LegalizeS.I. No. 395/1992 - European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
25 amending acts · 2014-04-04, S.I. No. 158/2014 - European Union (Capital Requirements) Regulations 2014
GIVEN under my Official Seal, this 14th day of December, 1992.
BERTIE AHERN,
Minister for Finance.
EXPLANATORY NOTE
The purpose of these Regulations is to give effect to the EEC Second Council Directive (89/646/EEC) of 15 December, 1989, on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions.
The Regulations apply to all credit institutions in the State viz banks, building societies, TSB, ACC and ICC. They lay down common Community-wide provisions for the licensing and supervision of credit institutions and the mutual recognition of the provision of banking services in the EEC.
Particular rules are laid down for the minimum capital of credit institutions, supervision of major shareholdings in credit institutions, maintenance of own funds management of credit institutions, acquisitions by credit institutions, treatment of third country institutions and investigation and disclosure of information by supervisory authorities.
The mutual recognition of banking services will allow any credit institution already licensed in another Member State to undertake banking business in the State without the need for a licence from the Central Bank or prudential supervision by the Bank. Such institutions will be supervised by the home Member State. The same arrangements will apply to Irish institutions seeking to provide banking services in other Member States. The Regulations do not impinge on the legal owners of the Bank in regard to monetary policy.
The Regulations lay down procedures by which Irish institutions may apply to the Central Bank to undertake business in another Member State and the provisions under which other EC institutions may operate here. Existing operations of Irish banks etc. abroad are not affected by these procedures and requirements.
The Regulations deal with the power of the Central Bank to ensure that credit institutions from other Member States operating here must comply with these Regulations and the action the Bank can take to close down such operations in exceptional circumstances. The Regulations also provide for appeals to the Courts, penalties for offences, certain consequential, necessary and ancillary amendments and the interpretation of existing legislation affecting credit institutions.
The Regulations come into operation on 1 January, 1993.
This document does not substitute the official text published in the Irish Statute Book. We accept no responsibility for any inaccuracies arising from the transcription of the original into this format.
This text is published under Irish Statute Book's own terms of reuse, not a Legalize or public-domain licence.
Irish Statute Book
CC-BY 4.0 (Oireachtas Open Data PSI Licence)
Contains Irish Public Sector Information licensed under the Oireachtas (Houses of the Oireachtas) Open Data PSI Licence / Creative Commons Attribution 4.0 International, sourced from https://www.irishstatutebook.ie.