Central Bank Act , 1942

PART I. Preliminary and General.

1. Short title, collective citation, and construction.

1.—(1)This Act may be cited as the Central Bank Act, 1942.

(2)The Currency Acts, 1927 and 1930, and this Act may be cited together as the Currency and Central Bank Acts, 1927 to 1942.

(3)This Act shall be construed as one with the Currency Acts, 1927 and 1930.

(4)The expression “this Act” wherever it occurs in the Currency Act shall be construed and have effect as including the Currency (Amendment) Act, 1930 (No. 30 of 1930), and this present Act.

2. F1[Interpretation.

2.—(1) In this Act, unless the context otherwise requires—

F2[…]

"Appeals Tribunal" means the Irish Financial Services Appeals Tribunal established by section 57C;

F3[…]

F4["appointed member" or "appointed member of the Commission" means a member of the Commission referred to in section 18CA(1)(b);]

F5["associated entity" in relation to a financial service provider, means—

(a) a holding company of the financial service provider, or

(b) a subsidiary company of the financial service provider, or

(c) a company that is a subsidiary of a body corporate, if the financial service provider is also a subsidiary of the body, but neither company is a subsidiary of the other, or

(d) if a financial service provider is a company, any other body corporate that is not a subsidiary of the company but in respect of which the company is beneficially entitled to more than 20 per cent of the nominal value of either—

(i) the allotted share capital, or

(ii) the shares carrying voting rights (other than voting rights which arise only in specified circumstances) in that other body corporate,

or

(e) a partnership or joint venture in which the financial service provider has a financial interest;]

"approved stock exchange" means a stock exchange approved undersection 9 of the Stock Exchange Act 1995;

F6["Bank" means the Central Bank of Ireland;]

F7[…]

F8["Capital Requirements Regulation" means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013^22on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, as amended by –

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 2014^23amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016^24amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017^25amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017^26amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017^27amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 2017^28correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019^29amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019^30amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019^31on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014,

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020^32amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic,

(k) Commission Delegated Regulation (EU) 2021/424 of 17 December 2019^33amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the alternative standardised approach for market risk,

(l) Regulation (EU) 2021/558 of the European Parliament and of the Council of 31 March 2021^34amending Regulation (EU) No 575/2013 as regards adjustments to the securitisation framework to support the economic recovery in response to the COVID-19 crisis,

(m) Commission Implementing Regulation (EU) 2021/1043 of 24 June 2021^35on the extension of the transitional provisions related to own funds requirements for exposures to central counterparties set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council,

(n) Regulation (EU) 2022/2036 of the European Parliament and of the Council of 19 October 2022^36amending Regulation (EU) No. 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities,

(o) Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 2023^37amending certain Regulations as regards the establishment and functioning of the European single access point,

(p) Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024^38amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor, and

(q) Commission Delegated Regulation (EU) 2024/2795 of 24 July 2024^39amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the date of application of the own funds requirements for market risk;]

"Central Bank Acts" means the Central Bank Acts 1942 to 1998 and includes any later Act that is to be construed as one with those or any of those Acts;

F9["Commission" means the Central Bank Commission;]

"consolidated bank note" has the same meaning as inthe Currency Act 1927;

F10[…]

F10[…]

"credit union" has the meaning given bythe Credit Union Act 1997;

"Currency Act 1927" means that Act as adapted in consequence of the Constitution;

F11["Deputy Financial Services and Pensions Ombudsman" means a person appointed undersection 8(1)(b) of the Financial Services and Pensions Ombudsman Act 2017 (No. 22 of 2017);]

F12[…]

F13["designated enactments" means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2 and the statutory instruments made under any of those enactments;]

"designated statutory instruments" means the statutory instruments specified in Part 2 of Schedule 2;

F14[…]

F15["ECB" means the European Central Bank;]

F5["EEA country" means a country that is a member of the European Economic Area;]

"employee", in relation to the Bank, includes theF16[Secretary of the Bank];

"enactment" includes any instrument made under an enactment;

"ESCB Statute" means the Statute of the European System of Central Banks and of the European Central Bank as set out in Protocol (No. 3) (annexed by the Treaty onEuropean Union done at Maastricht on February 1992) to the Rome Treaty;

F17["ex-officiomember" or "ex-officiomember of the Commission" means a member of the Commission referred to in section 18CA(1)(a);]

"financial futures and options exchange" has the meaning given by section 97 of the Central Bank Act 1989;

"financial services" include financial products;

F18["Financial Services and Pensions Ombudsman" means a person appointed undersection 8(1)(a) of the Financial Services and Pensions Ombudsman Act 2017 (No. 22 of 2017);]

F5[F19[…]

"financial service provider" means a person who carries on a business of providing one or more financial services;]

"financial year" means a period of 12 months ending on 31 December or, if the Minister, by order notified inIris Oifigiúil, has prescribed a different period for the purposes of this Act, that other period;

"function" includes duty;

F20["general fund" means the fund referred to in section 32F;]

"Governor" means the person holding office as the Governor of the Bank, and includes—

(a) any person appointed to act as Governor in accordance with section 22, and

(b) theF21[Head of Central Banking]when carrying out responsibilities of the Governor in accordance with section 22A;

F22["Head of Central Banking", "Head of Financial Regulation" and "Head of Function" shall be construed in accordance with section 23;]

F5["holding company" means a company that has one or more subsidiary companies;]

"law" includes the Rome Treaty and the ESCB Statute;

"local authority" means a local authority for the purposes ofthe Local Government Act 2001;

F23["member" or "member of the Commission" means an appointed member or anex-officiomember;]

"Minister" means the Minister for Finance;

