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Item
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Provision affected
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Amendment
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1
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Section 2(1)
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After the definition of “Appeals Tribunal”, insert:
“ ‘ appointed member’ or ‘appointed member of the Commission’ means a member of the Commission referred to in section 18CA(1)(b);”.
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2
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Section 2(1), definition of “appointed Director”
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Delete.
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3
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Section 2(1), definitions of “Bank” and “Board”
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Substitute:
“ ‘ Bank ’ means the Central Bank of Ireland;”.
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4
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Section 2(1), definition of “Chief Executive”
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Substitute:
“ ‘ Commission ’ means the Central Bank Commission;”.
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5
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Section 2(1), definitions of “constituent part” and “Consumer Director”
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Delete.
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6
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Section 2(1), definition of “designated enactments”
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Substitute:
“ ‘ designated enactments ’ means, subject to subsection (2A), the enactments specified in Part 1 of Schedule 2;”.
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7
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Section 2(1), definition of “Director”
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Delete.
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8
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Section 2(1), definition of “employee”
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Delete “Secretary to the Bank”, substitute “Secretary of the Bank”.
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9
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Section 2(1)
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After the definition of “ESCB Statute”, insert:
“ ‘ex-officio member’ or ‘ex-officio member of the Commission’ means a member of the Commission referred to in section 18CA(1)(a);”.
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10
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Section 2(1), definition of “general fund”
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Substitute:
“ ‘ general fund ’ means the fund referred to in section 32F;”.
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11
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Section 2(1), definition of “Governor”, paragraph (b)
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Delete “Director General of the Bank”, substitute “Head of Central Banking”.
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12
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Section 2(1)
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After the definition of “Governor”, insert:
“ ‘ Head of Central Banking ’, ‘ Head of Financial Regu lation ’ and ‘ Head of Function ’ shall be construed in accordance with section 23;”.
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13
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Section 2(1)
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After the definition of “ local authority”, insert:
“ ‘ member’ or ‘member of the Commission’ means an appointed member or an ex-officio member;”.
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14
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Section 2(1), definition of “officer”
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Substitute:
“ ‘ officer ’ means each Head of Function, the Secretary of the Bank and the Registrar of Credit Unions;”.
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15
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Section 2(1), definition of “official Director”
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Delete.
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16
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Section 2(1), definition of “regulated financial service provider”
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Substitute:
“ ‘ regulated financial service provider ’ means—
(a) a financial service provider whose business is subject to regulation by the Bank under this Act or under a designated enactment or a designated statutory instrument,
(b) a financial service provider whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Bank under this Act or under a designated enactment or designated statutory instrument, or
(c) in relation to Part VIIB only, any other financial service provider of a class specified in the regulations for the purposes of this paragraph;”.
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17
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Section 2(1), definition of “Regulatory Authority”
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Delete.
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18
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Section 2(1), definition of “Rome Treaty”
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Substitute:
“ ‘ Rome Treaty ’ means the Treaty on the Functioning of the European Union done at Rome on 25 March 1957, as amended by the Treaty of Lisbon amending the Treaty on European Union and the Treaty establishing the European Community signed at Lisbon on 13 December 2007;”.
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19
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Section 2
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After subsection (2), insert:
“(2A) Commission Regulations (EC) No. 1287/2006 1
and (EC) No. 924/2009 2
shall be taken to be designated enactments.”.
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20
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Section 5
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Substitute:
“Establishment of Central Bank of Ireland.
5.—(1) The body corporate formerly called the Central Bank and Financial Services Authority of Ireland is continued in existence under the name ‘Central Bank of Ireland’.
(2) The Bank—
(a) has perpetual succession, and
(b) may take legal proceedings and be proceeded against in its corporate name.
(3) The Bank is required to have a seal. The seal shall be judicially noticed.
(4) Except as expressly provided by this Act, the affairs and activities of the Bank are to be managed and controlled by the Central Bank Commission.”.
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21
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Section 5A
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Substitute:
“General functions and powers of the Bank.
5A.—(1) The Bank has the following functions:
(a) to carry out the efficient and effective co-ordination of—
(i) the activities of the Bank,
(ii) activities undertaken by persons who provide services to, or receive services from, the Bank, and
(iii) the exchange of information between the Bank and any of those persons;
(b) where appropriate, to represent and co-ordinate the representation of the Bank on international financial bodies and at international meetings relating to financial or economic matters;
(c) to establish and maintain, either directly or indirectly, contact with the monetary authorities established in other countries and in territories;
(d) whenever it thinks fit, to provide governments of, and financial institutions and other bodies established in, other countries and in territories with advice or other assistance on matters within its expertise;
(e) the function of holding an inquiry under Part IIIC;
(f) the function of monitoring the provision of financial services to consumers of those services to the extent that the Bank considers appropriate, for the purposes of protecting the public interest and the interests of consumers;
(g) to provide for the collection and study of data that deal with monetary and credit problems and to publish information about that data;
(h) to provide advice and assistance to the Central Statistics Office about the collection, compilation, analysis and interpretation of statistics relating to the balance of payments, national accounts and other financial statistics and, where appropriate, to collect data for that purpose;
(i) to perform such other functions as are imposed on it by or under this and any other Act orlaw.
(2) The Bank has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.
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(3) In particular, the powers of the Bank include powers of a kind that, in accordance with normal banking practice, may be exercised by a bank.
(4) The functions of the Agency specified in subsection (5) are, in so far as they relate to a financial service provided by a regulated financial service provider, also functions of the Bank and subsections (6) to (8) have effect for the purposes of this subsection.
(5) The functions of the Agency referred to in subsection (4) are the following functions of it under the
Consumer Protection Act 2007
, namely, functions under—
(a) subsections (1), (4), (5) and (6) of section 8 of that Act in relation to—
(i) sections 41 to 49 and 51 to 56 of that Act,and
(ii) the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995 and 2000 (
S.I. No. 27 of 1995
and
S.I. No. 307 of 2000
),
and
(b) sections 30, 71, 72, 73, 75, 81, 82, 84, 86, 88 and 90 of that Act.
(6) Subsection (4) operates to vest in the Bank, concurrently with the vesting in the Agency of those functions by the
Consumer Protection Act 2007
, the functions specified in subsection (5).
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(7) Accordingly—
(a) the functions so specified are, subject to any relevant co-operation agreement entered into under
section 21
of the
Consumer Protection Act 2007
, capable of being performed by either the Agency or the Bank, and
(b) subject to subsection (9), references to the Agency in the provisions of that Act specified in subsection (5) are to be read as including references to the Bank and those provisions otherwise apply.
(8) Subject to subsection (9),
sections 80
,
85
and
87
of the
Consumer Protection Act 2007
apply to the Bank as they apply to the Agency and, accordingly, references to the Agency in those sections are to be read as including references to the Bank.
(9) Where any section of the
Consumer Protection Act 2007
specified in subsection (5) or (8) provides for anything to be done in relation to the Agency (whether the giving of notice to it, the submitting of a thing to it or the doing of any other thing) then, if a co-operation agreement entered into under section 21 of that Act so specifies, it is sufficient compliance with the section concerned if the thing is done in relation to the Agency or the Bank as is specified in that agreement.
