PART 2

Functions and Powers of Authority

9. —(1) The functions of the Authority are as follows—

(a) to designate credit institutions for the purposes of this Act,

(b) to administer the system of supervision and regulation of designated credit institutions in accordance with this Act in order to promote the maintenance of the proper and orderly regulation and supervision of those institutions, and

(c) to perform such other functions as are prescribed by or under this Act.

(2) The Authority is required to perform its functions so as to fulfil the purposes of this Act.

(3) The Authority has, in relation to designated credit institutions and other persons to whom this Act relates, the functions imposed and the powers conferred on the Central Bank by or under the supervisory enactments in relation to credit institutions within the scope of those Acts, except as required or provided by this Act and subject to such modifications to those functions and powers as are necessary in order to adapt those functions and powers for the purposes of this Act.

10. —(1) The Authority has power to do all things necessary or expedient to be done for or in connection with, or incidental to, the performance of its functions.

(2) A power conferred by subsection (1) is not to be taken to be limited merely by implication from another provision, whether of this or any other Act, that confers a power on the Authority.

11. —(1) The Minister may, by order notified in Iris Oifigiúil, impose on the Authority functions additional to those specified in section 9 .

(2) In making an order under this section, the Minister is required to have regard to the purposes of this Act and, in particular, section 9 .