Central Bank Act, 1997

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Powers of inspection.

75.—(1) The powers conferred by this section may be exercised in respect of persons whom the Bank has reasonable grounds to believe have conducted or are conducting banking business or an associated undertaking or related undertaking, and these persons shall be referred to in this section as “persons to whom this section applies”.

(2) An appropriate person may, for the purpose of obtaining any information which the Bank may require to enable it to exercise any of its statutory functions, do any one or more of the following things:

(a) at all reasonable times enter any premises, at which there are reasonable grounds to believe that any banking business or any activity in connection with banking business is, or has been, carried on or that books, records or other documents in relation to such business or activities are maintained, and search and inspect the premises and any books, records or other documents on the premises;

(b) secure for later inspection any premises or any part of a premises in which books, records or other documents are kept or in which there are reasonable grounds for believing that such books, records or other documents are kept;

(c) inspect and take copies of or extracts from or, subject to a warrant being issued for that purpose by a judge of the District Court, remove for a reasonable period for further examination any books, records or other documents which the appropriate person found in the course of an inspection;

(d) require any person who carries on such banking business and any person employed in connection therewith to give to the appropriate person such information as the appropriate person may reasonably require in relation to any entries in such books, records or other documents;

(e) require any such person to give to the appropriate person any information which the appropriate person may require in regard to banking business or in regard to the persons carrying on such banking business or employed in connection therewith;

(f) require any such person to give to the appropriate person any other information which the appropriate person may reasonably require in regard to such banking business;

(g) require any person by or on whose behalf data equipment is or has been used or any person having charge of, or otherwise concerned with the operation of, the data equipment or any associated apparatus or material, to afford the appropriate person reasonable assistance in relation thereto;

(h) summon, at any reasonable time, any other person employed in connection with the banking business to give to the appropriate person any information which the appropriate person may reasonably require in regard to such activity and to produce to the appropriate person any books, records or other documents which are in that person's power or control;

(i) require any person employed in the premises to prepare a report on specified aspects of the business of the persons to whom this section applies or to explain entries in any documents or other materials furnished.

(3) A person who has in his or her power, possession or procurement any books, records or other documents aforesaid shall—

(a) produce them at the request of an appropriate person and permit him or her to inspect and take copies of, or extracts from such books, records and documents,

(b) at the request of an appropriate person, give any information which may be reasonably required with regard to such books, records and documents, and

(c) give such other assistance and information to an appropriate person as is reasonable in the circumstances.

(4) Where any person from whom the production of a book, record or other document is required claims a lien thereon the production of any such book, record or other document shall be without prejudice to the lien.

(5) Nothing in this section shall compel the production by a barrister or solicitor of a book, record or other document containing a privileged communication made by him or her or to him or her in that capacity or the furnishing of information contained in a privileged communication so made.

(6) The duty to produce or provide any information, document, material or explanation extends to an examiner, liquidator, receiver, official assignee or any person who is or has been an officer or employee or agent of the persons to whom this section applies, or who appears to the Bank or the appropriate person to have the information, document, material or explanation in his or her possession or under his or her control.

(7) If a person to whom this section applies refuses to produce to an appropriate person when requested to do so any book or document which it is his or her duty under this section to produce, or refuses to co-operate with an appropriate person when required to do so, or refuses to answer any questions put to him or her by an appropriate person with respect to the affairs of the person to whom this section applies, the appropriate person may certify the refusal under his or her hand to the Court and the Court may thereupon inquire into the case and after hearing any witnesses who may be produced against or on behalf of the officer, employee, shareholder or other agent of the person to whom this section applies and any statement which may be offered in defence, make any order or direction as it thinks fit, including a direction to the person concerned to attend or re-attend before the appropriate person or produce particular books or documents or answer a particular question put to him or her by the appropriate person, or a direction that the person concerned need not produce a particular book or document or answer a particular question put to him or her by the appropriate person.

(8) In this section and in section 76 :

(i) “appropriate person” means—

(I) an officer of the Bank, or

(II) in relation to any particular inspection (including a proposed inspection), any other person who in the opinion of the Governor possesses appropriate qualifications or experience to carry out the inspection, or any part thereof, to which this section relates;

(ii) “premises” includes any land or building and includes a vessel, aircraft or motor vehicle.