(10) The Bank is required to perform its functions and exercise its powers in a manner consistent with the Rome Treaty and the ESCB Statute.
(11) Subject to subsection (10), the Bank shall perform its functions and exercise its powers in a way that is consistent with—
(a) the orderly and proper functioning of financial markets,
(b) the prudential supervision of providers of financial services, and
(c) the public interest and the interest of consumers.
(12) The Bank can perform its functions and exercise its powers both within the State and elsewhere.”.
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22
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After section 5B, insert:
“Supplementary powers of Bank with respect to certain responsibilities.
5C.—(1) To enable the Bank to carry out its responsibilities, the Bank may—
(a) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers,
(b) collect and compile information for that purpose, and
(c) publish the results of any such studies, analyses or surveys.
(2) In undertaking such a study, analysis or survey, the Bank—
(a) may, by notice in writing, require any person who, in the opinion of the Bank, has information, or has control of a record or other thing, that is relevant to the study, analysis or survey, to provide the information, record or thing to the Bank, and
(b) may, by the same or another notice in writing, require the person to attend before an officer or employee of the Bank for that purpose.
(3) Subject to section 33AK, if the Agency is of the opinion that information obtained by the Bank pursuant to subsections (1) and (2) is relevant to the exercise of that Agency’s functions under
section 8
(3)(ha) of the
Consumer Protection Act 2007
, the Bank shall provide the requested information to the Agency at the Agency’s request.
(4) A person commits an offence if the person—
(a) intentionally prevents the Bank from exercising a power conferred by subsection (1),
(b) intentionally obstructs or hinders the Bank in the exercise of such a power,
(c) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or
(d) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Bank with information that the person knows, or ought reasonably to know, is false or misleading in a material respect.
(5) The Head of Financial Regulation may, in writing, authorise an officer or employee of the Bank to investigate the business, or any aspect of the business, of a financial service provider who has been required under this section to provide information, or a record or other thing. Such an officer or employee may take whatever steps are necessary for or in connection with carrying out such an investigation.
(6) A financial service provider who—
(a) without reasonable excuse, fails to co-operate with an investigation carried out under subsection (5), or
(b) intentionally prevents such an investigation from being carried out, or intentionally obstructs or hinders the investigation,
commits an offence.
(7) A person who is convicted of an offence under this section is liable—
(a) on conviction on indictment, to a fine not exceeding €30,000 or to imprisonment for a term not exceeding five years, or to both, or
(b) on summary conviction, to a fine not exceeding €3,000 or to imprisonment for a term not exceeding 12 months, or to both.
(8) Summary proceedings for an offence under this section may be brought and prosecuted by the Bank, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences.”.
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23
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Section 6
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After subsection (1), insert:
“(1A) Nothing in the Central Bank Acts 1942 to 2010 affects the independence of the Bank, the Governor and the Commission required by the Rome Treaty and the ESCB Statute.
(1B) Without limiting the generality of subsection (1A), nothing in the Central Bank Acts 1942 to 2010 authorises any person or authority to give any direction to, or require any action (including the provision of information) by, the Bank, the Governor or the Commission if compliance by the Bank, the Governor or the Commission (as the case may be) with the direction or requirement would be inconsistent with the Rome Treaty or the ESCB Statute.”.
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24
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Subsections (2) and (3) of section 6A
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Substitute:
“(2) The Bank also has the following objectives:
(a) the stability of the financial system overall;
(b) the proper and effective regulation of financial service providers and markets, while ensuring that the best interests of consumers of financial services are protected;
(c) the efficient and effective operation of payment and settlement systems;
(d) the provision of analysis and comment to support national economic policy development;
(e) the discharge of such other functions and powers as are conferred on it by law.
(3) The Minister may, from time to time, request the Governor or the Commission to consult with the Minister, in relation to their respective functions, as regards the performance by the Bank of any function of the Bank (other than one imposed on it by the Rome Treaty or the ESCB Statute).”.
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25
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Section 6A(5)
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Substitute:
“(5) The Governor or the Commission (as the case requires) shall comply with a request to the Governor or the Commission under subsection (3) or (4) in so far as the request is consistent with the Rome Treaty, the ESCB Statute and the law of the State.”.
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26
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Sections 6B to 6E
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Substitute:
“Bank’s power to hold and deal in land, etc.
6B.— (1) For the purpose of enabling the Bank to perform its functions, the Bank—
(a) may acquire and hold land, and
(b) may build, establish, equip and maintain offices and other premises,
in such places, whether in the State or elsewhere, as it considers appropriate.
(2) The Commission is responsible for administering the provision of accommodation and office and other equipment with a view to enabling the Bank to perform and exercise its functions and powers.
(3) The Bank may sell, lease or otherwise dispose of land held by the Bank whenever the Commission considers that the land is no longer required for the purpose of enabling the Bank to perform its functions.
(4) In this section ‘acquire’ includes acquire by purchase, lease or exchange.
Staff of Bank.
6D.—(1) Subject to this section, the Commission shall appoint a Secretary of the Bank and such other employees of the Bank as they consider necessary for the effective performance and exercise of the functions and powers of the Bank.
(2) The Commission is responsible for administering the staff of the Bank with a view to enabling the Bank to perform and exercise its functions and powers.
(3) Except as regards the appointment of a Secretary of the Bank, the Governor has the same power to appoint employees of the Bank as the Commission has under subsection (1), but that power is only exercisable in relation to responsibilities specified in paragraphs (a) and (b) of subsection (1), and subsection (2), of section 19A.
(4) Employees appointed under subsection (3) are taken, for the purposes of this Act, to have been appointed under subsection (1).
(5) The employees of the Bank are to be employed on such conditions (including conditions as to remuneration and allowances) as the Commission fixes from time to time.
(6) Subject to subsection (8), an appointment under this section shall be made by competition to be conducted in accordance with rules made by the Commission.
(7) The Commission may, in relation to a particular competition, impose conditions of entry, limitations and safeguards.
(8) Subsection (6) does not apply to an appointment to a position if the Commission decides that appointment to the position by competition would be inappropriate.
(9) The Commission shall establish and operate a policy under which provision is made for employees of the Bank to be given opportunities for training and experience in various activities of the Bank.”.
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27
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Section 10
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Substitute:
“Seal of Bank.
10.—(1) The seal of the Bank shall be kept in such custody as the Commission directs.
(2) The seal of the Bank may be used only as authorised—
(a) if the seal is to be used in relation to a function or power of the Bank that is to be performed or exercised by the Commission, by the Commission, or
(b) if the seal is to be used in relation to a function or power of the Bank that is to be performed or exercised by the Governor, by the Governor.
(3) The seal of the Bank shall be authenticated by—
(a) the signature of the Governor or a member of the Commission authorised in that behalf by the Commission, and
(b) the counter-signature of the Secretary of the Bank or some other officer or employee of the Bank authorised in that behalf by the Commission.
