Central Bank and Financial Services Authority of Ireland Act 2004

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“ ‘associated enterprise’, in relation to a credit institution, means—

(a) a company in respect of which the institution holds—

(i) not less than 20 per cent of the nominal value of the company's equity share capital, or

(ii) not less than 20 per cent of the voting shares of the company,

or

(b) a subsidiary company of the institution, or

(c) a holding company of the institution, or

(d) if the institution is a subsidiary company of another company—

(i) the other company, or

(ii) any other subsidiary of the other company,

or

(e) an associated company of the institution,

or

(f) a partnership in which the institution has an interest, and whose business is or, at the relevant time, was, in the opinion of the Bank, materially relevant to any inspection of the institution being carried out or proposed to be carried out under this section;”;

(b) In subsection (1), insert the following definitions after the definition of “the Directive”:

“ ‘holding company’ has the meaning given by section 2 of the Central Bank Act 1942 ;

‘subsidiary company’ has the meaning given by section 2 of the Central Bank Act 1942 .”.

“4. (1) A reference to functions in sections 17A and 18 of the Act of 1971 (as respectively substituted by item 2 of Part 6 of Schedule 1 to the Central Bank and Financial Services Authority of Ireland Act 2003 and amended by section 37 of the Central Bank Act 1989 ) includes a reference to any function imposed on the Bank by these Regulations and the Directive.

(2) In relation to any investigation or inspection carried out, or any information, document, report or other material or explanation required, by the Bank for the purposes of performing a function imposed on it by these Regulations or the Directive, the Bank has and may exercise the same powers as are conferred on the Bank by section 41 of the Building Societies Act 1989 in relation to—

(a) investigating or inspecting the state and conduct of the business of a building society, or a corporate body that is a subsidiary or associated body of a society, or any particular aspect of that business, or

(b) requiring a society or other body corporate to provide the Bank with information, documents, reports or other material or explanations under section 41(2) of that Act.”.

“ ‘Financial Services Ombudsman’ means the Financial Services Ombudsman holding office as such under Part VIIB of the Central Bank Act 1942 or acting in that office;”.

“14.—The Financial Services Ombudsman is responsible for investigating and adjudicating a dispute arising from the application of these Regulations if the dispute is between—

(a) an originator and the originator's institution, or

(b) a beneficiary and the beneficiary's institution.”.

(b) in paragraph (6), substitute “(3), (4) and (5)” for “(3) and (4)”.