995 Investment Intermediaries Act 1995 The whole Act 22 No. 24 of 1995 Consumer Credit Act 1995 The whole Act 23 No. 25 of 1995 Netting of Financial Contracts Act 1995 Sections 2 and 3 24 No. 8 of 1997 Central Bank Act 1997 The whole Act other than Parts II and III and section 77 25 No. 15 of 1997 Credit Union Act 1997 The whole Act 26 No. 37 of 1998 Investor Compensation Act 1998 The whole Act 27 No. 32 of 2001 Dormant Accounts Act 2001 The whole Act 28 No. 47 of 2001 Asset Covered Securities Act 2001 The whole Act 29 No. 28 of 2001 Company Law Enforcement Act 2001 Section 110A 30 No. 2 of 2003 Unclaimed Life Assurance Policies Act 2003 The whole Act 31 No. 12 of 2005 Investment Funds, Companies and Miscellaneous Provisions Act 2005 The whole Act 32 No. 41 of 2006 Investment Funds, Companies and Miscellaneous Provisions Act 2006 The whole Act 33 No. 19 of 2007 Consumer Protection Act 2007 The whole Act 34 No. 37 of 2007 Markets in Financial Instruments and Miscellaneous Provisions Act 2007
\n35 No. 1 of 2009 Anglo Irish Bank Corporation Act 2009 The whole Act other than section 2 36 No. 34 of 2009 National Asset Management Agency Act 2009
\n37 No. 6 of 2010 Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
\n38 No. — of 2010 Central Bank Reform Act 2010
\nStatutory Instruments Item Number and Year Citation Provisions 1 S.R.&O. No. 75 of 1940 Actuary (Qualifications) Regulations 1940 The whole instrument 2 S.R.&O. No. 76 of 1940 Industrial Assurance (Contents of Policies) Order 1940 The whole instrument 3 S.R.&O. No. 78 of 1940 Insurance (Deposits) Rules 1940 The whole instrument 4 S.R.&O. No. 80 of 1940 Insurance Regulations 1940 The whole instrument 5 S.R.&O. No. 81 of 1940 Industrial Assurance (Fees for Determination of Disputes) Regulations 1940 The whole instrument 6 S.I. No. 64 of 1971 Decimal Currency (Friendly Society and Industrial Assurance Contracts) Regulations 1971 The whole instrument 7 S.I. No. 115 of 1976 European Communities (Non-Life Insurance) Regulations 1976 The whole instrument 8 S.I. No. 178 of 1978 European Communities (Insurance Agents and Brokers) Regulations 1978 The whole instrument 9 S.I. No. 382 of 1978 European Communities (Insurance)(Non-life) Regulations 1978 The whole instrument 10 S.I. No. 65 of 1983 European Communities (Co-Insurance) Regulations 1983 The whole instrument 11 S.I. No. 57 of 1984 European Communities (Life Assurance) Regulations 1984 The whole instrument 12 S.I. No. 27 of 1987 Building Societies Regulations 1987 The whole instrument 13 S.I. No. 191 of 1990 Insurance (Bonding of Intermediaries) Regulations 1990 The whole instrument 14 S.I. No. 142 of 1991 European Communities (Non-Life Insurance) (Amendment) (No. 2) Regulations 1991 The whole instrument 15 S.I. No. 197 of 1991 European Communities (Non-Life Insurance) (Legal Expenses) Regulations 1991 The whole instrument 16 S.I. No. 244 of 1992 European Communities (Non-Life Insurance) (Amendment) Regulations 1992 The whole instrument 17 S.I. No. 294 of 1992 European Communities (Credit Institutions: Accounts) Regulations 1992 Regulations 8, 14 and 15 18 S.I. No. 395 of 1992 European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 The whole instrument 19 S.I. No. 359 of 1994 European Communities (Non-Life Insurance) Framework Regulations 1994 The whole instrument 20 S.I. No. 360 of 1994 European Communities (Life Assurance) Framework Regulations 1994 The whole instrument 21 S.I. No. 27 of 1995 European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 The whole instrument 22 S.I. No. 168 of 1995 European Communities (Deposit Guarantee Schemes) Regulations 1995 The whole instrument 23 S.I. No. 202 of 1995 European Communities (Non-Life Insurance Accounts) Regulations 1995 The whole instrument 24 S.I. No. 23 of 1996 European Communities (Insurance Undertakings Accounts) Regulations 1995