(4) A document purporting to be made or issued by the Bank and to be sealed with the seal of the Bank authenticated in accordance with subsection (3) is admissible in evidence and shall be taken to have been made or issued by the Bank until the contrary is proved, without proof of the signature or authority of any person purporting to have signed or counter-signed it.”.
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28
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Sections 18B to 18D
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Substitute:
“Functions of Central Bank Commission.
18B.—(1) Except as expressly provided otherwise by this Act, the affairs and activities of the Bank shall be managed and controlled by the Central Bank Commission.
(2) The Commission shall ensure that the Bank’s central banking functions and financial regulation functions areintegrated and coordinated.
(3) Without prejudice to section 19A, the Commission shall ensure that the powers and functions conferred on the Bank by sections 5A, 5B and 5C are properly exercised and discharged.
(4) The performance and exercise of the functions and powers of the Commission are not affected by there being one or more vacancies in the membership of the Commission.
Acts, etc., of Commission to be acts, etc., of Bank.
18C.—Any act, matter or thing done in the name of, or on behalf of, the Bank by the Commission in the performance or exercise of the Commission’s functions or powers shall be taken to have been done by the Bank.
Membership of Commission.
18CA.—(1) The Commission comprises—
(a) the persons for the time being holding or performing the duties of the following offices:
(i) Governor;
(ii) Head of Central Banking;
(iii) Head of Financial Regulation;
(iv) Secretary General of the Department of Finance, and
(b) at least 6, but no more than 8, other members appointed by the Minister.
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(2) The Governor is the Chairperson of the Commission.
Additional powers of Commission.
18D.—(1) The Commission has power to do whatever is necessary for or in connection with, or reasonably incidental to, the performance of its functions.
(2) Without prejudice to the generality of subsection (1) and subject to subsection (3), the Commission—
(a) may establish committees of the Commission consisting of one or more members of the Commission either solely or together with one or more officers or employees of the Bank, and
(b) may determine the procedure and define the functions and powers of such committees.
(3) Subsection (2) does not authorise the Commission to delegate to a committee any function of the Bank that a provision of this Act requires to be performed by the Governor.
Bank may establish advisory groups.
18E.—(1) Subject to subsection (2), the Bank may establish an advisory group or groups to advise it on the performance of its functions and the exercise of its powers and shall in particular establish the following:
(a) an advisory group to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services;
(b) an advisory group to advise the Bank, where the Bank so requests, on the performance of its functions and the exercise of its powers in relation to credit unions.
(2) The Bank shall not establish an advisory group in relation to the Governor’s ESCB-related functions.
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(3) Subject to subsection (4), an advisory group established under subsection (1) shall be made up of persons who have expertise, knowledge or experience relevant to the functions of the advisory group concerned, and may include members of the Commission, officers of the Bank or employees of the Bank.
(4) The advisory group (in this section called ‘ the con sumer advisory group ’) established to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services shall not include members of the Commission, officers of the Bank or employees of the Bank.
(5) The consumer advisory group shall advise the Bank on the exercise of the Bank’s powers and the performance of the Bank’s functions in relation to the consumers of financial services and in particular in relation to—
(a) the effects of the Bank’s Strategic Plans on consumers of financial services,
(b) initiatives aimed at further enhancing the protection of consumers of financial services, and
(c) if the Bank so requests, documents, consultation papers or other materials prepared by the Bank.
(6) The period for which a member of the consumer advisory group is appointed may be up to 3 years. A member is eligible for re-appointment.
(7) The Bank shall determine the manner in which, and the reasons for which, a member of an advisory group may be removed from membership of the advisory group.
(8) The Bank shall provide an advisory group with such administrative services and funds as the Bank believes necessary to carry out its functions.
Delegation of certain functions of Commission, etc.
18F.—(1) Subject to subsection (3), the Commission may delegate to the Governor, a Head of Function or an employee of the Bank any function or power of the Commission, if the Commission considers it appropriate to do so in the interests of the efficient and effective management of the Bank and the exercise of its powers and functions.
(2) Without prejudice to the generality of subsection (1), the Commission may in particular—
(a) delegate to a specified person or body (including a committee established under section 18D(2)) the performance or exercise of any one or more of the functions and powers of the Commission;
(b) impose conditions, limitations, or restrictions on the performance or exercise by any such person or body of functions or powers delegated under this subsection;
(c) provide in appropriate cases for the review by the Commission of decisions taken or things done by any such person or body in the performance or exercise of any function or power so delegated.
(3) Subsection (2) does not authorise the Commission to delegate to a committee any function of the Bank that a provision of this Act requires to be performed by the Governor.”.
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29
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Section 19A(3)
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Substitute:
“(3) Subject to the requirements of the Rome Treaty and the ESCB Statute, the Governor shall provide the Commission with information about, and may discuss with the Commission, the performance by the Governor of the functions and powers referred to in subsections (1) and (2).”.
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30
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Section 19B
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Substitute:
“Decisions about certain issues involving Treaties governing European Union and ESCB Statute.
19B.—Where the Commission is considering a budgetary or funding issue relating to the Bank, and in the opinion of the Governor the issue has implications for the independence of the Bank or the performance by the Governor of the functions conferred on the Governor and the Bank by or under the treaties governing the European Union (within the meaning given by
section 1
of the
European Communities Act 1972
as amended by
section 2
of the
European Communities Act 2009
) or the ESCB Statute, the Governor shall so inform the Commission and thereafter—
(a) the Commission shall cease to consider the issue,
(b) the Governor has the sole right to determine the issue, and
(c) the Governor’s decision is final.”.
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31
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Section 21(2)
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Delete “if the other members of the Board have passed a unanimous resolution requesting the President to remove the Governor from office”.
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32
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Section 22(1)
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Delete “Directors”, substitute “members”.
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33
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Section 22(2)
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Delete “Directors”, substitute “members”.
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34
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Subsections (3) to (7) of section 22
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Substitute:
“(3) If the office of Governor becomes vacant, the Commission may appoint another member of the Commission to act as Governor to carry out the designated responsibilities of the Governor during the vacancy. A member so appointed shall not continue to act after the end of 3 months from the occurrence of the vacancy which occasioned his or her appointment.
(4) A member appointed under this section, while acting as Governor, has the designated responsibilities of the office of Governor and also the powers relating to the carrying out of those responsibilities.
(5) A member appointed under this section to act as Governor is entitled to be paid such remuneration (including travelling and subsistence allowances) as the Commission determines from time to time.
(6) A member appointed under this section to act as Governor does not, by reason of that appointment, vacate his or her office as a member.
(7) This section does not apply to responsibilities of the Governor that are required, by virtue of section 22A, to be carried out by the Head of Central Banking in any of the circumstances specified in that section.”.
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35
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Section 22A
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Delete “Director General of the Bank”, substitute “Head of Central Banking”.
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36
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Sections 23 to 25
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Substitute:
“Heads of Function.
23.—(1) In this Act a reference to the Heads of Function is a reference to the Head of Central Banking and the Head of Financial Regulation.
