S.I. No. 24/1993 - Icc Bank Act, 1992 (Section 3) Regulations, 1993.

S.I. No. 24 of 1993.

ICC BANK ACT, 1992 (SECTION 3) REGULATIONS, 1993.

I, BERTIE AHERN, Minister for Finance, in exercise of the powers conferred on me by section 3 of the ICC Bank Act, 1992 (No. 21 of 1992), after consultation with the Central Bank of Ireland and for the purpose of enabling it to exercise supervision of ICC Bank public limited company, hereby make the following Regulations:

1. (1) These Regulations may be cited as the ICC Bank Act, 1992 (Section 3) Regulations, 1993.

(2) These Regulations shall come into operation on the 1st day of February, 1993.

2. All the supervisory provisions of—

( a ) Part II of the Central Bank Act, 1971 (No. 24 of 1971), and

( b ) Chapters I to VI of Part II of the Central Bank Act, 1989 (No. 17 of 1989),

shall apply to ICC Bank public limited company as if it were the holder of a licence granted under section 9 of the Central Bank Act, 1971 , and, accordingly, any reference in the said provisions to a "holder" in relation to a licence so granted shall be construed as including a reference to ICC Bank public limited company.

GIVEN under my Official Seal, this 29th day of January, 1993.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations enable the Central Bank of Ireland to exercise supervision of ICC Bank plc under the Central Bank Acts 1942 to 1989, by applying to ICC Bank plc all the supervisory provisions of Part II of the Central Bank Act, 1971 , and Chapters I to VI of Part II of the Central Bank Act, 1989 .