Euro Changeover (Amounts) Act, 2001

• Jurisdiction: Ireland
• Citation: IR No. 16/2001
• Year: 2001

Number 16 of 2001
EURO CHANGEOVER (AMOUNTS) ACT, 2001
ARRANGEMENT OF SECTIONS
Section 1. Substitution of convenient monetary amounts in euro for certain monetary amounts. 2. Dispensing with required consents. 3. Power to set amounts to continue in force. 4. Amendment of Economic and Monetary Union Act, 1998. 5. Amendment of Central Bank Act, 1989. 6. Amendment of Credit Union Act, 1997. 7. Amendment of Bankruptcy Act, 1988. 8. Amendment of Heritage Act, 1995. 9. Citation.
SCHEDULE 1
SCHEDULE 2
SCHEDULE 3
SCHEDULE 4
Acts Referred to Bankruptcy Act, 1988 1988, No. 27 Central Bank Act, 1989 1989, No. 16 Central Bank Acts, 1942 to 1998 Credit Union Act, 1997 1997, No. 15 Economic and Monetary Union Act, 1998 1998, No. 38 Heritage Act, 1995 1995, No. 4 Organisation of Working Time Act, 1997 1997, No. 20
Number 16 of 2001
EURO CHANGEOVER (AMOUNTS) ACT, 2001
AN ACT TO MAKE PROVISION FOR THE SUBSTITUTION, WITH EFFECT FROM 1 JANUARY 2002, OF CONVENIENT AMOUNTS EXPRESSED IN EURO AND CENT FOR AMOUNTS EXPRESSED IN IRISH POUNDS AND PENCE IN CERTAIN LEGISLATIVE PROVISIONS, TO AMEND THE ECONOMIC AND MONETARY UNION ACT, 1998, TO AMEND THE CREDIT UNION ACT, 1997, TO AMEND THE BANKRUPTCY ACT, 1988, TO AMEND THE CENTRAL BANK ACT, 1989, AND TO MAKE PROVISION FOR MATTERS RELATED THERETO.
[25th June, 2001]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Substitution of convenient monetary amounts in euro for certain monetary amounts.	1.—(1) With effect from 1 January 2002, for each monetary amount mentioned in column (2) of Schedule 1 at a reference number there shall be substituted the amount mentioned in column (3) of that Schedule at that reference number wherever such a monetary amount is referred to in a specified provision of an enactment mentioned in column (2) of Schedule 2.
	(2) In subsection (1) “specified provision” means a provision of an enactment mentioned in column (2) of Schedule 2 at a reference number which is referred to in column (3) of that Schedule at that reference number.
	(3) With effect from 1 January 2002, for each monetary amount mentioned in column (2) of Schedule 3 at a reference number there shall be substituted the amount mentioned in column (3) of that Schedule at that reference number wherever such a monetary amount is referred to in a specified provision of an enactment mentioned in column (2) of Schedule 4.
	(4) In subsection (3) “specified provision” means a provision of an enactment mentioned in column (2) of Schedule 4 at a reference number which is referred to in column (3) of that Schedule at that reference number.
	(5) In this section “monetary amount” includes an amount specified in words or a combination of numerals and words.
	Dispensing with required consents.	2.—Subject to section 3 , where the consent or concurrence (however expressed) of any person to the making of a statutory instrument standing specified in Schedule 2 or Schedule 4 is, by virtue of any enactment, required to be given or any person is required to be consulted in connection with such making, such consent, concurrence or consultation shall not be required in respect of the changes effected by this Act.
	Power to set amounts to continue in force.	3.—(1) Nothing in this Act shall be construed as prohibiting or restricting the power of an appropriate authority to fix, set, prescribe, alter or otherwise amend any amounts in the provisions of the enactments referred to in Schedule 2 or Schedule 4 to the extent that an appropriate authority is otherwise empowered by law to so do.
	(2) In this section “appropriate authority” means a person or body authorised, empowered or appointed by an enactment to perform certain functions.
	Amendment of Economic and Monetary Union Act, 1998.	4.—(1) Section 5 of the Economic and Monetary Union Act, 1998 , is amended by the substitution for the definition of “participating Member State” of the following:
	“‘participating Member State’ means—
	(a) Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland;
	(b) with effect from 1 January 2001, Greece, and
	(c) any other Member State of the European Communities with effect from the date on which the single currency is duly adopted in such Member State as its currency;”.
	(2) The Economic and Monetary Union Act, 1998 , is amended by the insertion in sections 9(4), 10(2) and 11(3)—
	(a) before “the earlier operative date” of “the day immediately following”, and
	(b) before “the 30th day of June, 2002” of “the day immediately following”.
	Amendment of Central Bank Act, 1989.	5.—The Central Bank Act, 1989, is hereby amended by the substitution of the following section for section 135:
