lrc_1942_act_22

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LRC Revised Act

CENTRAL BANK ACT 1942 REVISED Updated to 10 February 2026 (LRC Revised) Open official source

Number 22 of 1942

CENTRAL BANK ACT 1942

REVISED

Updated to 10 February 2026

Changes to legislation

as of 10 July 2026, there are changes to this Act which have not been implemented by the Revised Acts editorial team, see highlighted entries

here

. Note that some amendments may not be in force until commenced by a commencement order or other provision.

This Revised Act is an administrative consolidation of the

Central Bank Act 1942

. It is prepared by the Law Reform Commission in accordance with its function under

the

Law Reform Commission Act 1975

(3/1975) to keep the law under review and to undertake revision and consolidation

of statute law.

All Acts up to and including the

Credit Review Act 2026

(1/2026), enacted 3 February 2026, and all statutory instruments up to

and including the

European Union (European Single Access Point) (No. 3) Regulations 2026

(S.I. No. 34 of 2026), made 10 February 2026, were considered in the preparation

of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act,

the Law Reform Commission can assume no responsibility for and give no guarantees,

undertakings or warranties concerning the accuracy, completeness or up to date nature

of the information provided and does not accept any liability whatsoever arising from

any errors or omissions. Please notify any errors, omissions and comments by email

revisedacts@lawreform.ie.

Number

1942

CENTRAL BANK ACT 1942

REVISED

Updated to 10 February 2026

ARRANGEMENT OF SECTIONS

PART I.

Preliminary and General.

Section

Short title, collective citation, and construction.

Interpretation.

2A.

Definition of "subsidiary

company".

The appointed day.

Repeals.

PART II.

Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.

Establishment of Central Bank of Ireland.

5A.

General functions and powers of the Bank.

5B.

Specific powers of the Bank.

5C.

Supplementary powers of Bank with respect to certain responsibilities.

Bank to perform functions of European System of Central Banks.

6A.

Objectives of Bank in discharging ESCB functions, etc.

6B.

Bank’s power to hold and deal in land etc.

6C.

Power of the Bank to establish

divisions, etc. within the Bank

(Repealed)

6D.

Staff of Bank.

6E.

Assignment of employees of

Bank.

(Repealed)

6F.

Bank may engage agents and act

as agent for others.

6G.

General fund of the Bank.

(Repealed)

6H.

Accounting and other records of Bank.

(Repealed)

6I.

Report and returns by Bank.

(Repealed)

6J.

Exemption of Bank from taxes.

6K.

Provisions relating to documents of the Bank.

Certain particular powers of the Bank.

(Repealed)

Certain further powers of the Bank.

(Repealed)

The capital of the Bank.

10.

Seal of Bank.

11.

Interpretation of references to the Commission in the Currency Act, 1927.

12.

The Associated Banks.

(Repealed)

13.

Admission of a bank to be an Associated Bank.

(Repealed)

14.

Removal of a bank from being an Associated Bank.

(Repealed)

15.

Dissolution of the Commission.

16.

Appointments to the staff of the Bank.

(Repealed)

17.

(Repealed)

18.

General adaptation of references to the Commission.

PART III.

The Board of Directors of the Bank.

18A.

Interpretation: Part III.

18B.

Functions of Central Bank Commission.

18BA.

Membership of Board and

Regulatory Authority.

(Repealed)

18C.

Acts, etc. of Commission to be acts, etc. of Bank.

18CA.

Membership of Commission.

18D.

Additional powers of Commission.

18E.

Bank may establish advisory groups.

18F.

Delegation of certain functions of Commission, etc.

19.

Appointment, tenure of office, etc., of the Governor.

19A.

Responsibilities and powers of the Governor.

19B.

Decisions about certain issues involving Treaties governing European Communities and

ESCB Statute.

20.

Prohibition of the Governor holding shares in a financial institution.

21.

Removal of Governor from office.

22.

Acting Governor.

22A.