(2) With the consent of the Minister, the Commission may substitute another title for either or both of the titles ‘Head of Central Banking’ and ‘Head of Financial Regulation’. If the Commission does so, the Commission shall cause a notice of the substitution to be published in the Iris Oifigiúil. The substitution has effect only on and after the date of that publication.
(3) If the Commission substitutes a title in accordance with subsection (2), a reference in this Act or in any other enactment or statutory instrument to the title ‘Head of Central Banking’ or ‘Head of Financial Regulation’, as the case may be, shall be construed in accordance with the substitution.
Responsibilities of Heads of Function.
23A.—Subject to section 22A, the responsibilities of a Head of Function are those assigned to the office concerned by the Commission.
Appointment of Heads of Function.
23B.—(1) The Commission shall, with the consent of the Minister, appoint suitably qualified persons as Heads of Function.
(2) Subject to subsection (3), an appointment as a Head of Function shall be made by open competition.
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(3) Subsection (2) does not apply to the appointment of a Head of Function if the Commission, with the consent of the Minister, decides that appointment to the office by open competition would be inappropriate.
(4) A person is not eligible for appointment as a Head of Function if he or she—
(a) is a member of either House of the Oireachtas,
(b) is, with his or her consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann,
(c) is a member of the European Parliament or is, with his or her consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or
(d) is a member of a local authority or is, with his or her consent, nominated as a candidate for election as such a member.
Terms of appointment of Heads of Function.
23C.—(1) An appointment as a Head of Function has effect from the date on which the Minister consents to the appointment or a later date agreed between the Commission and the person appointed.
(2) Subject to subsections (3) and (6), a Head of Function holds office for up to 5 years, as the Minister approves at the time of the Head of Function’s appointment, and is eligible for reappointment provided that the total term in office of a person appointed as a Head of Function shall not exceed 10 years.
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(3) The following do not count towards determining the period for which a person has held office as a Head of Function:
(a) any period during which the person was acting in either office of Head of Function;
(b) any period during which the person held the other office of Head of Function.
(4) A Head of Function shall receive such remuneration and allowances, and is subject to such conditions of service, as the Commission from time to time determines.
(5) A person appointed as a Head of Function may engage in other remunerative employment only with the consent of the Commission.
(6) A person ceases to hold office as a Head of Function if he or she—
(a) dies,
(b) completes a term of office and is notre-appointed,
(c) resigns the office by notice in writing addressed to the Governor,
(d) is, with his or her consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann,
(e) is, with his or her consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament,
(f) is, with his or her consent, nominated as a candidate for election as a member of a local authority,
(g) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person’s creditors,
(h) becomes physically or mentally incapable of performing the duties of the relevant office of Head of Function,
(i) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or
(j) is removed from office under subsection (7).
(7) The Commission may remove or suspend a Head of Function from office, but only for reasons previously notified in writing to the Head of Function concerned.
Acting Heads of Function.
23D.—(1) In the event of—
(a) the illness or absence of a Head of Function,
(b) the suspension from office of the holder of such an office, or
(c) a vacancy in such an office,
the Governor, with the consent of the other members of the Commission, may appoint a member of the Commission or an officer or employee of the Bank to act in the relevant office.
(2) A person acting as a Head of Function has, while acting in that office, all the responsibilities and powers of that office.
(3) The other members of the Commission may at any time remove from office a person who is acting as a Head of Function.
(4) If a person is to act as a Head of Function for a period of more than 6 months, the appointment does not take effect until the Minister approves it. A person acting as a Head of Function shall not continue to so act for more than 6 months without the consent of the Minister.
(5) A person acting as a Head of Function is entitled to be paid such remuneration (including travelling and subsistence allowances) as the Commission determines from time to time.
Appointment of members of Commission.
24.—(1) The Minister may appoint a person as a member of the Commission if and only if the Minister is of the opinion that the person has relevant knowledge of—
(a) accountancy,
(b) actuarial science,
(c) banking,
(d) consumer interests,
(e) corporate governance,
(f) economics,
(g) financial control,
(h) financial regulation,
(i) financial services,
(j) insurance,
(k) law,
(l) social policy, or
(m) systems control.
(2) A person is not eligible for appointment as a member of the Commission if he or she—
(a) is a member of either House of the Oireachtas,
(b) is, with his or her consent, nominated as a candidate for election as such a member or is nominated as a member of Seanad Éireann,
(c) is a member of the European Parliament or is, with his or her consent, nominated as a candidate for election as such a member or to fill a vacancy in the membership of that Parliament, or
(d) is a member of a local authority or is, with his or her consent, nominated as a candidate for election as such a member.
Remuneration, etc., of appointed members of Commission.
24A.—An appointed member of the Commission is entitled to receive such remuneration and allowances, and is subject to such conditions of service, as the Minister from time to time determines.
Tenure of office of members of Commission.
24B.—(1) An ex-officio member of the Commission holds office as such for as long as he or she holds or performs the duties of the office by virtue of which he or she is such a member.
(2) Subject to subsections (3) and (4), an appointed member of the Commission holds office as such for a period of 5 years unless he or she previously ceases to hold that office in accordance with a provision of this Part.
(3) Of the first 8 persons appointed as members of the Commission—
(a) 2 or 3 of those persons shall be appointed for a first term of 5 years,
(b) 2 or 3 of those persons shall be appointed for a first term of 4 years, and
(c) 2 or 3 of those persons shall be appointed for a first term of 3 years.
(4) An appointed member of the Commission shall not be entitled to serve more than 2 terms of office.
Vacation of office of members of Commission.
25.—(1) A person ceases to be an ex-officio member of the Commission if he or she ceases to hold or perform the duties of the office by virtue of which he or she is such a member.
(2) An appointed member of the Commission ceases to be an appointed member if he or she—
(a) dies,
(b) completes a term of office and is not re-appointed,
(c) resigns the office by notice in writing addressed to the Governor,
(d) has, without the permission of the other members, been absent from meetings of the Commission for a consecutive period of 6 months,
(e) is, with his or her consent, nominated as a candidate for election as a member of either House of the Oireachtas or is nominated as a member of Seanad Éireann,
(f) is, with his or her consent, nominated as a candidate for election as a member of the European Parliament or to fill a vacancy in the membership of that Parliament,
(g) is, with his or her consent, nominated as a candidate for election as a member of a local authority,
(h) is adjudged bankrupt (either in the State or elsewhere) or enters into a composition with the person’s creditors,
(i) becomes physically or mentally incapable of performing the duties of a member of the Commission,
(j) is convicted of an offence (either in the State or elsewhere) and sentenced to serve a term of imprisonment for the offence, or
(k) is removed from office under subsection (3).
(3) The Minister may remove an appointed member of the Commission from office—
(a) for proven misconduct or incompetence, or
(b) if in the Minister’s opinion it is necessary or desirable to do so to enable the Commission to function effectively.”.
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37
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Section 28
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Substitute:
“Filling of vacancies in Commission.
28.—As soon as practicable after an appointed member of the Commission ceases to hold office, the Minister shall appoint a person to fill the vacancy.”.
