Central Bank Act, 1989.
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Power of Minister to direct suspension of certain business transactions, etc. |
134.—(1) Whenever the Minister considers it necessary in the national interest or for the purpose of safeguarding the currency of the State, he may, after consulting the Bank, give a direction that in respect of a specified day or days a person to whom the direction relates shall not effect in the course of business any transaction, or any transaction of such a kind, as may be specified in the direction. | |
(2) The Minister may after consulting the Bank grant an exemption from all or part of a direction under this section to any person to whom it relates where he is satisfied that such an exemption would not adversely affect the national interest or the integrity of the currency of the State. | ||
(3) In respect of every direction or exemption under this section, it shall be— | ||
(a) in writing or put in writing as soon as possible after the direction has been given or the exemption has been granted, as the case may be, and | ||
(b) either— | ||
(i) sent in writing or, where notified orally, confirmed in writing to the person or persons concerned, or | ||
(ii) published in the Iris Oifigiúil, | ||
as soon as possible after having been so given or so granted, as the case may be: | ||
Provided that failure to comply with this subsection shall not invalidate a direction duly given, or an exemption duly granted, under this section. | ||
(4) Every direction under this section shall be in such form and manner as the Minister considers necessary and appropriate and may be given to all or any of the following persons, that is to say: | ||
(a) the holder of a licence under the Central Bank Act, 1971 , or a person exempted from holding such a licence by virtue of section 7 (4) of that Act; | ||
(b) a person dealing in foreign currencies; | ||
(c) a person dealing in gold coin or bullion; | ||
(d) a person dealing in silver coin or bullion; | ||
(e) a person dealing in financial futures; | ||
(f) a person dealing in futures in any commodity; | ||
(g) a member of the Stock Exchange Irish in respect of any transaction on that exchange; | ||
(h) such other person or persons as appears to the Minister to be necessary to give a direction to under subsection (1). | ||
(5) An obligation on a person to do or carry out something on a day on which he is prevented, by virtue of a direction under this section, from so doing or carrying out, shall be deemed to be complied with if he does it or carries it out as soon as practicable thereafter. | ||
(6) (a) A person who contravenes a direction under this section or who knowingly or recklessly gives either directly or indirectly misleading information to the Minister or the Bank for the purpose of assisting any person to obtain an exemption from such a direction shall be guilty of an offence and shall be liable— | ||
(i) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or | ||
(ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both. | ||
(b) Where a person has been convicted under paragraph (a) of a contravention of a direction and the contravention is continued after conviction, he shall be guilty of an offence on every day on which the contravention continues after conviction in respect of the original contravention and for each such offence he shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000. | ||
(7) In this section “foreign currency” has the same meaning as it has in the Exchange Control Act, 1954 . |