Head of Central Banking to carry out certain responsibilities of the Governor.

23.

Heads of Function.

23A.

Responsibilities of Heads of Function.

23B.

Appointment of Heads of Function.

23C.

Terms of appointment of Heads of Function.

23D.

Acting Heads of Function.

24.

Appointment of members of Commission.

24A.

Remuneration, etc., of appointed members of Commission.

24B.

Tenure of office of members of Commission.

25.

Vacation of office of members of Commission.

26.

Panel for appointment of the first banking Directors.

(Repealed)

27.

Panel for the appointment of banking Directors other than the first such Directors.

(Repealed)

28.

Filling of vacancies in Commission.

29.

Prohibition of certain Directors holding shares in a bank.

(Repealed)

30.

Operation of disqualification of the Governor or a Director.

(Repealed)

31.

Oath of secrecy to be taken by the Governor, Directors, and officers.

(Repealed)

32.

Meetings and procedure of the Commission.

33.

Compensation and superannuation of Chairman, Commissioners, Governor, and Directors.

(Repealed)

PART IIIA.

Management, Finance and Accountability

Chapter 1A

Management

32A.

Framework for assignment of responsibilities.

32B.

Bank to prepare strategic plan.

Chapter 2A

Finance and accounting

32C.

Annual estimates in relation to financial regulation functions.

32D.

Power to impose levies.

32E.

Power to prescribe fees.

32F.

General fund.

32G.

Surplus or deficiency in income of Bank during financial year.

32H.

Bank’s surplus income.

32I.

Provision of funds by Bank to meet shortfall.

32J.

Accounting and other records of Bank.

32K.

Report of operations, etc., by Bank.

Chapter 2A

Accountability

32L.

Annual performance statements.

32M.

International peer review of regulatory performance.

Irish Financial Services Regulatory Authority

Chapter 1

Constitution, functions and powers of Regulatory Authority

33A.

Interpretation: Part IIIB and

Schedule 3.

(Repealed)

33B.

Establishment of Regulatory

Authority.

(Repealed)

33C.

Functions and powers of

Regulatory Authority.

(Repealed)

33D.

Regulatory Authority to comply

with certain guidelines.

(Repealed)

33E.

Membership of Regulatory

Authority.

(Repealed)

33F.

Appointment of Chief Executive

of the Regulatory Authority.

(Repealed)

33G.

Appointment of acting Chief

Executive in certain cases.

(Repealed)

33H.

Responsibilities of Chief

Executive of the Regulatory Authority.

(Repealed)

33I.

Chairperson of the Regulatory

Authority.

(Repealed)

33J.

Power to impose levies.

(Repealed)

33K.

Power of Chief Executive to

prescribe fees.

(Repealed)

33L.

Provision of funds by Bank to

Regulatory Authority to meet shortfall.

(Repealed)

33M.

Regulatory Authority to keep

proper accounts.

(Repealed)

33N.

Regulatory Authority to

prepare annual estimate of income and expenditure.

(Repealed)

33O.

Regulatory

Authority to provide Minister with annual report and other

reports.

(Repealed)

33P.

Regulatory Authority to

prepare strategic plan.

(Repealed)

Chapter 2

Consumer Director

33Q.

Appointment of Consumer

Director.

(Repealed)

33R.

Appointment of acting Consumer

Director in certain cases.

(Repealed)

33S.

Responsibilities of Consumer

Director.

(Repealed)

33SA.

Supplementary

powers of Consumer Director with respect to carrying out the

responsibilities imposed under section 33S.

(Repealed)

33T.

Consumer Director to prepare

Annual Report.

(Repealed)

33U.

Consumer Director to provide

information, reports and advice to Chief Executive.

(Repealed)

33V.

Consumer Director to prepare

strategic plan.

(Repealed)

Chapter 3

Registrar of Credit Unions

33W.

Interpretation: Chapter

33X.

Appointment of Registrar of

Credit Unions.

33Y.

Appointment of acting

Registrar of Credit Unions in certain cases.

