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  4. Central Bank Act, 1989.

Central Bank Act, 1989.

Extension of application of Chapter V .

73.—(1) Where, after consulting with the Bank and with such Ministers of the Government (if any) as he considers it appropriate to consult with in the circumstances, the Minister is of the opinion that—

(a) a class of business which involves or includes the maintaining of deposits or savings by persons with a member of the class who is not required to be the holder of a licence granted under section 9 of the Act of 1971, but whose business (in so far as it relates to deposits or savings maintained by persons with him) is similar to the business of such a holder or a building society duly incorporated in the State, and

(b) a system of deposit or savings protection, similar to the deposit protection provided by this Chapter in respect of persons maintaining deposits with the holders of licences so granted, would be in the public interest to be provided in respect of the class,

then the Minister may by regulation require the Bank to establish and maintain in the general fund an account for that purpose and, accordingly, the provisions of section 53 , subsections (2) to (7) of section 55 and sections 56 to 72 shall apply with such modifications as the Minister by regulation considers necessary to give effect to each such account so established.

(2) Notwithstanding section 7 (4) of the Act of 1971 (as amended by this Act) and without prejudice to subsection (1) where, after consulting with the Bank and with such Ministers of the Government (if any) as he considers it appropriate to consult with in the circumstances, the Minister is of the opinion that it is in the public interest so to do, he may by regulation require any institution to which section 7 (4) (a) (ii) of the Act of 1971 relates to maintain a deposit in the deposit protection account established under section 54 and for that purpose the provisions of section 53 , subsections (2) to (7) of section 55 and sections 56 to 72 shall apply with such modifications as are necessary to give effect to the regulation.