\nThe whole instrument 25 S.I. No. 25 of 1996 European Communities (Swiss Confederation Agreement) Regulations 1996 The whole instrument 26 S.I. No. 267 of 1996 Supervision of Credit Institutions Stock Exchange Member Firms and Investment Business Firms Regulations 1996 The whole instrument 27 S.I. No. 380 of 1997 Stock Exchange Act, 1995 (Determination Committees) Rules of Procedure 1997 The whole instrument 28 S.I. No. 381 of 1997 Rules entitled Investment Intermediaries Act 1995 (Determination Committee) Rules of Procedure 1997 The whole instrument 29 S.I. No. 307 of 2000 European Communities (Unfair Terms in Consumer Contracts) (Amendment) Regulations 2000 The whole instrument 30 S.I. No. 473 of 2000 Insurance Act, 1989 (Reinsurance) (Form of Notice) Regulations 2000 The whole instrument 31 S.I. No. 15 of 2001 Life Assurance (Provision of Information) Regulations 2001 The whole instrument 32 S.I. No. 221 of 2002 European Communities (Electronic Money) Regulations 2002 The whole instrument 33 S.I. No. 335 of 2002 European Communities (Cross Border Payments in Euro) Regulations 2002 The whole instrument 34 S.I. No. 168 of 2003 European Communities (Reorganisation and Winding-up of Insurance Undertakings) Regulations 2003 The whole instrument 35 S.I. No. 211 of 2003 European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations 2003 The whole instrument 36 S.I. No. 198 of 2004 European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 The whole instrument 37 S.I. No. 727 of 2004 European Communities (Financial Conglomerates) Regulations 2004 The whole instrument 38 S.I. No. 853 of 2004 European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 The whole instrument 39 S.I. No. 13 of 2005 European Communities (Insurance Mediation) Regulations 2005 The whole instrument 40 S.I. No. 324 of 2005 Prospectus (Directive 2003/71/EC) Regulations 2005 The whole instrument 41 S.I. No. 342 of 2005 Market Abuse (Directive 2003/6/EC) Regulations 2005 The whole instrument 42 S.I. No. 380 of 2006 European Communities (Reinsurance) Regulations 2006 The whole instrument 43 S.I. No. 660 of 2006 European Communities (Capital Adequacy of Investment Firms) Regulations 2006 The whole instrument 44 S.I. No. 661 of 2006 European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 The whole instrument 45 S.I. No. 60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 The whole instrument 46 S.I. No. 366 of 2007 European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007
\nThe whole instrument 47 S.I. No. 383 of 2009 European Communities (Payment Services) Regulations 2009 The whole instrument (other than Part 3) 48 S.I. No. 475 of 2009 European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 The whole instrument 49 S.I. No. 183 of 2010 European Communities (Cross Border Payments in the Community) Regulations 2010 The whole instrument 50 S.I. No. 281 of 2010 European Communities (Consumer Credit Agreements) Regulations 2010 The whole instrument ”.
\nProvisions of the Central Bank Act 1942 repealed
\n1 Sections 6G, 6H and 6I 2
\n3
\n4 Schedule 3 5 Schedule 8
\nAmendments of Central Bank Act 1971
\nItem Provision affected Amendment 1
\nDelete “and Financial Services Authority”.
\n2
\nDelete.
\n3 Section 17A(8), definition of “suitably qualified person”
\nDelete “or the Chief Executive”, substitute “or the Head of Financial Regulation”.