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38
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Section 32
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Delete “Board”, substitute “Commission”.
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39
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Part IIIA, Chapters 1 and 2
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Substitute:
“PART IIIA
Management, finance, and accountability
Chapter 1A
Management
Framework for assignment of responsibilities.
32A.—(1) The Governor shall propose to the Commission a plan of the assignment of responsibility for specified powers and functions of the Bank to himself or herself, a Head of Function or an officer or employee of the Bank.
(2) Where appropriate, the assignment of the responsibility for the performance of a function requires the person to whom the function is assigned—
(a) to provide policy advice in relation to the subject matter of the assignment and related matters,
(b) to achieve any outputs specified in the assignment,
(c) to accept responsibility for the operation of statutory schemes or programmes specified in the assignment,
(d) to accept responsibility for the delivery of quality services pursuant to the assignment,
(e) to ensure that the expenditure in relation to the area of the assignment accords with the purpose for which the expenditure is appropriate and chargeable to the accounts of the Bank and that value for money is obtained, and
(f) to perform, on behalf of the Commission, functions in relation to appointments, performance and discipline of personnel in the area of the assignment.
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(3) A Head of Function or an employee to whom the responsibility for the performance of a function has been assigned is accountable for the performance of the function to the Governor and to any other person specified for the purpose in the assignment.
Bank to prepare strategic plan.
32B.—(1) At least 3 months before the beginning of each period specified in subsection (2), the Bank shall—
(a) prepare for the period a strategic plan that complies with this section, and
(b) submit the plan to the Minister.
(2) The periods referred to in subsection (1) are—
(a) the period of 3 financial years that begins on 1 January 2011, and
(b) each subsequent period of 3 financial years.
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(3) A strategic plan shall specify—
(a) the objectives of the Bank’s activities for the relevant period,
(b) the nature and scope of the activities to be undertaken,
(c) the strategies and policies for achieving those objectives,
(d) targets and criteria for assessing the performance of the Bank, and
(e) the uses for which the Bank proposes to apply its resources.
(4) If the Minister has notified the Bank in writing of any requirements with respect to the form in which a strategic plan is to be prepared, such a plan shall comply with those requirements.
(5) As soon as practicable after receiving the Bank’s strategic plan, the Minister shall arrange for the plan to be laid before each House of the Oireachtas.
(6) As soon as practicable after becoming aware that a strategic plan has been laid before both Houses of the Oireachtas, the Bank shall publish the strategic plan and take all reasonably practical steps to implement it.
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Chapter 2A
Finance and accounting
Annual estimates in relation to financial regulation functions.
32C.—No later than one month before the end of each financial year, the Bank shall prepare and submit to the Minister an estimate of—
(a) its income from levies and fees imposed by regulations under sections 32D and 32E,
(b) any other source of funds for the purposes of its powers and functions under the designated enactments and designated statutory instruments, and
(c) its expenditure in relation to the exercise of those powers and functions,
during the next financial year.
Power to impose levies.
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32D.—(1) The Commission may make regulations prescribing levies to be paid by persons who are subject to regulation under the designated enactments and designated statutory instruments.
(2) In particular, regulations under subsection (1) may provide for any of the following matters:
(a) the activities, services or other matters for which specified kinds of levies are payable;
(b) the persons, or classes of persons, who are required to pay specified kinds of levies;
(c) the amounts of specified kinds of levies;
(d) the periods for which, or the dates by which, specified levies are to be paid to the Bank;
(e) penalties payable by a person who does not pay a levy on time;
(f) the keeping of records, and the making of returns to the Bank, by persons who are liable to pay a specified levy;
(g) the collection and recovery of levies.
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(3) Regulations made under this section do not take effect until approved by the Minister.
(4) A levy prescribed in relation to credit unions is to be fixed so that the total amount of levy collected or recovered from credit unions does not exceed the total costs incurred by the Bank in performing its functions and exercising its powers under the
Credit Union Act 1997
.
(5) The Bank may, by proceedings in a court of competent jurisdiction, recover as a debt an amount of levy payable under regulations in force under this section.
(6) The Bank may refund the whole or a part of a levy paid or payable under regulations in force under this section.
(7) The Commission may amend or revoke a regulation made under this section.
(8) An amendment or revocation of regulations made under this section does not take effect until approved by the Minister.
(9) In this section ‘ levy ’ does not include a fee.
Power to prescribe fees.
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32E.—(1) The Commission may make regulations prescribing fees for the purpose of any enactment that provides, by reference to this section or to section 33K (as in force at any time before the coming into operation of this section), for the payment of a fee.
(2) The Commission may make regulations providing for all or any of the following matters:
(a) the persons, or classes of persons, who are required to pay specified kinds of fees;
(b) the amounts of specified kinds of fees;
(c) the collection of fees.
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(3) Regulations of the kind referred to in subsection (2) may be included in regulations made under subsection (1).
(4) Regulations made under this section do not take effect until approved by the Minister.
(5) The Bank may, by proceedings in a court of competent jurisdiction, recover as a debt an amount payable as a fee under regulations in force under this section.
(6) The Bank may refund the whole or a part of a fee paid pursuant to regulations made under this section.
(7) The Commission may amend or revoke a regulation made under this section.
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(8) An amendment or revocation of regulations made under this section does not take effect until approved by the Minister.
General fund.
32F.—(1) The Bank shall continue to keep and operate the fund called the general fund.
(2) The Bank shall pay into the general fund all money received by the Bank and shall pay from that fund all amounts that it is required to pay.
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(3) The expenses incurred by the Bank in performing functions or exercising powers under this or any other Act or law are payable out of the general fund of the Bank, except where otherwise provided by or under this or any other Act.
(4) Any claims on or liabilities to the European Central Bank are to be treated as assets or liabilities of the general fund or any other fund that the Minister by order establishes for that purpose.
Surplus or deficiency in income of Bank during financial year.
32G.—(1) If the total sum received by the Bank on account of levies and fees prescribed under sections 32D and 32E during a financial year is greater than the Bank’s expenditure on the performance of its functions and the exercise of its powers during that financial year, the Bank—
(a) shall apply the surplus to the performance of those functions and the exercise of those powers in the following financial year, and
(b) shall reduce the levies and fees prescribed in relation to the latter financial year accordingly.
(2) If the sum received by the Bank on account of levies and fees prescribed under sections 32D and 32E during a financial year is less than the Bank’s expenditure on the performance of its functions and the exercise of its powers during that financial year, the Bank may prescribe levies and fees in relation to the following financial year sufficient to—
(a) make good the deficiency, and
(b) ensure that the sum received by the Bank on account of such levies and fees during the following financial year fully covers the performance of its functions and the exercise of its powers during both those financial years.
Bank’s surplus income.
32H.—(1) The Bank shall pay its surplus income as and when determined under this section into the Exchequer in such manner as the Minister directs and may at any time pending such determination pay into the Exchequer such sums on account of surplus income as may be agreed on by the Minister and the Bank.