“Payments on public holidays, etc. not compellable. 135.—(1) No person shall be compellable to make any payment or do any act— (a) on a public holiday, or (b) on a day on which the TARGET system is closed which that person would not be compellable to make or do on Christmas Day or Good Friday by virtue of any rule of law relating to banking. (2) Where a person would, apart from this section, be compellable to make any payment or do any act relating to banking on a public holiday or a day on which the TARGET system is closed the obligation to make such payment or to do such act shall be deemed to be complied with if such person makes the payment or does the act concerned on the next day on which he is compellable to make or do it. (3) In this section— ‘public holiday’ has the same meaning as it has in paragraphs 1 and 2 of the Second Schedule to the Organisation of Working Time Act, 1997 ; and ‘a day on which the TARGET system is closed’ means such day or days as the Governing Council of the European Central Bank from time to time decide to be a day or days on which the Trans-European Automated Real-time Gross settlement Express Transfer system will be closed.”.
	Amendment of Credit Union Act, 1997.	6.—The Credit Union Act, 1997 , is with effect from 1 January 2002, amended—
	(a) in section 2(1) by the substitution for the definition of “share” of the following:
	“‘share’ means in relation to a credit union, each sum of one euro standing to the credit of a member of that credit union in respect of shares in the register of members required by this Act to be kept by that credit union;”,
	(b) in section 17(3) by the substitution of “€10” for “£10”,
	(c) in section 21(3) by the substitution of “€13,000” for “£10,000” wherever it occurs in that subsection,
	(d) in section 23(2) by the substitution of “€6,400” for “£5,000”,
	(e) in section 27—
	(i) by the substitution in paragraph (b) of subsection (1) of that section of “€1,250” for “£1,000”,
	(ii) by the substitution in paragraph (a) of subsection (4) of that section of “€26,000” for “£20,000”, and
	(iii) by the substitution in paragraph (b) of subsection (4) of that section of “€64,000” for “£50,000”,
	(f) in section 28(1) by the substitution of “€1” for “£1”, and
	(g) in section 35(3)(a) by the substitution of “€39,000” for “£30,000”.
	Amendment of Bankruptcy Act, 1988.	7.—(1) Section 85 of the Bankruptcy Act, 1988 , is with effect from 1 January 2002, amended—
	(a) in clause (i) of paragraph (a) of subsection (3) by the substitution of “one euro in the euro” for “one pound in the pound”;
	(b) in paragraph (a) of subsection (4) by the substitution of “50 cent or more in the euro” for “fifty pence or more in the pound”, and
	(c) in paragraph (b) of subsection (4) by the substitution of “50 cent in the euro” for “fifty pence in the pound”.
	(2) Section 86(1) of the Bankruptcy Act, 1988 , is with effect from 1 January 2002, amended by the substitution of “one euro in the euro” for “one pound in the pound”.
	(3) Paragraph 24(10) of the First Schedule to the Bankruptcy Act, 1988 , is with effect from 1 January 2002, amended by the substitution of “one euro in the euro” for “one pound in the pound”.
	Amendment of Heritage Act, 1995.	8.—With effect from 1 January 2002, section 19(6)(a) of the Heritage Act, 1995 , is amended by the substitution of “€1,300” for “one thousand pounds”.
	Citation.	9.—(1) This Act may be cited as the Euro Changeover (Amounts) Act, 2001.
	(2) The Economic and Monetary Union Act, 1998 , this subsection and section 4 shall be construed together and may be cited together as the Economic and Monetary Union Acts, 1998 and 2001.
	(3) The Credit Union Act, 1997 , this subsection and section 6 shall be construed together and may be cited together as the Credit Union Acts, 1997 and 2001.
	(4) Section 5 , this subsection and the Central Bank Acts, 1942 to 1998, shall be construed together as one Act and may be cited together as the Central Bank Acts, 1942 to 2001.
	(5) Section 7 , this subsection and the Bankruptcy Act, 1988 , shall be construed together as one Act and may be cited together as the Bankruptcy Acts, 1988 and 2001.
SCHEDULE 1
Reference No. Irish Pound amount Euro amount (1) (2) (3) 1. 0.10 0.10 2. 0.50 0.60 3. 0.65 0.80 4. 1.00 1.25 5. 2.00 2.50 6. 2.30 2.90 7. 2.60 3.00 8. 3.00 3.00 9. 5.00 6.00 10. 6.00 7.00 11. 10.00 12.00 12. 11.00 13.00 13. 15.00 19.00 14. 18.00 22.00 15. 20.00 25.00 16. 21.00 25.00 17. 24.00 30.00 18. 25.00 30.00 19. 26.00 30.00 20. 30.00 35.00 21. 32.00 40.00 22. 35.00 44.00 23. 50.00 60.00 24. 52.00

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