33Z.

Signature of Registrar of

Credit Unions.

33AA.

Responsibilities and powers of Registrar of Credit Unions.

33AB.

Bank to provide Registrar with adequate funds.

33AC.

Registrar to prepare annual report.

33AD.

Registrar to provide information, reports and advice to Head of Financial Regulation.

33AE.

Registrar to prepare work plan.

33AF.

Registrar to keep proper accounts.

PART IIIB.

Provisions Applicable to the Bank and its Constituent Parts.

33AG.

Superannuation schemes for the benefit of officers and employees of Bank and its constituent

parts.

33AH.

Special provisions for superannuation schemes established under Currency Act 1927

and Central Bank Act 1989.

33AI.

Provisions applicable to superannuation schemes established under section 33AG or

continued under section 33AH.

33AJ.

Bank and associates not liable for certain acts and omissions.

33AK.

Disclosure of information.

33AL.

Bank to inform persons of their obligations under section 33AK.

33AM.

Certain persons required to attend proceedings of Oireachtas committees.

PART IIIC.

Enforcement of Designated Enactments and Designated Statutory Instruments.

Chapter 1

Interpretation

33AN.

Interpretation (Part IIIC).

33ANA.

Application of Part to credit unions.

(Repealed)

33ANB.

Application of Part to credit unions pursuant to Payment Services Directive.

(Repealed)

33ANC.

Application of Part under Capital Requirements Directive.

33AND.

Application of Part for SSM and SSM Framework Regulations.

33ANE.

Application of Part under Bank Recovery and Resolution Directive.

33ANF.

Application of Part to insurance holding companies and mixed financial holding companies.

33ANFA.

Application

of Part under PEPP Regulation

33ANG.

Application

of Part under Investment Firms Directive.

33ANH.

Application

of Part to holding companies under Part 3 of Central Bank Reform Act

2010

Chapter 2

Power of Bank to hold inquiries

33ANI.

Interpretation (Chapter 2).

33ANJ.

Investigation of suspected prescribed contravention.

33ANK.

Investigation report.

33ANL.

Confidential information provided for purposes of investigation etc. not to be disclosed.

33AO.

Bank may hold

inquiry into suspected commission of or participation in prescribed

contravention

33AP.

Notice of

inquiry, submissions, attendance and adjournment

33AQ.

What decisions Bank can make at conclusion of inquiry held under section 33AO.

33AR.

Alternative procedure when commission of, or participation in, prescribed contravention

is acknowledged.

33ARA.

Considerations relevant to imposition of sanctions.

33AS.

Limitations on imposing monetary penalties.

33AT.

Financial service provider, etc. not to be liable to be penalised twice for same contravention.

33AU.

Person not to

be concerned in management of regulated financial service provider while

disqualified.

33AV.

Power of Bank to resolve suspected contraventions, etc.

33AW.

Appeal, confirmation and

taking effect of decisions under this Part.

33AWA.

Confirmation of sanctions imposed by consent.

33AX.

Decision of Bank to be

appealable.

(Repealed)

Chapter 3

Conduct of inquiries

33AXA.

Interpretation (Chapter 3).

33AY.

Proceedings at inquiries.

33AZ.

Inquiry normally to be held in public.

33AZA.

Power to order information about proceedings not to be disclosed.

33AZB.

Confidential information provided for purposes of inquiry not to be disclosed.

33BA.

Power to summon witnesses and take evidence.

33BAA.

Documentary evidence.

33BB.

Bank may refer to Court question of law arising at inquiry.

33BC.

Bank may publish its decisions.

33BD.

Bank may make guidelines with respect to the conduct of proceedings under this Part.

33BE.

Performance and exercise of regulatory functions.

33BF.

Limitation of period within

which judicial review may be sought.

Chapter 4

Supplementary

33BG.

Documents privileged for purposes of law of defamation.

33BH.

Service of documents.

PART IIID.

Panel for purposes of certain decisions.