(2) The Minister may, after consultation with the Bank, make regulations providing for the periodic determination of the Bank’s surplus income and, in particular, such regulations may—
(a) enable provision to be made for reserves, depreciation and other similar matters before the surplus income is determined, and
(b) provide for any matter arising from the implementation of Chapters VI, VIII and IX of the ESCB Statute.
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(3) In exercising the powers conferred by this section, the Minister is required to have regard to the functions imposed and the powers conferred on the Bank by or under the Rome Treaty and the ESCB Statute.
Provision of funds by Bank to meet shortfall.
32I.—(1) If at any time it appears to the Commission that the funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E are, or are likely to be, insufficient to enable the Bank to properly perform its regulatory functions, the Bank may apply to the performance of those functions such amount as the Commission considers necessary.
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(2) The Bank may apply an amount under subsection (1) only if the Minister so approves.
(3) Before deciding whether or not to give approval under subsection (2), the Minister shall consult the Governor. The Governor may express his or her opinion on the amount of funds concerned, so far as it could affect—
(a) the carrying out by the Bank of its obligations with respect to the promotion of the financial stability of the State, and
(b) the performance of the functions of the Bank in its capacity as a member of the European System of Central Banks.
(4) In approving the application of an amount of funds under subsection (2), the Minister shall have regard to the functions and powers of the Bank under the Rome Treaty and the ESCB Statute.
Accounting and other records of Bank.
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32J.—(1) The Bank shall keep all proper accounting records of all its transactions.
(2) The Bank’s accounts shall show separately—
(a) receipts from funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E and expenditure on the performance of its functions and the exercise of its powers,
(b) its income from penalties imposed under paragraphs (c) and (f) of section 33AQ(3), and
(c) other receipts and expenditure.
(3) Within 6 months after the end of each financial year, the Bank shall prepare and transmit to the Comptroller and Auditor General a statement of accounts for the financial year concerned. The statement shall be in a form approved by the Minister after consulting the Bank. The approval of a form of statement of accounts under this subsection remains in force until superseded by the approval of another form of statement of accounts.
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(4) The statement shall show separately—
(a) receipts from funds raised from levies and fees prescribed by regulations in force under sections 32D and 32E and expenditure on the performance of its functions and the exercise of its powers, and
(b) other receipts and expenditure.
(5) The Comptroller and Auditor General shall audit, certify and report on the statement of accounts and, as soon as practicable after completing the report, give it and the statement of accounts to the Minister.
(6) As soon as practicable after being given the report and statement of accounts, the Minister shall arrange for copies of those documents to be laid before each House of the Oireachtas.
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(7) The accounts of the Bank may be audited in accordance with Article 27 of the ESCB Statute and, for that purpose, the Bank shall provide any auditors appointed in accordance with that Article with full information, books and records.
(8) The Bank shall keep its accounting records for at least 6 years.
Report of operations, etc., by Bank.
32K.—(1) Within 6 months after the end of each financial year, the Bank shall prepare a report of its operations during the year and present the report to the Minister.
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(2) The report shall include a statement of the role of each advisory group established by the Bank under section 18E, and a summary of the work of each such advisory group during the relevant financial year.
(3) As soon as practicable after being given the report and statement of accounts, the Minister shall arrange for copies of those documents to be laid before each House of the Oireachtas, together with any other reports required to be included in or attached to the report.
(4) The Bank shall give to the Minister for publication in the Iris Oifigiúil such periodical returns concerning the transactions of the Bank as the Minister directs from time to time.
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Chapter 2A
Accountability
Annual performance statements.
32L.—(1) No later than 30 April in each year, the Bank shall prepare a statement relating to the Bank’s performance in regulating financial services (in this section called a ‘ per formance statement ’).
(2) A performance statement is to be in 3 parts—
(a) details, including the aims and objectives, of regulatory activity planned for the current year (in this subsection called a ‘ Regulatory Per formance Plan ’),
(b) a review of the Bank’s regulatory performance during the preceding year having regard to the Regulatory Performance Plan for that year and any other relevant matters, and
(c) the report of any international peer review carried out during the preceding year under section 32M.
(3) The review of the Bank’s regulatory performance required by subsection (2)(b) shall include details of the activities carried out during the relevant year by—
(a) the part of the Bank responsible for internal audit, and
(b) the Registrar of Credit Unions.
(4) A performance statement is to be in the form, and is to relate to the matters, that the Minister directs, but shall not relate to the exercise by the Governor of his or her functions under the ESCB Statute.
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(5) Within one month after receiving a performance statement, the Minister will lay it before each House of the Oireachtas.
(6) If the Governor or a Head of Function is requested by a Committee of the Oireachtas to—
(a) attend before the Committee, and
(b) provide that Committee with information relating to the Bank’s performance statement,
the Governor or Head of Function shall—
(i) appear before the Committee, and
(ii) subject to section 33AK(1A), provide the Committee with such information relating to the performance statement as the Committee requires.
(7) The reference in subsection (6) to a Committee of the Oireachtas is a reference to a Committee appointed by either House or by both Houses jointly to examine matters relating to the Bank and includes a subcommittee of such a Committee, but does not include the Committee on Members’ Interests of Dáil Éireann or the Committee on Members’ Interests of Seanad Éireann.
International peer review of regulatory performance.
32M.—At least every 4 years the Bank shall make appropriate arrangements for—
(a) another national central bank, or
(b) another person or body certified by the Governor, after consultation with the Minister, as appropriate,
to carry out a review of the Bank’s performance of its regulatory functions.”.
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40
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Section 33X(1)
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Delete “Regulatory Authority is to”, substitute “Bank shall”.
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41
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Section 33X(3)
|
Delete “Regulatory Authority”, substitute “Bank”.
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42
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Section 33X(6)
|
Delete “Regulatory Authority”, substitute “Bank”.
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43
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Section 33X(7)
|
Delete “members of the Regulatory Authority”, substitute “Bank”.
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44
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Section 33X(8)(c)
|
Delete “members of the Regulatory Authority”, substitute “Bank”.
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45
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Section 33X(9)
|
Delete “Regulatory Authority”, substitute “Bank”.
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46
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Section 33Y(1)
|
Delete “The Regulatory Authority”, substitute “The Governor, with the consent of the Commission,”.
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47
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Section 33Y(3)
|
Delete “The Regulatory Authority”, substitute “Bank”.
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48
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Section 33Y(4)
|
Delete “Regulatory Authority”, substitute “Bank”.
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49
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Section 33AA(1)(a)
|
Delete “Regulatory Authority”, substitute “Bank”.
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50
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Section 33AA(3)
|
Delete “Regulatory Authority”, substitute “Bank”.
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51
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Subsections (4) to (7) of section 33AA
|
Substitute:
“(4) In carrying out the responsibilities and exercising the powers imposed or conferred by this section, the Registrar, through the Head of Financial Regulation, is subject to the control of the Bank and shall comply with any directions by the Commission with respect to the carrying out of those responsibilities or the exercise of those powers.