\n4
\nInsert after subsection (2): “(3) Notwithstanding the periods specified in subsection (1) of this section, the Minister may, in any particular case, following consultation with the Governor, reduce one or more of those periods where, and to the extent, the Minister considers it necessary for the purpose of financial stability.”.
\nAmendments of Central Bank Act 1989
\nItem Provision affected Amendment 1
\nDelete “and Financial Services Authority”.
\n2
\nSubstitute: “(2) The Bank may, in writing, appoint a person to be a member of a committee of inspection appointed in respect of the holder or former holder of a licence.”.
\nAmendments of Central Bank Act 1997
\nItem Provision affected Amendment 1
\nDelete “and Financial Services Authority”.
\n2
\nDelete.
\n3
\nSubstitute: “‘responsible authority’ means the Head of Financial Regulation.”.
\n4
\nDelete “or constituent part”.
\nAmendment of Central Bank Act 1998
\nItem Provision affected Amendment 1
\nDelete “and Financial Services Authority”.
\nSCHEDULE 2 Amendments of other Acts
\n.
\nAmendments of Anglo Irish Bank Corporation Act 2009
\nItem Provision affected Amendment 1
\nDelete “and Financial Services Authority”.
\n2
\nDelete.
\n3
\nDelete “and the Regulatory Authority”, substitute “and the Central Bank”.
\n4
\nDelete “or the Regulatory Authority”.
\n5
\nDelete.
\n6
\nDelete “or the Regulatory Authority”.
\nAmendments of Companies (Auditing and Accounting) Act 2003
\nItem Provision affected Amendment 1
\nDelete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\n2
\nDelete “and Financial Services Authority”.
\nAmendments of Company Law Enforcement Act 2001
\nItem Provision affected Amendment 1 Section 110A(1)(e) Substitute: “(e) in relation to functions that, under the Companies Acts, are to be performed by the Central Bank of Ireland— (i) the Head of Financial Regulation (within the meaning given by the Central Bank Act 1942 ), or (ii) a person appointed by some other person to whom the Head of Financial Regulation has delegated responsibility for appointing persons for the purposes of this section;”.
\n2 Section 110A(8A) Substitute: “(8A) A document purporting to be a copy of, or an extract from, a document kept by the Central Bank of Ireland and certified by— (a) the Head of Financial Regulation of the Central Bank of Ireland, or (b) a person authorised by the Head of Financial Regulation, to be a true copy of, or an extract from, the document so kept is, without proof of the official position of the person purporting to so certify, admissible in evidence in all legal proceedings as of equal validity with the document so kept.”.
\nAmendments of Consumer Credit Act 1995
\nItem Provision affected Amendment 1
\nDelete “and Financial Services Authority”.
\n2
\nDelete.
\n3 Part 1B, heading Delete “and Financial Services Authority”.
\n4
\nDelete “a member of the Irish Financial Services Regulatory Authority,”.
\nAmendments of Consumer Protection Act 2007
\nItem Provision affected Amendment 1
\nDelete “Every regulation”, substitute “Subject to section 24B(5), every regulation”.
\n2
\nAfter paragraph (h), insert: “(ha) shall promote the interests of consumers of financial services by— (i) providing information in relation to financial services, including information in relation to the costs to consumers, and the risks and benefits associated with the provision of those services, and (ii) promoting the development of financial education and capability,”.
\n3 After section 8, insert: “Supplementary powers of Agency with respect to carrying out certain responsibilities.
\n8A.—(1) To enable the Agency to perform the functions set out in section 8(3)(ha), the Agency may— (a) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers, (b) collect and compile information for that purpose, and (c) publish the results of any such studies, analyses or surveys.
\n4
\nSubstitute: “(i) the Central Bank of Ireland;”.
\n5 After section 24, insert: “Annual estimate of income for certain purposes.
\n24A.—At least one month before the start of each financial year the Agency shall prepare, and shall submit to the Minister and the Minister for Finance, a statement of the expenditure required during the financial year for the purposes of the functions referred to in section 8(3)(ha).
