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Table of Contents

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Central Bank Act, 1989 (No. 16)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-4)1. Short title.2. Commencement.3. Interpretation generally.4. Repeals.Part II The Central Bank (ss. 5-123)Chapter I Preliminary, Alteration of Penalties and General Offence Provisions (ss. 5-11)5. Definitions (Part II).6. Construction and collective citation (Part II).7. Laying of regulations and orders before Houses of the Oireachtas.8. Alteration of penalties under Principal Act.9. Offences and penalties under Act of 1971.10. Prosecution of offences by Bank.11. Offences in relation to certain bodies.Chapter II General Provisions Relating to the Bank (ss. 12-25A)12. Additional powers and functions of Bank.13. Fees in respect of supervision by Bank.14. Composition of Board of Directors.15. Offices and staff of Bank.16. Disclosure of information.17. Prevention of corruption.18. Keeping of documents.19. Accounts and records of Bank.20. Report and returns by Bank.21. Exemption of Bank from taxes.22. Winding up of legal tender note fund and transfer of assets to general fund.23. General fund.24. Monetary unit and exchange rate.25. Currency in which contracts, etc., are made.25A.Chapter III Licensing and Supervision of Licence Holders (ss. 26-47A)26. Extension of application of licensing and supervisory provisions.27. Investigation of complaints.28. Charges, etc., by holders of licences.29. Amendment of section 2 of Act of 1971.30. Amendment of section 7 of Act of 1971.31. Exemption of persons from section 7 of Act of 1971.32. Grant of licences, etc.33. Amendment of section 10 of Act of 1971.34. Revocation of licences.35. Amendment of section 12 of Act of 1971.36. Provisions in relation to books and records of holders of licences.37. Furnishing of information to Bank.38. Directions by Bank to holders of licences.39. Amendment of section 22 of Act of 1971.40. Amendment of section 23 of Act of 1971.41. Composition of assets and liabilities.42. Amendment of section 26 of Act of 1971.43. Amendment of section 27 of Act of 1971.44. Power of Court to prohibit certain contraventions of, or failure to comply with, Act of 1971.45. Amendment of section 31 of Act of 1971.46. Appointment of auditor.47. Duties of auditor.47A. Further duties of auditor.Chapter IV General Provisions Relating to Winding Up (ss. 48-52)48. Grounds for winding up on application of Bank.49. Notices, documents to be sent to Bank relating to winding up.50. Right of Bank to be represented at meetings of committees of inspection.51. Construing of references to winding up, etc.52. Rules of Court.Chapter V Deposit Protection (ss. 53-73)53. Interpretation (Chapter V).54. Deposit protection account.55. Deposits by holders of licences.56. Review of operation of deposit protection account.57. Deposit protection account and cesser of banking business where solvent.58. Vesting in liquidator of deposited amount.59. Statement of affairs and calculation of payments from deposit protection account, etc. on insolvency.60. Payment out of deposit protection account on winding up.61. Effect of payment by Bank under section 60.62. Eligible deposits.63. Certain additional persons to be excluded depositors.64. Provisions applicable to excluded depositors, etc.65. Calculation of certain payments relating to trustee deposits and joint accounts.66. Treatment of certain payments out of general fund.67. Reconstitution of deposit protection account.68. Exclusion from reconstitution.69. Crediting of moneys to deposit protection account, distributions, etc.70. Expenses and remuneration of liquidator under this Chapter.71. Limitation of time.72. Regulations (Chapter V).73. Extension of application of Chapter V.Chapter VI Acquiring Transactions (ss. 74-88)74. Interpretation (Chapter VI).75. Application (Chapter VI).76. Limitation on validity of acquiring transactions.77. Consent of Minister to certain acquiring transactions required.78. Requirement on Bank before refusal to approve acquiring transaction.79. Alteration of prescribed percentage.80. Conditions on approval of proposed acquiring transaction.81. Right of purported vendor to damages.82. Notification of proposed acquiring transactions to Bank.83. Relevant period for purpose of sections 76, 86 and 88.84. Inquiries by Bank.85. Communication of Bank's approval or refusal to approve.86. Appeal to High Court against refusal, etc., of Bank.87. Contravention of