33BI.

Panel for purposes of certain decisions.

PART IV.

Extinction of Consolidated Bank Notes.

34.

Definitions in respect of this Part of this Act.

35.

Restrictions on amount of consolidated bank notes outstanding.

36.

Payment in respect of consolidated bank notes outstanding after cesser of issue.

37.

Payments by Associated Banks on consolidated bank notes.

38.

Stamp duty in respect of consolidated bank notes.

39.

Notes of former banks of issue.

40.

Power of banks of issue to write off certain notes.

PART V.

Deposits by Bankers.

41.

Construction of references to holding oneself out as a banker.

(Repealed)

42.

Obligation to make deposit in the High Court.

(Repealed)

43.

General provisions in relation to deposits under this Part of this Act.

(Repealed)

44.

Deposit on behalf of a company before its incorporation.

(Repealed)

45.

Payment of debts out of deposit.

(Repealed)

PART VI.

Bankers’ Licences and the Duties of Licensed Bankers.

46.

Application of this Part of this Act.

(Repealed)

47.

Bankers’ licences.

(Repealed)

48.

Publication of financial statements by licensed bankers.

(Repealed)

49.

Publication of balance sheets by licensed bankers.

(Repealed)

50.

Power to require deposit by licensed bankers in certain circumstances.

(Repealed)

51.

Powers in respect of licensed bankers’ clearances.

(Repealed)

PART VII.

Counterfeit and Unauthorised Currency.

52.

Definition of “

bank note

” in this Part of this Act.

53.

Extension of the Forgery Act, 1913.

54.

Disposal of bank notes, etc. seized under the Forgery Act, 1913.

55.

Making, etc. a document purporting to be or resembling a bank note.

56.

Prohibition of unauthorised money.

57.

Amendment of the Customs Consolidation Act, 1876.

(Repealed)

PART VIIA.

Irish Financial Services Appeals Tribunal.

Chapter 1

Preliminary

57A.

Interpretation: Part VIIA and Schedule 5.

57B.

Objects of this Part.

Chapter 2

Constitution and jurisdiction of appeals tribunal

57C.

Establishment of the Appeals Tribunal.

57D.

Membership of the Appeals Tribunal.

57E.

Eligibility for appointment as a member.

57F.

Appointment of acting members.

57G.

Jurisdiction and powers of the Appeals Tribunal.

57H.

Constitution of the Appeals Tribunal for particular proceedings.

57I.

Functions of Chairperson.

57J.

Registrar and staff of the Appeals Tribunal.

57K.

Responsibilities of Registrar of the Appeals Tribunal.

Chapter 3

Hearing and determination of appeals

57L.

Right of appeal to Appeals Tribunal against appealable decision.

57M.

Appeals Tribunal may decide persons whose interests affected by a decision.

57N.

Duty of Bank to give reasons on request.

57O.

Bank may refuse reasons in certain cases.

57P.

Appeals Tribunal may determine whether person entitled to reasons or made request

within reasonable time.

57Q.

Appeals Tribunal may order Bank to provide a statement of reasons or an adequate statement

of reasons.

57R.

Operation and implementation of appealed decision pending determination of appeal.

57S.

Conditions of stay

order.

(Repealed)

57T.

Opportunity of parties to make submissions.

57U.

Representation of parties.

57V.

Procedure of the Appeals Tribunal.

57W.

Proceedings on hearing to be normally conducted in public.

57X.

Power to remit matters to Bank for further consideration.

57Y.

Reconstitution of Appeals Tribunal during hearing of appeal.

57Z.

What decisions the Appeals Tribunal can make in determining an appeal.

57AA.

How decisions of the Appeals Tribunal are to be made and given.

57AB.

Appeals Tribunal may reserve decision.

57AC.

Effect of decision of Appeals Tribunal.

57AD.

Amendments and irregularities.

57AE.

Recovery of amounts ordered to be paid.

57AF.

Powers in relation to witnesses.

57AG.

