|
|
Amendment of section 6 of Act of 1942.
|
5.—The Act of 1942 is hereby amended by the substitution of the following section for section 6:
|
|
| |
“6.—(1) In discharging its functions as part of the European System of Central Banks, the primary objective of the Bank shall be to maintain price stability, and without prejudice to the generality of the aforesaid, the Bank may perform such functions and exercise such powers and carry out such duties as are conferred or imposed on it by the Treaty, the Statute or any Act of the Oireachtas or instrument made thereunder.
|
|
| |
(2) In addition to the objective referred to in subsection (1) of this section, the objectives of the Bank shall include contributing to the stability of the financial system, promoting the efficient and effective operation of payment and settlement systems and discharging such other functions, duties and powers as are conferred or imposed on it by the Treaty, the Statute or any Act of the Oireachtas or instrument made thereunder.
|
|
| |
(3) Without prejudice to the functions, powers and duties vested in the Bank immediately before the appointed day, the Bank shall have the general function and duty of taking (within the limit of the powers for the time being vested in it and, where appropriate, having regard to the provisions of the Treaty and the Statute) such steps as the Board may from time to time deem appropriate and advisable towards the discharge of any functions, powers and duties vested by law in the Board.
|
|
| |
(4) The Minister may, on such occasions as he thinks proper, request the Governor on behalf of the Board or the Board to consult with the Minister in regard to the execution and performance by the Bank of any function and duty imposed on the Bank, other than those imposed by the Treaty or the Statute, and the Board shall comply with every such request.
|
|
| |
(5) Subject to the requirements of the Treaty, the Statute, the Central Bank Acts, 1942 to 1997, and any other enactment, the Minister may, on such occasions as he shall think proper, request the Governor on behalf of the Board or the Board to inform the Minister in regard to the pursuit of the primary objective imposed on the Bank by subsection (1) of this section, and the Board shall comply with every such request.
|
|
| |
(6) Without prejudice to the objective of maintaining price stability, the Bank shall support the general economic policies in the Community with a view to contributing to the achievement of the objectives of the Community as laid down in Article 2 of the Treaty.”.
|