\nPower to impose levies.
\n24B.—(1) The Agency may make regulations prescribing levies to be paid by persons who are subject to regulation under the designated enactments and designated statutory instruments (within the respective meanings given by the Central Bank Act 1942 ).
\nSurplus or deficiency in certain income of Agency during financial year.
\n24C.—(1) If the total sum received by the Agency on account of levies prescribed under section 24B during a financial year is greater than the Agency’s expenditure on the performance of its functions referred to in section 8(3)(ha) during that financial year, the Agency— (a) shall apply the surplus to the performance of those functions and the exercise of those powers in the following financial year, and (b) shall reduce the levies prescribed in relation to the latter financial year accordingly.
\nArrangements in relation to collection of levies.
\n24D.—(1) The Agency may enter into an arrangement with a prescribed body in relation to the collection of a levy.
\nAccounting for levies.
\n24E.—In its annual report and annual accounts, the Agency shall include statements of— (a) the amounts collected by way of levies under section 24B, and (b) how those amounts were expended.”.
\nAmendments of Credit Institutions (Financial Support) Act 2008
\nItem Provision affected Amendment 1
\nDelete “the Governor and the Regulatory Authority”, substitute “the Central Bank and the Governor”.
\n2
\nDelete “or the Regulatory Authority”.
\n3
\nDelete “and the Regulatory Authority”.
\nAmendments of Credit Union Act 1997
\nItem Provision affected Amendment 1
\nDelete “and Financial Services Authority”.
\n2
\nSubstitute: “(2) A credit union shall not make a loan to a member— (a) for a period exceeding 5 years if, were the loan to be made, the total gross amount outstanding in relation to all loans with greater than 5 years to the final repayment date would exceed— (i) 30 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or (ii) if the Bank so approves in writing, 40 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or (b) for a period exceeding 10 years if, were the loan to be made, the total gross amount outstanding in relation to all loans with greater than 10 years to the final repayment date would exceed— (i) 10 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or (ii) if the Bank so approves in writing, 15 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or (c) in the circumstances specified in subsection (3). (2A) The Bank may impose on an approval, for the purposes of paragraph (a)(ii) or (b)(ii) of subsection (2), any condition that the Bank considers appropriate. (2B) In subsection (2), ‘ final repayment date ’ for a loan means— (a) the date on which the loan is due to expire, as indicated on the relevant credit agreement in accordance with section 37C(1)(j), or (b) any subsequent date agreed between the credit union and the member to whom the loan has been made. (2C) Where the Bank considers it necessary for the adequate protection of the savings of members of a particular credit union, a class of credit unions or all credit unions, the Bank may by written notice impose on the credit union, the class of credit unions or all credit unions such requirements as the Bank considers appropriate in relation to any one or more of the following matters: (a) lending practices; (b) reporting loans to the Bank; (c) the holding of provisions, reserves or capital against loans or specified classes or types of loans; (d) the holding of liquid assets as a specified percentage based on the percentage of the total gross loan book balance outstanding for a period exceeding 5 years; (e) systems, controls and reporting arrangements in relation to any of the matters set out in paragraphs (a) to (d). (2D) In exercising the power conferred on it by subsection (2C), the Bank shall have regard to the lending framework provided for in subsection (2).
\n(2E) A notice under subsection (2C) may describe a class of credit unions, or a class or type of loans, by reference to any common characteristic of the credit unions or loans concerned. (2F) A credit union shall ensure that it has appropriate processes, procedures, systems, controls and reporting arrangements to monitor compliance with the requirements of this section and any requirement imposed under this section.”.
\nAmendments of Disability Act 2005
\nItem Provision affected Amendment 1
\nDelete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\n2
\nDelete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\nAmendments of Health (Repayment Scheme) Act 2006
\nItem Provision affected Amendment 1
\nDelete.
\n2
\nSubstitute: “(I) with a financial institution authorised by the Central Bank of Ireland;”.
