Central Bank Act, 1998
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Amendment of section 118 of Act of 1989. |
16.—The Central Bank Act, 1989 , is hereby amended by the substitution of the following section for section 118: | |
“118.—(1) It shall be lawful for the Bank to provide and issue in accordance with this Part notes to be known and in this Part referred to as legal tender notes for the following denominations, namely, £1, £5, £10, £20, £50, £100 and any other denomination in the Irish pound or in the euro unit for which the European Central Bank has authorised the issue in accordance with Article 105a of the Treaty and such notes and other notes denominated in the euro unit for which the European Central Bank has authorised the issue in accordance with Article 105a of the said Treaty shall be current in the State and shall be legal tender in the State for the payment of any amount. | ||
(2) Every legal tender note shall be of such form, size and design and printed in such a manner and on such paper and numbered and authenticated in such manner as stood prescribed before the commencement of this section or as may be prescribed thereafter from time to time for the purpose of this section. | ||
(3) Any legal tender note of any denomination provided and issued at any time under the Currency Act, 1927 , or any subsequent Act shall continue to be current in the State and shall continue to be legal tender in the State for the payment of any amount. | ||
(4) In this section— | ||
‘euro unit’ has the meaning assigned to it by Council Regulation No. 1103/97 of 17 June, 1997, on certain provisions relating to the introduction of the euro; | ||
‘paper’ includes any material capable of being printed upon; | ||
‘prescribed’ means in the case of notes prescribed before the commencement of this section prescribed by the Bank with the sanction of the Minister and in all other cases prescribed by the Bank with the sanction of the European Central Bank.”. |