(5) A direction given in accordance with subsection (4) shall not be inconsistent with—
(a) in relation to a function or power to which subsection (1)(a) relates, the
Credit Union Act 1997
, and
(b) in relation to a function or power the management of which stands delegated to the Registrar under subsection (1)(b), any other relevant Act or law.
(6) In issuing directions to the Registrar under subsection (4) which relate to the exercise of the responsibilities and powers referred to in subsection (1)(a), the Bank shall have regard to the particular nature of credit unions, and in particular by reference to—
(a) the conditions for the registration of a credit union set out in
section 6
of the
Credit Union Act 1997
and to the objects and common bonds referred to in that section, and
(b) the voluntary ethos of credit unions.
(7) The Bank may, from time to time, issue to the Registrar guidelines, not inconsistent with any law, in relation to consultation and co-operation with the bodies and persons specified in subsection (8) on matters concerning the functions and powers of those bodies and persons. The Registrar shall comply with any such guidelines.
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(8) The bodies and persons referred to in subsection (7) are the following:
(a) the Bank;
(b) the Commission;
(c) the Governor;
(d) the officers and employees of the Bank.
(9) The Registrar shall provide the Head of Financial Regulation with such information and assistance as the Head of Financial Regulation requests in relation to any complaint to the Bank about the conduct of a credit union.”.
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52
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Section 33AB
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Substitute:
“Bank to provide Registrar with adequate funds.
33AB.—(1) The Bank shall provide the Registrar with such funds as the Bank considers necessary to enable the Registrar to perform the functions and exercise the powers of the Registrar.
(2) The provision of funds under this section is subject to such conditions as the Bank thinks fit to impose.”.
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53
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Section 33AC(1)(b)
|
Delete “Regulatory Authority”, substitute “Bank”.
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54
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Section 33AC(2)
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Substitute:
“(2) The Head of Financial Regulation may direct the Registrar as to the form of the report and the matters that the report shall deal with. The Registrar shall comply with any such direction.”.
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55
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Section 33AD
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Substitute:
“Registrar to provide information, reports and advice to Head of Financial Regulation.
33AD.—The Registrar shall provide the Head of Financial Regulation with such information relating to the performance and exercise of the Registrar’s responsibilities and powers as the Head of Financial Regulation requires from time to time. That information may include (but is not limited to) information relating to—
(a) the use by the Registrar of the resources of the Bank that have been allocated for the performance and exercise of those responsibilities and powers, and
(b) the value of outcomes and outputs derived from the use of those resources.”.
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56
|
Section 33AE
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Substitute:
“Registrar to prepare work plan.
33AE.—(1) The Registrar shall, at least 3 months before the beginning of each financial year—
(a) prepare for the year a draft work plan that complies with this section, and
(b) submit the draft plan to the Bank for approval.
(2) A draft work plan shall specify—
(a) the objectives of the Registrar for the financial year concerned,
(b) the nature and scope of the activities to be undertaken,
(c) the strategies and policies for achieving those objectives and how the resources allocated to the Registrar are proposed to be used, and
(d) targets and criteria for assessing the performance of the Registrar.
(3) If the Head of Financial Regulation has notified the Registrar of any requirements with respect to the form in which a draft work plan is to be prepared, the Registrar shall take such steps as are necessary to ensure that the plan complies with those requirements.
(4) The Bank may approve a work plan either with or without amendment.
(5) On being approved under subsection (4), a draft work plan prepared for a financial year becomes the work plan for the Registrar for that year. The Registrar shall take all reasonably practical steps to implement the plan.”.
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57
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Section 33AF(3)
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Delete “Chief Executive”, substitute “Head of Financial Regulation”.
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58
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Section 33AF(5)
|
Delete “Regulatory Authority”, substitute “Commission”.
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59
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Paragraphs (b) and (c) of section 33AG(1)
|
Substitute:
“(b) former Directors;
(ba) appointed members and former appointed members of the Commission;
(bb) ex-officio members of the Commission and former ex-officio members of the Commission;
(c) former members of the Regulatory Authority;
(ca) officers and former officers of the Bank;”.
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60
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Section 33AG(8), definition of “retirement”
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Delete “subsection (1)(a), (b) or (c),”, substitute “paragraph (a), (b), (ba) or (c) of subsection (1),”.
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61
|
Section 33AJ(1)(b)
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Substitute:
“(b) the Governor;
(ba) the Heads of Function;
(bb) the Secretary General of the Department of Finance, in his or her capacity as an ex-officio member of the Commission;
(bc) the appointed members of the Commission;”.
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62
|
Section 33AJ(1)(f)
|
Delete “or of any of its constituent parts”.
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63
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Section 33AJ(7)
|
Delete “Chief Executive”, substitute “Head of Financial Regulation”.
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64
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Section 33AK(1)
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Substitute:
“33AK.—(1) This subsection applies to the following persons:
(a) the Governor and every former Governor;
(b) every former Director of the Central Bank and Financial Services Authority of Ireland;
(c) every former member of the Irish Financial Services Regulatory Authority;
(d) every member and every former member of the Commission;
(e) every Head of Function and every former Head of Function;
(f) the Registrar of Credit Unions and every former Registrar of Credit Unions;
(g) every other officer or employee and every other former officer or employee of the Bank;
(h) every person who is or was formerly employed as a consultant, auditor or in any other capacity by the Bank;
(i) every person to whom this subsection (as in force immediately before the amendment of this section by the Central Bank Reform Act 2010) applied immediately before that coming into operation.
(1A) A person to whom subsection (1) applies shall not disclose confidential information concerning—
(a) the business of any person or body whether corporate or incorporate that has come to the person’s knowledge through the person’s office or employment with the Bank, or
(b) any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers,
if such disclosure is prohibited by the Rome Treaty, the ESCB Statute or the Supervisory Directives.”.
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65
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Section 33AK(5)
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After paragraph (ah), insert:
“(aha) to any Commission of Investigation established under the
Commissions of Investigation Act 2004
, or”.
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66
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Section 33AK(5)(al)
|
Delete “functions.”, substitute “functions, or”.
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67
|
Section 33AK(5)
|
Insert at the end:
“(am) to a body or authority that is a competent authority for the purposes of a Regulation of the European Union or European Communities that imposes restrictive measures within the framework of the EU Common Foreign and Security Policy.”.
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68
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Section 33AK(5)(p)
|
Delete “section 6H applies”, substitute “subsections (3) and (4) of section 32I apply”.
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69
|
Section 33AL
|
Substitute:
“Bank to inform persons of obligations under section 33AK.
33AL.—(1) Subject to subsection (2), the Commission shall inform a person who is about to be appointed—
(a) as Governor,
(b) as an appointed member of the Commission,
(c) as a Head of Function,
(d) as Registrar of Credit Unions,
(e) as an officer or employee of the Bank, or
(f) as a consultant or auditor or in any other capacity by the Bank,
of the obligation imposed by section 33AK.
(2) In the case of a person appointed as the Secretary General of the Department of Finance, the Commission shall inform him or her of the obligation imposed by section 33AK as soon as practicable after he or she is so appointed.