Power to correct decisions of the Appeals Tribunal.

57AH.

Appeals Tribunal may award costs in certain circumstances.

57AI.

Appeals Tribunal may make rules of procedure.

Chapter 4

References and appeals to High Court

57AJ.

References of questions of law to High Court.

57AK.

Right of appeal to High Court.

57AL.

Orders on appeal to the High Court.

57AM.

Appeal does not stay decision of the Appeals Tribunal.

Chapter 5

Miscellaneous

57AN.

Contempt of Appeals Tribunal.

57AO.

Act or

omission that is both an offence and contempart

57AP.

Appeals Tribunal to have seal.

57AQ.

Authentication of documents.

57AR.

Judicial notice to be taken of certain signatures.

57AS.

Proof of certain matters not required.

57AT.

Protection of barristers, solicitors, witnesses and others.

57AU.

Allowances and expenses of witnesses.

57AV.

Notices, service and lodgement of documents.

57AW.

Annual report of the Appeals Tribunal.

57AX.

How the cost of operating the Appeals Tribunal is to be met.

57AY.

Registrar to keep proper accounting records.

57AZ.

Government may make regulations with respect to the Appeals Tribunal.

PART VIIB.

Financial Services Ombudsman.

Chapter 1

Interpretation and objects of Part

57BA.

Definitions.

(Repealed)

57BB.

Objects of this Part.

(Repealed)

Chapter 2

Financial Services Ombudsman Council

57BC.

Establishment of Financial Services Ombudsman Council.

(Repealed)

57BD.

Functions and powers of Financial Services Ombudsman Council.

(Repealed)

57BE.

Council may impose levies and fees for the purposes of this Part.

(Repealed)

57BF.

Council to make regulations for the purposes of this Part.

(Repealed)

57BG.

Council chairperson to provide Minister with reports.

(Repealed)

57BH.

Council chairperson to appear before Oireachtas committee when required.

(Repealed)

Chapter 3

Financial Services Ombudsman’s Bureau

57BI.

Financial Service Ombudsman’s Bureau.

(Repealed)

57BJ.

Financial Services Ombudsman.

(Repealed)

57BK.

Functions and powers of Financial Services Ombudsman.

(Repealed)

57BL.

Deputy Financial Services Ombudsman.

(Repealed)

57BM.

Acting Financial Services Ombudsman.

(Repealed)

57BN.

Bureau staff.

(Repealed)

57BO.

Immunity of Financial Services Ombudsman and others.

(Repealed)

Chapter 4

Accounts and reports

57BP.

Financial Services Ombudsman to ensure proper accounts are kept in respect of the

Bureau.

(Repealed)

57BQ.

Financial Services Ombudsman to arrange for preparation of annual statement of accounts.

(Repealed)

57BR.

Financial Services Ombudsman to prepare annual report of activities of the Bureau.

(Repealed)

57BS.

Financial Services Ombudsman to publish certain other reports.

(Repealed)

57BT

Financial Services Ombudsman to arrange for preparation of annual estimate of income

and expenditure.

57BU.

Financial Services Ombudsman to prepare strategic plan.

(Repealed)

57BV.

Financial Services Ombudsman to provide Council and Minister with reports.

(Repealed)

57BW.

Financial Services Ombudsman to appear before Oireachtas committee when required.

(Repealed)

Chapter 5

How consumer complaints are to be dealt with

57BX.

Complaints about conduct of regulated financial service providers.

(Repealed)

57BY.

Duty of Financial Services Ombudsman to investigate complaints.

(Repealed)

57BZ.

Financial Services Ombudsman may decline to investigate or to continue to investigate

complaint.

(Repealed)

57CA.

Financial Services Ombudsman to attempt to deal with complaint by mediation in first

instance.

(Repealed)

57CB.

Persons entitled to make certain submissions to Financial Services Ombudsman.

57CC.

Financial Services Ombudsman to conduct investigations in private.

(Repealed)

57CD.

Progress report to complainant.

