Central Bank Act, 1997

• Jurisdiction: Ireland
• Citation: IR No. 8/1997

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Number 8 of 1997

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CENTRAL BANK ACT 1997

REVISED

Updated to 16 May 2022

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This Revised Act is an administrative consolidation of the Central Bank Act 1997. 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 Merchant Shipping (Investigation of Marine Casualties) (Amendment) Act 2022 (8/2022), enacted 16 May 2022, and all statutory instruments up to and including the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (Commencement) Order 2022 (S.I. No. 229 of 2022), made 10 May 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 8 of 1997

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CENTRAL BANK ACT 1997

REVISED

Updated to 16 May 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• Central Bank Act 1961 (8/1961) (Repealed)

• Central Bank Act 1964 (3/1964) (Repealed)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

Investment Intermediaries Acts 1995 to 2000: this Act is one of a group of Acts included in this collective citation, to be construed together as one (Insurance Act 2000 (42/2000), s. 1(3)). The Acts in this group are:

• Investment Intermediaries Act 1995 (11/1995)

• Central Bank Act 1997 (8/1997), ss. 37-49

• Investor Compensation Act 1998 (37/1998), ss. 44 and 52-69

• Insurance Act 2000 (42/2000), other than ss. 3-15

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 Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022)

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

• Data Protection Act 2018 (7/2018)

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

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

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

• Central Bank Reform Act 2010 (23/2010)

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

• Charities Act 2009 (6/2009)

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

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

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

• ICC Bank Act 2000 (32/2000)

• Finance Act 2000 (3/2000)

• Economic and Monetary Union Act 1998 (38/1998)

• Central Bank Act 1998 (2/1998)

All Acts up to and including Merchant Shipping (Investigation of Marine Casualties) (Amendment) Act 2022 (8/2022), enacted 16 May 22, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

• European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) (Amendment) Regulations 2021 (S.I. No. 561 of 2021)

• European Union (Capital Requirements) (Amendment) Regulations 2020 (S.I. No. 710 of 2020)

• Central Bank Act 1997 (Auditor Assurance) (Amendment) Regulations 2018 (S.I. No. 373 of 2018)

• Central Bank Act 1997 (Auditor Assurance) (Amendment) Regulations 2016 (S.I. No. 445 of 2016)

• European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015)

• Central Bank Act 1997 (Auditor Assurance) Regulations 2014 (S.I. No. 424 of 2014)

• European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)

• European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009)

• European Communities (Cross-Border Credit Transfers) Regulations 1999 (S.I. No. 231 of 1999)

• Central Bank Act, 1997 (Commencement) Order 1997 (S.I. No. 150 of 1997)

All statutory instruments up to and including Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (Commencement) Order 2022 (S.I. No. 229 of 2022), made 10 May 2022, were considered in the preparation of this revision.

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Number 8 of 1997

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CENTRAL BANK ACT 1997

REVISED

Updated to 16 May 2022

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ARRANGEMENT OF SECTIONS

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Acts Referred to
ACC Bank Act, 1992	1992, No. 6
Bretton Woods Agreements Act, 1957	1957, No. 18
Building Societies Act, 1989	1989, No. 17
Central Bank Acts, 1942 to 1989
Companies Acts, 1963 to 1990
Companies (Amendment) Act, 1977	1977, No. 31
Companies (Amendment) Act, 1986	1986, No. 25
Comptroller and Auditor General (Amendment) Act, 1993	1993, No. 8
Consumer Credit Act, 1995	1995, No. 24
Criminal Justice Act, 1994	1994, No. 15
Data Protection Act, 1988	1988, No. 25
Decimal Currency Act, 1969	1969, No. 23
European Bank for Reconstruction and Development Act, 1991	1991, No. 1
Finance Act, 1980	1980, No. 14
Finance Act, 1981	1981, No. 16
Finance Act, 1986	1986, No. 13
Finance Act, 1987	1987, No. 10
ICC Bank Act, 1992	1992, No. 21
Insurance Act, 1989	1989, No. 3
International Development Association Act, 1960	1960, No. 35
International Finance Corporation Act, 1958	1958, No. 22
Investment Intermediaries Act, 1995	1995, No. 11
Investment Limited Partnerships Act, 1994	1994, No. 24
Multilateral Investment Guarantee Agency Act, 1988	1988, No. 32
Netting of Financial Contracts Act, 1995	1995, No. 25
Pensions Acts, 1990 to 1996
Public Offices Fees Act, 1879	42 & 43 Vict., c. 58
Statistics Act, 1993	1993, No. 21
Stock Exchange Act, 1995	1995, No. 9
Stock Transfer Act, 1963	1963, No. 21
Trustee Act, 1893	56 & 57 Vict., c. 53
Trustee (Authorised Investments) Act, 1958	1958, No. 8
Trustee Savings Banks Act, 1989	1989, No. 21
Unit Trusts Act, 1990	1990, No. 37

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Number 8 of 1997

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CENTRAL BANK ACT 1997

REVISED

Updated to 16 May 2022

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AN ACT TO MAKE PROVISION FOR THE REGULATION BY THE CENTRAL BANK OF IRELAND OF PAYMENT SYSTEMS AND BUREAUX de CHANGE, AND TO AMEND AND EXTEND THE CENTRAL BANK ACTS, 1942 TO 1989 AND OTHER ENACTMENTS, AND TO PROVIDE FOR RELATED MATTERS. [31st March, 1997]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I

Preliminary and General

Short title, construction, collective...