(3) A person shall not accept office as Governor or as an appointed member of the Commission, as a Head of Function, or as an officer or employee of the Bank, unless he or she has acknowledged, in a form determined by the Commission, that he or she has been informed of the obligations imposed by section 33AK.”.
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70
|
Paragraphs (a) to (d) of section 33AM(1)
|
Substitute:
“(a) the Governor;
(b) the Head of Central Banking;
(c) the Head of Financial Regulation;”.
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71
|
Section 33AN, definition of “inquiry”
|
Substitute:
“ ‘ inquiry ’ means an inquiry held under section 33AO or section 33AR, and includes such an inquiry begun by the former Regulatory Authority and continued by the Bank;”.
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72
|
Section 33BE
|
Substitute:
“Performance and exercise of regulatory functions.
33BE.—(1) Such officers and employees of the Bank and such suitably qualified persons as the Bank designates from time to time pursuant to subsection (2) are responsible for performing and exercising the functions and powers of the Bank under this Part.
(2) Without prejudice to the generality of subsection (1), the Bank may for the purposes of that subsection designate a person who is not an officer or employee of the Bank. A person so designated is an agent of the Bank for performing and exercising the functions and powers of the Bank under this Part or the part of those functions and powers for which the Bank designated him or her.”.
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73
|
Paragraphs (b) and (c) of Section 57AV(1)
|
Substitute:
“(b) in the case of a body corporate — by leaving it at, or by sending it by pre-paid post to, the head office, a registered office or a principal office of the body corporate.”.
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74
|
Section 57CQ(1)
|
Delete “(and in particular the Consumer Director)”.
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75
|
Section 57CQ(2)
|
Substitute:
“(2) The Council and the Financial Services Ombudsman may make recommendations to the Bank and the Registrar of Credit Unions with respect to measures that the Bank and Registrar might take so as—
(a) to effectively deal with persistent patterns of complaints made against specified regulated financial service providers or against a specified class of those financial service providers,
(b) to improve the way in which regulated financial service providers deal with complaints that are made against them, or
(c) to effectively deal with any other matter relating to promoting the interests of consumers of financial services.”.
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76
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Section 61C
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Delete “the Government, Minister or the Chief Executive”, substitute “the Government, the Minister or the Bank”.
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77
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Before section 61E, insert:
“Prosecution of offences.
61DA.—Proceedings for an offence under this Act, a designated enactment or a designated statutory instrument may be brought and prosecuted summarily by the Bank.”.
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78
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Section 61G(1)
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Delete “or the Regulatory Authority”.
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79
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Section 61G(3)(a)
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Delete “or Regulatory Authority”.
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80
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After section 61G, insert:
“Arrangements for collection of certain levies.
61H.—(1) The Bank may enter into an arrangement with a prescribed body in relation to the collection of a levy.
(2) An arrangement referred to in subsection (1) is to be for the purpose of enabling the Bank or prescribed body to collect the relevant levy from each person or body obliged to pay it and pay the collected levy to the entity entitled to receive it.
(3) An arrangement referred to in subsection (1) shall provide for the costs associated with the collection of the levy concerned to be met by the entity entitled to receive the levy.
(4) In this section—
‘ levy ’ means a levy imposed under section 32D or any other enactment;
‘ prescribed body ’ means the following:
(a) the Pensions Board;
(b) the Financial Services Ombudsman;
(c) the Agency;
(d) any other body prescribed by the Minister by regulations made for the purposes of this section.”.
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81
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Schedule 1
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Substitute:
“Section 32.
SCHEDULE 1
Procedure of the Commission
General procedure.
1.—The procedure for the calling of meetings of the Commission and for the conduct of business at those meetings is, subject to this Schedule, to be as determined by the members. The members may determine that procedure by means of rules or standing orders or by any other means.
Quorum.
2.—If there are 10 or 11 members of the Commission, 6 members constitute a quorum; if there are 12 members of the Commission, 7 members constitute a quorum.
Who is to preside at meetings of Commission.
3.—(1) A meeting of the Commission is to be presided over by—
(a) the Governor, or
(b) in the absence of the Governor, or if there is no Governor—
(i) the member appointed under section 22 to act as Governor, or
(ii) if no member has been appointed under that section, a member elected by the members present at the meeting.
(2) If the votes are equal on a motion put at a meeting of the Commission, the person who is presiding at the meeting has a casting as well as a deliberative vote.
Voting at Commission meetings.
4.—A decision supported by a majority of the votes cast at a meeting of the Commission at which a quorum is present is the decision of the Commission.
Transaction of business otherwise than at ordinary meetings.
5.—(1) The Commission may, if it thinks fit, transact any of its business by the circulation of papers among all its members for the time being. A resolution approved in writing by a majority of those members is taken to be a decision of the Commission.
(2) The Commission may, if it thinks fit, transact any of its business at a meeting at which its members (or some of its members) participate by telephone, closed circuit television or other means, but only if any member who speaks on a matter being considered by the meeting can be heard by the other members. For the purposes of—
(a) the approval of a resolution under subparagraph (1), or
(b) a meeting held in accordance with subparagraph (2),
the members have the same voting rights as they have at an ordinary meeting of the Commission.
(3) Papers may be circulated among the members for the purposes of subparagraph (1) by the electronic transmission of the information in the papers.
Disclosure of members’ pecuniary interests.
6.—(1) If—
(a) a member of the Commission has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Commission, and
(b) the interest appears to raise a conflict with the proper performance of the member’s duties in relation to the consideration of the matter,
the member shall, as soon as possible after the relevant facts have come to his or her knowledge, disclose the nature of the interest at a meeting of the Commission or to the Secretary of the Commission.
(2) In the case of a disclosure under subparagraph (1) to the Secretary of the Commission, the Secretary shall inform the next meeting of the Commission of the disclosure.
(3) A disclosure by a member that he or she—
(a) is a director, or is in the employment, of a specified company or other body,
(b) is a partner, or is in the employment, of a specified person, or
(c) has some other specified interest relating to a specified company or other body or to a specified person,
is a sufficient disclosure of the nature of the interest in any matter relating to that company or other body, or to that person, that may arise after the date of the disclosure and that is required to be disclosed under subparagraph (1).
(4) The Secretary of the Commission shall make and keep a record of particulars of any disclosure made under this paragraph and, subject to section 33AK, shall make that record available for inspection at all reasonable hours by any person who asks to see it.
(5) After a member has disclosed the nature of an interest in a matter, he or she may not, unless the other members otherwise determine—
(a) be present during any deliberation of the Commission with respect to the matter, or
(b) take part in any decision of the Commission with respect to the matter.
(6) For the purposes of the making of a determination by the members under subparagraph (5)(b), a member who has a direct or indirect pecuniary interest in a matter to which the disclosure relates is not entitled—
(a) to be present during any deliberation of the Commission for the purpose of making the determination, or
(b) to take part in the making by the Commission of the determination.
(7) A contravention of this paragraph does not invalidate a decision of the Commission.
(8) This paragraph does not apply to or in relation to an interest of a member in a matter or thing that arises merely because he or she is a contributor to a retirement benefits scheme.”.
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