approval, etc.88. Application of certain other enactments.Chapter VII Supervision of Certain Financial Institutions for the purposes of an International Financial Services Centre (ss. 89-96A)89. Definitions (Chapter VII).90. Application (Chapter VII).91. Orders (Chapter VII).92. Supervision, etc. of financial institutions by Bank.93. Application of sections 17 and 18 of Act of 1971.94. Establishment of self-regulatory bodies.95. Power of Court to prohibit failure to comply with requirement or condition under Chapter VII.96. Report of non-compliance to Minister.96A. Application of this Part to certain classes of financial institution.Chapter VIII Supervision of Financial Futures and Options Exchanges (ss. 97-107)97. Definitions (Chapter VIII).98. Gaming and Lotteries Acts.99. Establishment of exchanges.100. Existing exchanges.101. Approval of rules by Bank, conditions, etc.102. Refusal of Bank to approve rules.103. Application of section 17 of Act of 1971.104. Restriction on advertising.105. Directions by Bank to suspend trading, dealing.106. Revocation of approval of rules.107. Offences and penalties (Chapter VIII).Chapter IX Supervision of Moneybrokers (ss. 108-116)108. Interpretation (Chapter IX).109. Orders (Chapter IX).110. Authorisation to carry on moneybroking business.111. Supervision, etc. of moneybrokers by Bank.112. Application of section 17 of Act of 1971.113. Power of Court to prohibit failure to comply with requirement or condition under Chapter IX.114. Revocation of authorisations.115. Publication of names of moneybrokers and notices of revocation of authorisations.116. Offences and penalties (Chapter IX).Chapter X Codes of Practice (s. 117)117. Codes of practice.Chapter XI Legal Tender Notes (ss. 118-123)118. Provision of legal tender notes.119. Application of certain enactments.120. Issue of legal tender notes by Bank.121. Redemption of legal tender notes.122. Calling in of legal tender notes.123. Defacement, etc., of legal tender notes and consolidated bank notes.Part III Coinage (ss. 124-130)124. Definition (Part III).125. Amendment of section 3 of Act of 1969.126. Amendment of section 4 of Act of 1969.127. Legal tender (coinage).128. Alteration of penalties under Act of 1969.129. Amendment of section 17 of Act of 1969.130. Collective citation (Part III).Part IV Miscellaneous Provisions Relating to Financial Transactions (ss. 131-141)131. Amendment of Bankers' Books Evidence Act, 1879.132. Amendment of Bills of Exchange Act, 1882.133. Supplementary provision to section 3 of Cheques Act, 1959.134. Power of Minister to direct suspension of certain business transactions, etc.135. Payments on public holidays, etc. not compellable.136. Amendment of Money-lenders Act, 1900.137. Deposit with Bank to be an authorised investment for trustees.138. Amendment of Trustee (Authorised Investments) Act, 1958.139. Electronic transfer of certain securities.140. Retention of certain information in non-legible form.141. Construction and collective citations.Schedule - Enactments Repealed
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AI Summary of 30. Amendment of section 7 of Act of 1971.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 12 July 1989 - onwards

30. Amendment of section 7 of Act of 1971.

Section 7 of the Act of 1971 is hereby amended by the substitution of the following subsection for subsection (4):

"(4)

(a) Subsection (1) of this section shall not apply in relation to -

(i) the central banks in the other states that are members of the European Communities,

(ii) the Agricultural Credit Corporation public limited company, the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933, the Post Office Savings Bank, a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1979, or

(iii) a building society, an industrial and provident society, a friendly society, a credit union or the manager or trustee under a unit trust or collective investment scheme in respect of the carrying on of the business of the scheme.

(b) Where the Minister is of the opinion that it is in the interest of the orderly and proper regulation of banking or of any other financial market he may, after consultation with the Bank and with such Minister of the Government or other persons as he may consider appropriate to so consult in the circumstances, by order amend paragraph (a)(ii) so as to add thereto any body or category of persons or to delete therefrom any body or category of persons mentioned therein for the time being.".

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