\n3
\nSubstitute: “(i) with a financial institution authorised by the Central Bank of Ireland,”.
\nAmendments of Insurance Act 1989
\nItem Provision affected Amendment 1
\nAfter “employees” insert “, or other suitably qualified persons”.
\n2
\nInsert after subsection (3): “(4) In this section “suitably qualified person” means a person (other than an employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on authorised officers by the Insurance Acts.”.
\nAmendments of National Asset Management Agency Act 2009
\nItem Provision affected Amendment 1
\nDelete “the Governor, the Central Bank or the Regulatory Authority”, substitute “the Governor or the Central Bank”.
\n2
\nDelete “and Financial Services Authority”.
\n3
\nDelete.
\n4
\nDelete “director”, substitute “member of the Commission”.
\n5
\nDelete.
\n6
\nDelete “and the Regulatory Authority”.
\n7
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n8
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n9
\nDelete “NAMA, the Governor and the Regulatory Authority”, substitute “NAMA and the Governor”.
\n10
\nSubstitute: “(e) the Central Bank,”.
\n11
\nSubstitute: “(v) the Central Bank,”.
\n12
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n13
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n14
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n15
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n16
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n17
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n18
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n19
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n20
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n21
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\n22
\nDelete “Regulatory Authority” (twice occurring), for each substitute “Central Bank”.
\n23
\nDelete “Regulatory Authority”, substitute “Central Bank”.
\nAmendments of Official Languages Act 2003
\nItem Provision affected Irish text English text 1 First Schedule In the Irish text, delete “Banc Ceannais agus Údarás Seirbhísí Airgeadais na hÉireann”, substitute “Banc Ceannais na hÉireann”.
\nIn the English text, delete “Central Bank and Financial Services Authority of Ireland”, substitute “Central Bank of Ireland”.
\n2 First Schedule In the Irish text, delete “Údarás Rialála Seirbhísí Airgeadais na hÉireann”.
\nIn the English text, delete “Irish Financial Services Regulatory Authority”.
\nAmendment of Personal Injuries Assessment Board Act 2003
\nItem Provision affected Amendment 1
\nDelete “the chief executive of the National Consumer Agency and the Consumer Director of the Irish Financial Services Regulatory Authority”, substitute “and the chief executive of the National Consumer Agency”.
\nEnactments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland”
\n1.
\nAssurance Companies Act 1909 , section 29 (definition of “Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 2.
\nInsurance Act 1936 , section 3(1) (definition of “the Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 3.
\nInsurance Act 1953 , section 1(1) (definition of “Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 4.
\nInsurance Act 1964 , section 1 (definition of “the Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 5.
\nInsurance (No. 2) Act 1983 , section 1(1) (definition of “the Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 6.
\nBuilding Societies Act 1989 , section 2(1) (definition of “Central Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 7.
\nInsurance Act 1989 , section 2(1) (definition of “Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 8.
\nTrustee Savings Banks Act 1989 , section 3(1) (definition of “Central Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 9.
\nCompanies (Amendment) Act 1990 , section 1 (definition of “Central Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 10.
\nCompanies Act 1990 , section 3(1) (definition of “Central Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 11.
\nUnit Trusts Act 1990 , section 1(1) (definition of “the Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 12.
\nInvestment Limited Partnerships Act 1994 , section 3 (definition of “the Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 13.
\nSolicitors (Amendment) Act 1994 , section 78(17) (definition of “Central Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 14.
\nNetting of Financial Contracts Act 1995 , section 1 (definition of “Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 15.
\nInvestor Compensation Act 1998 , section 2(1) (definition of “Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 16.
\nDormant Accounts Act 2001 , section 2(1) (definition of “Central Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 17.
\nAsset Covered Securities Act 2001 , section 3(1) (definition of “Central Bank” (inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 )) 18.
\nCouncil of Europe Development Bank Act 2004 , section 3(3) 19.
\nDevelopment Banks Act 2005 , section 3(3) 20.
\nInvestment Funds, Companies and Miscellaneous Provisions Act 2005 , section 6(1) (definition of “Bank”) 21.
