Central Bank Act, 1989

• Jurisdiction: Ireland
• Citation: IR No. 16/1989
• Year: 1989

Number 16 of 1989

CENTRAL BANK ACT, 1989

ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section 1. Short title. 2. Commencement. 3. Interpretation generally. 4. Repeals.

PART II

The Central Bank

Chapter I

Preliminary, Alteration of Penalties and General Offence Provisions

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

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.

Chapter III

Licensing and Supervision of Licence Holders

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.

Chapter IV

General Provisions Relating to Winding Up

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, etc. 51. Construing of references to winding up, etc. 52. Rules of Court.

Chapter V

Deposit Protection

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

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

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.

Chapter VIII

Supervision of Financial Futures and Options Exchanges

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

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

117. Codes of practice.

Chapter XI

Legal Tender Notes

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

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

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 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

Acts Referred to Assurance Companies Act, 1909 9 Edw. 7, c. 49 Bankers' Books Evidence Act, 1879 42 & 43 Vict., c. 11 Bankers' Books Evidence (Amendment) Act, 1959 1959, No. 21 Bills of Exchange Act, 1882 45 & 46 Vict., c. 61 Building Societies Act, 1976 1976, No. 38 Central Bank Act, 1942 1942, No. 22 Central Bank Act, 1961 1961, No. 8 Central Bank Act, 1964 1964, No. 3 Central Bank Act, 1971 1971, No. 24 Cheques Act, 1959 1959, No. 19 Companies Act, 1963 1963, No. 33 Companies Acts, 1963 to 1986 Currency Act, 1927 1927, No. 32 Currency and Central Bank Acts, 1927 to 1971 Decimal Currency Act, 1969 1969, No. 23 Decimal Currency Acts, 1969 and 1970 Exchange Control Act, 1954 1954, No. 30 Finance Act, 1911 1 & 2 Geo. 5, c. 48 Finance Act, 1917 6 & 7 Geo. 5, c. 31 Finance Act, 1980 1980, No. 14 Finance Act, 1986 1986, No. 13 Finance Act, 1987 1987, No. 10 Forgery Act, 1913 3 & 4 Geo. 5, c. 27 Friendly Societies Act, 1896

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