LegalizeS.I. No. 302/1985 - European Communities (Consolidated Supervision of Banks) Regulations, 1985
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1 amending act · 1992-12-14, S.I. No. 396/1992 - European Communities (Consolidated Supervision of Credit Institutions…
S.I. No. 302 of 1985.
EUROPEAN COMMUNITIES (CONSOLIDATED SUPERVISION OF BANKS) REGULATIONS, 1985.
I, ALAN M. DUKES, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purpose of giving effect to Council Directive No. 83/350/EEC* of 13 June, 1983, hereby make the following regulations:
- OJ No .L 193, 18.7.1983, p. 18.
1.
These Regulations may be cited as the European Communities (Consolidated Supervision of Banks) Regulations, 1985.
2.
(1) In these Regulations—
"the Act" means the Central Bank Act, 1971 ;
"the Bank" means the Central Bank of Ireland;
"the Directive" means Council Directive No. 83/350/EEC of 13 June, 1983.
- (2) A word or expression that is used in these Regulations or in an amendment of the Act effected by these Regulations and is also used in the Directive shall, unless the contrary intention is expressed, have in these Regulations the meaning that it has in the Directive.
3.
The expression "statutory functions" in sections 17 and 18 of the the Act shall be construed as including a reference to any function imposed on the Bank by virtue of these Regulations and the Directive.
4.
Section 17(3) of the Act shall extend to the books and records of any of the following institutions in which the holder of a licence has a participation, namely another credit institution and a financial institution, and the said holder shall take all reasonable steps to assist the Bank in the due performance of its statutory functions under these Regulations and the Directive.
5.
For the purpose of the performance by the Bank of its statutory functions under these Regulations and the Directive the reference in section 17(3) (a) of the Act to a recognised qualification in accountancy shall include reference to any other appropriate qualifications and experience.
6.
(1) In section 18 of the Act the reference to information and returns concerning the business to which the licence relates shall include references to the business of any institution to which Regulation 4 applies.
- (2) Without prejudice to the generality of the foregoing, references in the said section 18 to information and returns shall include, in particular, references to group accounts under the Companies Act, 1963 , dealing with the business of the holder of the licence and the business of any such institution as aforesaid and, in the case of a private company which is a holding company and does not prepare group accounts, include references to the documents to which section 154 of that Act relates.
7.
The reference in the form of oath in section 31 of the Central Bank Act, 1942 , to the statutes regulating the Bank and the reference in the said form to any such statute shall be construed as including references to any instrument under statute regulating the Bank and to the Directive.
GIVEN under my Official Seal, this 9th day of September, 1985.
ALAN M. DUKES
Minister for Finance
EXPLANATORY NOTE.
These regulations give effect to the EEC Council Directive (No. 83/350/EEC of 13 June 1983) on the supervision of credit institutions on a consolidated basis. These regulations require banks which have credit or financial institutions as subsidiaries to submit consolidated returns to the Central Bank of Ireland and empower the Central Bank to verify these returns. They also empower the Governor of the Central Bank to authorize holders of appropriate qualifications and experience to verify such returns.
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