\nSea Pollution (Hazardous Substances) (Compensation) Act 2005 , section 2(1) (definition of “the Central Bank”) 22.
\nInternational Criminal Court Act 2006 , section 48(4)(a) 23.
\nSea Pollution (Miscellaneous Provisions) Act 2006 , section 8(4)(b) 24.
\nMarkets in Financial Instruments and Miscellaneous Provisions Act 2007 , section 3(1) (definition of “Bank”) 25.
\nConsumer Protection Act 2007 , sections 8(2), 31(1)(e) and 31(2)(e) 26.
\nCarbon Fund Act 2007 , section 2(2) 27.
\nNational Oil Reserves Agency Act 2007 , section 44(7) 28.
\nCredit Institutions (Financial Support) Act 2008 , section 1 (definition of “Central Bank”) 29.
\nCriminal Justice (Mutual Assistance) Act 2008 , section 12(1) (definition of “financial institution”, paragraph (a)(i)) 30.
\nAnglo Irish Bank Corporation Act 2009 , section 1 (definition of “Central Bank”) 31.
\nFinancial Emergency Measures in the Public Interest Act 2009 , section 1 (definition of “public service body”, paragraph (f)) 32.
\nFinancial Services (Deposit Guarantee Scheme) Act 2009 , section 1 (definition of “Bank”) 33.
\nCriminal Justice (Money Laundering and Terrorist Financing) Act 2010 , sections 25(3)(b), 40(1)(a)(vi), 60(2)(a) and 62(1)(a) SCHEDULE 3 Amendments of statutory instruments
\n.
\nAmendments of Ethics in Public Office (Prescribed Public Bodies, Designated Directorships of Public Bodies and Designated Positions in Public Bodies) Regulations 2004
\nItem Provision affected Amendment 1 Schedule, item 257 Delete the item, substitute: “257.
\nCentral Bank of Ireland Member of the Central Bank Commission ”
\n2 Schedule, item 271 Delete the item.
\nAmendments of European Communities (Consumer Credit Agreements) Regulations 2010
\nItem Provision affected Amendment 1 Regulation 25(5) Delete “and Financial Services Authority”.
\n2 Regulation 26 Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\nAmendments of European Communities (Cooperation between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2006
\nItem Provision affected Amendment 1 Regulation 2(1), definition of “Irish Financial Services Regulatory Authority”
\nDelete.
\n2 Schedule, item 3 Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\n3 Schedule, item 13 Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\nAmendments of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003
\nItem Provision affected Amendment 1 Regulation 2(1), definition of “Bank”
\nDelete “and Financial Services Authority”.
\n2 Regulation 98(8), definition of “qualified person”, paragraph (a) Substitute: “(a) a member of the Central Bank Commission or an officer or employee of the Bank, or”.
\n3 Regulation 98(8), definition of “responsible authority”
\nSubstitute: “ ‘ responsible authority ’ means the Governor of the Bank or the Head of Financial Regulation of the Bank;”.
\nAmendments of Market Abuse (Directive 2003/6/EC) Regulations 2005
\nItem Provision affected Amendment 1 Regulation 2(1) (definition of “Bank”) Delete “and Financial Services Authority”.
\n2 Regulation 27, definition of “responsible authority”
\nSubstitute: “ ‘ responsible authority ’ means— (a) the Head of Financial Regulation of the Central Bank of Ireland, or (b) any person to whom the Head of Financial Regulation has delegated responsibility for appointing authorised officers.”.
\n3 Regulation 28(4)(d) Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\nAmendments of Prospectus (Directive 2003/71/EC) Regulations 2005
\nItem Provision affected Amendment 1 Regulation 80, definition of “responsible authority”
\nSubstitute: “ ‘ responsible authority ’ means— (a) the Head of Financial Regulation of the Central Bank of Ireland, or (b) any person to whom the Head of Financial Regulation has delegated responsibility for appointing authorised officers.”.
