First Previous (PART III Power of the Bank to Form or Acquire a Company) Next (PART V Supervision of Bureaux de Change)

8 1997



Functions and Duties of Governor of Bank

Functions and duties of Governor.

24. —The Governor of the Bank shall, if so requested, attend before a Select Committee of Dáil Éireann that is assigned the role of examining matters related to the Bank and shall furnish that Committee with such information as may be requested, subject to any restrictions in this regard as are placed on him or her by virtue of the provisions of the Central Bank Acts, 1942 to 1989, and this Act.

Amendment of section 8 of Act of 1942.

25. —Section 8 of the Act of 1942 is hereby amended by the insertion of the following paragraph after paragraph (b)—

“(bb) provide advice and assistance to the Central Statistics Office in regard to the collection, compilation, analysis or interpretation of balance of payments, national accounts or any other financial statistics relevant for these purposes, including where appropriate to undertake the collection of data for this purpose;”.

Amendment of section 19 of Act of 1942.

26. —Section 19 of the Act of 1942 is hereby amended:

(a) by the substitution of the following paragraph for paragraph (b) of subsection (4):

“(b) he shall, during his term of office, be ineligible for election as a director of any credit institution, financial institution, or insurance undertaking;”;

(b) by the substitution of the following subsection for subsection (5):

“(5) In this section and in section 2:

credit institution’ means an undertaking whose business it is to receive deposits or other repayable funds from the public and to grant credit on its own account but does not include the European Monetary Institute;

financial institution’ means an undertaking other than a credit institution providing any one or more of the financial services set out in the Schedule to the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 395 of 1992);

insurance undertaking’ has the meaning assigned to it by the Insurance Act, 1989 .”.

Application of section 20 of Act of 1942.

27. —(1) Section 20 of the Act of 1942 shall apply as if every reference to a bank, wherever it occurs, were a reference to a credit institution, a financial institution or an insurance undertaking.

(2) Nothing in section 20 of the Act of 1942 shall be construed as prohibiting the Governor of the Bank from effecting any policy of insurance or purchasing the units of, or participating in, any collective investment scheme whose funds are invested in bonds or equities generally, including the bonds or shares of a credit institution or financial institution, or from having an ordinary savings account with a building society or a friendly society.