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General powers of Bank.
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4.—The Act of 1942 is hereby amended by the insertion of the following section after section 5:
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“Performance by Bank of European System of Central Banks' functions.
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5A.—(1) The Bank shall perform any function or duty or exercise any power required by or under the provisions of the Treaty or the Statute.
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(2) With effect from the date of the establishment of the European System of Central Banks, sole authority and responsibility for the performance of any function or duty or the exercise of any power conferred or imposed upon the Bank by or under the Treaty or the Statute shall be vested in the Governor.
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(3) Subject to the requirements of the Treaty and the Statute, the Governor shall keep the Board informed of, and may discuss with the Board, the discharge by the Governor of the functions, duties and powers vested in the Governor under this section.
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(4) Whenever the Governor is unable, by reason of absence, ill-health or any other cause to discharge the functions, duties and powers referred to in this section, or in the case of the office of the Governor becoming vacant, the authority and responsibility vested in the Governor under subsection (2) of this section shall, during such inability or vacancy, be vested in the Director General of the Bank, who shall, for the period of such inability or vacancy, exercise and perform the functions, duties and powers vested in the Governor under this section.
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(5) In this Act—
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‘the Treaty’ means the Treaty establishing the European Community done at Rome on the 25th day of March, 1957 (as amended by the Treaty on European Union done at Maastricht on the 7th day of February, 1992);
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‘the Statute’ means the Statute of the European System of Central Banks and of the European Central Bank as set out in Protocol (No. 3) (annexed by the Treaty on European Union done at Maastricht on the 7th day of February, 1992) to the Treaty establishing the European Economic Community done at Rome on the 25th day of March, 1957.”.
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