(Repealed)

57CE.

Financial Services Ombudsman can require regulated financial service provider to give

information.

(Repealed)

57CF.

Financial Services Ombudsman may enter premises of regulated financial service provider

or associated entity of such a provider.

(Repealed)

57CG.

Circuit Court may order person to comply with requirements, etc., of Financial Services

Ombudsman.

(Repealed)

57CH.

Obstruction of Financial Services Ombudsman in the performance or exercise of functions

and powers.

(Repealed)

57CI.

Adjudication of complaints.

(Repealed)

57CJ.

Enforcement of Financial Services Ombudsman’s directions.

(Repealed)

Chapter 6

References and Appeals under this Part to the High Court

57CK.

Financial Services Ombudsman may refer question of law to High Court.

(Repealed)

57CL.

Right of appeal to High Court against Financial Services Ombudsman’s finding.

(Repealed)

57CM.

Orders on appeal to the High Court relating to Financial Services Ombudsman’s finding.

(Repealed)

57CN.

Appeal stays the finding of the Financial Services Ombudsman.

(Repealed)

Chapter 7

Supplementary provisions

57CO.

Protection and other provisions relating to disclosures of information.

(Repealed)

57CP.

Power of Court to grant injunctions in certain cases.

(Repealed)

57CQ.

Financial Services Ombudsman and Council to co-operate with Bank and others.

(Repealed)

Chapter 8

Reciprocal arrangements with corresponding agencies of other EEA countries

57CR.

Definitions (Chapter 8).

(Repealed)

57CS.

Financial Services Ombudsman may subscribe to EEA Memorandum of Understanding.

(Repealed)

57CT.

Financial Services Ombudsman may refer complaints to other EEA dispute settlement

body.

(Repealed)

57CU.

Financial Services Ombudsman may mediate, investigate and adjudicate complaints referred

by other EEA dispute settlement bodies.

(Repealed)

PART VIIC.

Consultative Panels.

Chapter 1

General

57CV.

Interpretation: Part VIIC.

(Repealed)

57CW.

Establishment and membership of Consultative Panels.

(Repealed)

Chapter 2

Consultative Consumer Panel

57CX.

Membership of Consultative Consumer Panel.

(Repealed)

57CY.

Functions of Consultative Consumer Panel.

(Repealed)

57CZ.

Regulatory Authority to provide sufficient resources to enable Consultative Consumer

Panel to function.

(Repealed)

Chapter 3

Consultative Industry Panel

57DA.

Membership of Consultative Industry Panel.

(Repealed)

57DB.

Functions of Consultative Industry Panel.

(Repealed)

57DC.

Regulatory Authority to provide sufficient resources to enable Consultative Industry

Panel to function.

(Repealed)

Chapter 4

Provisions Applying to Both Consultative Panels

57DD.

Schedule 8 to have effect with respect to Consultative Panels.

(Repealed)

57DE.

Consultative Panel to prepare annual report.

(Repealed)

57DF.

Responsibilities of Regulatory Authority and Minister with respect to Consultative

Panels.

(Repealed)

57DG.

Establishment and operation of advisory groups.

(Repealed)

57DH.

Chairperson of Consultative Panel to attend meetings of relevant Oireachtas Joint

Committee when required.

(Repealed)

PART VIII.

Coinage.

58.

Amendment of the Coinage Act, 1926.

(Repealed)

59.

Amendment of the Gold and Silver (Export Control, etc.) Act, 1920.

(Repealed)

60.

The issue of coins under the Coinage Act, 1926.

(Repealed)

61.

(Repealed)

PART VIIIA.

Regulations and Orders.

61A.

Regulations for purposes of this Act.

61B.

Power to amend or revoke certain orders.

61C.

Regulations and orders to be laid before each House of Oireachtas.

61D.

House of Oireachtas may annul regulation or order.

61DA.

Prosecution of offences.

PART IX.

Miscellaneous.

61E.

Bank and certain other persons required to consult.

