Central Bank Act, 1942

• Jurisdiction: Ireland

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Number 22 of 1942

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CENTRAL BANK ACT 1942

REVISED

Updated to 5 December 2022

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This Revised Act is an administrative consolidation of the Central Bank Act 1942. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including the Air Navigation and Transport Act 2022 (40/2022), enacted 7 December 2022, and all statutory instruments up to and including the European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. No. 547 of 2022), made 5 December 2022, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.

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Number 22 of 1942

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CENTRAL BANK ACT 1942

REVISED

Updated to 5 December 2022

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Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

Central Bank Acts 1942 to 2018: this Act is one of a group of Acts included in this collective citation (Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018), s. 3(2)). The Acts in the group are:

• Central Bank Act 1942 (22/1942)

• Central Bank Act 1961 (8/1961) (repealed)

• Central Bank Act 1964 (3/1964) (repealed)

• Central Bank Act 1971 (24/1971)

• Central Bank Act 1989 (16/1989), Part II

• Central Bank Act 1997 (8/1997), other than ss. 3, 36 to 49, 60, 64 to 68, 78 to 83 and 85

• Central Bank Act 1998 (2/1998)

• Euro Changeover (Amounts) Act 2001 (16/2001), s. 5 and s. 9(4)

• Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

• Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

• National Asset Management Agency Act 2009 (34/2009), s. 1(4), s. 232 and sch. 3 part 2

• Central Bank Reform Act 2010 (23/2010)

• Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), ss. 36 , 37 , 48 (2) and 56(3), Part 5 (in so far as it amends the Central Bank Acts 1942 to 2011), and Schedules 2 and 3 (in so far as they amend any of those Acts)

• Central Bank (Supervision and Enforcement) Act 2013 (26/2013), other than section 5, in so far as it relates to Schedules 3 and 4, and sections 75 to 78 , 80 to 87 and 89 to 94

• Central Bank Act 2014 (9/2014), s. 1

• Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), other than s. 8

• Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 (36/2018)

Credit Institutions (Financial Support) Act 2008 (18/2008) deals with similar subject matter.

Currency and Central Bank Acts 1927 to 1971: this Act is one of a group of Acts included in this collective citation (Central Bank Act 1971, s. 1(2)). The Acts in the group are:

• Currency Act 1927 (32/1927) (repealed)

• Currency (Amendment) Act 1930 (30/1930) (repealed)

• Central Bank Act 1942 (22/1942)

• Central Bank Act 1961 (8/1961) (repealed)

• Central Bank Act 1964 (3/1964) (repealed)

• Central Bank Act 1971 (24/1971)

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations.

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

• Consumer Rights Act 2022 (37/2022)

• Insurance (Miscellaneous Provisions) Act 2022 (11/2022)

• Counterfeiting Act 2021 (16/2021)

• Criminal Justice (Perjury and Related Offences) Act 2021 (13/2021)

• Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (3/2021)

• Credit Union Restructuring Board (Dissolution) Act 2020 (22/2020)

• Consumer Insurance Contracts Act 2019 (53/2019)

• Credit Union Restructuring Board (Dissolution) Act 2020 (22/2012)

• Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2019 (8/2019)

• Central Bank (National Claims Information Database) Act 2018 (42/2018)

• Markets in Financial Instruments Act 2018 (25/2018)

• Data Protection Act 2018 (7/2018)

• Financial Services and Pensions Ombudsman Act 2017 (22/2017)

• Central Bank and Financial Services Authority of Ireland (Amendment) Act 2017 (21/2017)

• Finance (Miscellaneous Provisions) Act 2015 (37/2015)

• Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015)

• Irish Collective Asset-management Vehicles Act 2015 (2/2015)

• Central Bank (Amendment) Act 2015 (1/2015)

• Freedom of Information Act 2014 (30/2014)

• Competition and Consumer Protection Act 2014 (29/2014)

• Court of Appeal Act 2014 (18/2014)

• Central Bank Act 2014 (9/2014)

• Credit Reporting Act 2013 (45/2013)

• Central Bank (Supervision and Enforcement) Act 2013 (26/2013)

• Irish Bank Resolution Corporation Act 2013 (2/2013)

• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012)

• Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)

• Credit Institutions (Stabilisation) Act 2010 (36/2010)

• Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010)

• Central Bank Reform Act 2010 (23/2010)

• Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (6/2010)

• National Asset Management Agency Act 2009 (34/2009)

• Financial Services (Deposit Guarantee Scheme) Act 2009 (13/2009)

• Anglo Irish Bank Corporation Act 2009 (1/2009)

• Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007)

• Consumer Protection Act 2007 (19/2007)

• Investment Funds, Companies and Miscellaneous Provisions Act 2006 (41/2006)

• Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005)

• Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

• Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

• Asset Covered Securities Act 2001 (47/2001)

• Central Bank Act 1998 (2/1998)

• Finance Act 1998 (3/1998)

• Credit Union Act 1997 (15/1997)

• Central Bank Act 1997 (8/1997)

• Central Bank Act 1989 (16/1989)

• Postal and Telecommunications Services Act 1983 (24/1983)

• Central Bank Act 1971 (24/1971)

• National Bank Transfer Act 1966 (8/1966)

• Credit Union Act 1966 (19/1966)

• Copyright Act 1963 (10/1963)

• Central Bank Act 1964 (3/1964)

• Central Bank Act 1961 (8/1961)

• Cheques Act 1959 (19/1959)

• Trustee (Authorised Investments) Act 1958 (8/1958)

• Coinage Act 1950 (32/1950)

• Currency (Amendment) Act 1930 (30/1930)

• Currency Act 1927 (32/1927)

All Acts up to and including Air Navigation and Transport Act 2022 (40/2022), enacted 7 December 2022, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

• European Union (Recovery and Resolution of Central Counterparties) Regulations 2022 (S.I. No. 547 of 2022)

• European Union (Pan - European Personal Pension Product) Regulations 2022 (S.I. No. 435 of 2022)

• Central Bank Act 1942 (Section 32D) Regulations 2022 (S.I. No. 426 of 2022)

• Central Bank Act 1942 (Section 32D) (Certain Financial Vehicles Dedicated Levy) (Amendment) Regulations 2022 (S.I. No. 327 of 2022)

• Central Bank Act 1942 (Section 32E) Prospectus and Related Documents Fee Regulations 2022 (S.I. No. 135 of 2022)

• European Union (Anti-Money Laundering: Central Mechanism for Information on Safe-Deposit Boxes and Bank and Payment Accounts) Regulations 2022 (S.I. No. 46 of 2022)

• European Union (Crowdfunding) Regulations 2021 (S.I. No. 702 of 2021)

• European Union (Covered Bonds) Regulations 2021 (S.I. No. 576 of 2021)

• Central Bank Act 1942 (Section 32D) Regulations 2021 (S.I. No. 487 of 2021)

• European Union (Counterfeiting of Euro) Regulations 2021 (S.I. No. 408 of 2021)

• European Union (Investment Firms) Regulations 2021 (S.I. No. 355 of 2021)

• European Union (Investment Firms) (No. 2) Regulations 2021 (S.I. No. 356 of 2021)

• Central Bank Act 1942 (Section 32D) (Certain Financial Vehicles Dedicated Levy) Regulations 2021 (S.I. No. 335 of 2021)

• European Union (Sustainability-related Disclosures in the Financial Services Sector) Regulations 2021 (S.I. No. 146 of 2021)

• European Union (Capital Requirements) (No. 2) (Amendment) Regulations 2020 (S.I...