F24["officer" means each Head of Function, the Secretary of the Bank and the Registrar of Credit Unions;]

F25[…]

"power" includes right and privilege;

F5["publication", in relation to a report or other document, includes publishing the report or document in an accessible form on an Internet website;]

"record" means any record of information, however compiled, recorded or stored, and includes—

(a) any book, a register and any other document containing information,and

(b) any disc, tape or other article from which information is capable ofbeing produced in any form capable of being reproduced visually or aurally;

F26["regulated financial service provider" means—

(a) a financial service provider whose business is subject to regulation by the Bank under this Act or under a designated enactment or a designated statutory instrument,

(b) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under this Act or under a designated enactment or designated statutory instrument, or

F15[(bb) a financial service provider whose business is subject to supervision by the ECB under a designatedF27[enactment;]]

(c)F28[…]]

"the regulations" means regulations made by the Minister under section 61A and in force under this Act;

F29[…]

F30["Rome Treaty" means the Treaty on the Functioning of the European Union done at Rome on 25 March 1957, as amended by the Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community signed at Lisbon on 13 December 2007;]

F31["SRB" means the Single Resolution Board established under Article 42 of the SRM Regulation;

"SRM Regulation" means Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014^2establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010;]

F15["SSM Framework Regulation" means Regulation (EU) No. 468/2014 of the European Central Bank of 16 April 2014^4establishing the framework for co-operation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities;]

F15["SSM Regulation" means Council Regulation (EU) No. 1024/2013 of 15 October 2013^3conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions;]

F5["subsidiary company" has the meaning given by section 2A;

"voting rights" means—

(a) in relation to a company that has a share capital, the rights conferred on shareholders by virtue of their shares, or

(b) in relation to a company that does not have a share capital, the rights conferred on members,

to vote at general meetings of the company on all, or substantially all, matters.]

(2) In this Act—

(a) a reference to an enactment is, unless the context otherwise requires, a reference to that enactment as amended or extended by or under any subsequent enactment (including this Act), and

(b) a reference to a section is a reference to a section of this Act unless it is indicated that a reference to some other enactment is intended, and

(c) a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.

F32[(2A) The following shall be taken to be designated enactments:

(a) Commission Regulation (EC) No 1287/2006 of 10 August 2006^2;

(b) Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009^3;

(c) Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012^4;

(d) Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013^5;

(e) Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013^6;

F33[F34[(f) the Capital Requirements Regulation;]

(g) Commission Implementing Regulation (EU) No 1249/2012 of 19 December 2012^7;

(h) Commission Delegated Regulation (EU) No 152/2013 of 19 December 2012^8;

(i) Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012^9;

F15[(j) Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012^5;

(k) the SSM Regulation;

F35[(l) the SSM Framework Regulation;

(m) Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013^2;]]]]

F36[(n) Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013^2;]

F37[(o) Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)^32;

(p) Commission Implementing Regulation (EU) 2015/460 of 19 March 2015 laying down implementing technical standards with regard to the procedure concerning the approval of an internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council^33;

(q) Commission Implementing Regulation (EU) 2015/461 of 19 March 2015 laying down implementing technical standards with regard to the process to reach a joint decision on the application to use a group internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council^34;

(r) Commission Implementing Regulation (EU) 2015/462 of 19 March 2015 laying down implementing technical standards with regard to the procedures for supervisory approval to establish special purpose vehicles, for the co-operation and exchange of information between supervisory authorities regarding special purpose vehicles as well as to set out formats and templates for information to be reported by special purpose vehicles in accordance with Directive 2009/138/EC of the European Parliament and of the Council^35;

(s) Commission Implementing Regulation (EU) 2015/498 of 24 March 2015 laying down implementing technical standards with regard to the supervisory approval procedure to use undertaking-specific parameters in accordance with Directive 2009/138/EC of the European Parliament and of the Council^36;

(t) Commission Implementing Regulation (EU) 2015/499 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items in accordance with Directive 2009/138/EC of the European Parliament and of the Council^37;

F38[(u) Commission Implementing Regulation (EU) 2015/500 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be followed for the supervisory approval of the application of a matching adjustment in accordance with Directive 2009/138/EC of the European Parliament and of the Council^37;]]

(v) Regulation (EU) No 2015/760 of the European Parliament and of the Council ofF39[29 April 2015;^3

F40[(va) Commission Delegated Regulation No 1125/2014 of 19 September 2014 supplementing Directive 2014/17/EU of the European Parliament and of the Council with regard to regulatory technical standards on the minimum monetary amount of the professional indemnity insurance or comparable guarantee to be held byF41[credit intermediaries^2;]]

F42[(w) the SRM Regulation;

(x) Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March 2012^8;

(y) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC^9;

(z) Commission Delegated Regulation (EU) 2016/522 of 17 December 2015^10;

(aa) Commission Delegated Regulation (EU) 2016/908 of 26 February 2016^11;

(ab) Commission Delegated Regulation (EU) 2016/909 of 1 March 2016^12;

(ac) Commission Delegated Regulation (EU) 2016/957 of 9 March 2016^13;

(ad) Commission Delegated Regulation (EU) 2016/958 of 9 March 2016^14;

(ae) Commission Delegated Regulation (EU) 2016/523 of 10 March 2016^15;

(af) Commission Delegated Regulation (EU) 2016/347 of 10 March 2016^16;

(ag) Commission Delegated Regulation (EU) 2016/378 of 11 March 2016^17;

(ah) Commission Delegated Regulation (EU) 2016/959 of 17 May 2016^18;

(ai) Commission Delegated Regulation (EU) 2016/960 of 17 May 2016^19;