\n2 Regulation 85(4)(d) Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.
\nAmendment of Transparency (Directive 2004/109/EC) Regulations 2007
\nItem Provision affected Amendment 1 Regulation 38, definition of “responsible authority”
\nSubstitute: “ ‘ responsible authority ’ means: (a) the Head of Financial Regulation of the Central Bank of Ireland, (b) the Chief Executive of IAASA, or (c) any person to whom that Head or that Chief Executive has delegated the responsibility for appointing authorised persons.”.
\nProvisions of statutory instruments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland”
\nS.I. No. 198 of 2004 ), Regulation 2(1) (definition of “ Bank ”) 20. European Communities (Insurance Mediation) Regulations 2005 ( S.I. No. 13 of 2005 ), regulation 3(1) (definition of “ the Bank ”) 21. Prospectus (Directive 2003/71/EC) Regulations 2005 ( S.I. No. 324 of 2005 ), Regulation 2(1) (definition of “ Bank ”) 22.
\nCentral Bank Act 1942 (Section 33K) Regulations 2005 ( S.I. No. 325 of 2005 ), Regulation 2 (definition of “Bank”) 23. Criminal Justice (Terrorist Offences) Act 2005 (Section 42(6)) (Counter Terrorism) (Financial Sanctions) Regulations 2006 ( S.I. No. 221 of 2006 ), Regulation 2(1) (definition of “Central Bank”) 24. European Communities (Award of Public Authorities’ Contracts) Regulations 2006 ( S.I. No. 329 of 2006 ), Regulation 13(1) 25. European Communities (Reinsurance) Regulations 2006 ( S.I. No. 380 of 2006 ), Regulation 3(1) (definition of “Bank”) 26. Criminal Justice (Terrorist Offences) Act 2005 (Section 42(6)) (Usama Bin Laden, Al-Qaida and Taliban of Afghanistan) (Financial Sanctions) Regulations 2006 ( S.I. No. 432 of 2006 ), Regulation 2(1) (definition of “Central Bank”) 27. European Communities (Capital Adequacy of Investment Firms) Regulations 2006 ( S.I. No. 660 of 2006 ), Regulation 2(1) (definition of “Bank”) 28. European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 ( S.I. No. 661 of 2006 ), Regulation 2(1) (definition of “Bank”) 29. European Communities (Award of Contracts by Utility Undertakings) Regulations 2007 ( S.I. No. 50 of 2007 ), Regulation 20(1)(e) 30. European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ), Regulation 3(1) (definition of “ Bank ”) 31. Credit Union Act 1997 (Exemption From Additional Services Requirements) Regulations 2007 ( S.I. No. 107 of 2007 ), Regulation 2(1) (definition of “ Central Bank”) 32. Criminal Justice (Terrorist Offences) Act 2005 (Section 42(6)) (Usama Bin Laden, Al-Qaida and Taliban of Afghanistan) (Financial Sanctions) Regulations 2007 ( S.I. No. 206 of 2007 ), Regulation 2(1) (definition of “ Central Bank”) 33. European Communities (Admissions to Listing and Miscellaneous Provisions) Regulations 2007 ( S.I. No. 286 of 2007 ), Regulation 2(1) (definition of “ Central Bank ”) 34. European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007 ( S.I. No. 366 of 2007 ), Regulation 3(1) (definition of “ Bank ”) 35. National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007 ( S.I. No. 567 of 2007 ), Schedule 1 (twice occurring) 36. European Communities (Information on the Payer Accompanying Transfers of Funds) Regulations 2007 ( S.I. No. 799 of 2007 ), Regulation 2(1) (definition of “ Bank ”) 37. Private Security (Licensing and Standards) (Cash in Transit) Regulations 2007 ( S.I. No. 857 of 2007 ), Regulation 3 (definition of “ Central Bank ”)
\n1 OJ L 241, 2.9.2006, pp. 1-25.
\n2 OJ L 266, 9.10.2009, pp. 11-18.
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