61F.

Expenses incurred by Minister in administering this Act.

61G.

How the Bank may give or serve notices or other documents.

61H.

Arrangements for collection of certain levies.

62.

Winding-up of the note reserve fund and establishment of the currency reserve.

63.

Amendment of section 61 of the Currency Act.

(Repealed)

64.

Amendment of section 3 of the Currency (Amendment) Act, 1930.

(Repealed)

65.

Power of Bank to obtain information as to hire-purchase businesses.

66.

Amendment of the Bills of Exchange Act, 1882, in respect of banker’s drafts.

(Repealed)

67.

Legalisation of bank deposit as a trustee investment.

(Repealed)

68.

Amendment of section 22 of the Bankers (Ireland) Act, 1845.

SCHEDULE 1.

PROCEDURE OF THE COMMISSION

SCHEDULE 2.

DESIGNATED ENACTMENTS AND DESIGNATED STATUTORY INSTRUMENTS

SCHEDULE 3.

PROVISIONS APPLICABLE TO REGULATORY AUTHORITY.

(Repealed)

SCHEDULE 4.

MAXIMUM AMOUNTS OF CONSOLIDATED BANK NOTES WHICH MAY BE OUTSTANDING WITH THE ASSOCIATED

BANKS RESPECTIVELY.

SCHEDULE 5.

PROVISIONS APPLICABLE TO MEMBERS OF THE APPEALS TRIBUNAL.

SCHEDULE 6.

FINANCIAL SERVICES OMBUDSMAN COUNCIL.

SCHEDULE 7.

FINANCIAL SERVICES OMBUDSMAN, DEPUTY FINANCIAL SERVICES OMBUDSMEN AND OTHER BUREAU

STAFF MEMBERS.

SCHEDULE 8.

PROVISIONS APPLYING TO BOTH CONSULTATIVE PANELS.

(Repealed)

SCHEDULE 9.

ACTS ADOPTED BY AN INSTITUTION OF THE EUROPEAN UNION REFERRED TO IN SECTION 2(2A)(AM)

SCHEDULE 10.

ACTS ADOPTED BY THE EUROPEAN COMMISSION REFERRED TO IN SECTION 2(2A)(AT)

Acts Referred to

Currency (Amendment) Act, 1930

No. 30 of 1930

Currency Act, 1927

No. 32 of 1927

Ministers and Secretaries Act, 1924

No. 16 of 1924

Industrial and Commercial Property (Protection) (Amendment) Act, 1929

No. 13 of 1929

Finance Act, 1932

No. 20 of 1932

Finance Act, 1937

No. 18 of 1937

Coinage Act, 1926

No. 14 of 1926

Industrial and Commercial Property (Protection) Act, 1927

No. 16 of 1927

Number

1942

CENTRAL BANK ACT 1942

REVISED

Updated to 10 February 2026

AN ACT TO ESTABLISH A BANK TO BE THE PRINCIPAL CURRENCY AUTHORITY IN THE STATE, TO

DISSOLVE THE CURRENCY COMMISSION AND TRANSFER ITS POWERS AND DUTIES (WITH CERTAIN

MODIFICATIONS) TO THE SAID BANK, TO CONFER ON THE SAID BANK DIVERS OTHER POWERS AND

DUTIES, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH BANKING, CURRENCY, COINAGE,

AND THE MATTERS AFORESAID AND IN PARTICULAR FOR THE GRADUAL EXTINCTION OF CONSOLIDATED

BANK NOTES. [4

th November

, 1942.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS

Annotations

Modifications etc. (not altering text)

Application of Act

restricted (30.12.2024) by

European Union (Credit Servicers and Credit

Purchasers) Regulations

(S.I. No. 644 of 2023), reg. 24(1), (2), in

operation as per reg. 2.

Penalties and remedial

measures

24. (1) Notwithstanding the

provisions of the Central Bank Act 1942 (No. 22 of 1942), the following shall

constitute a prescribed contravention for the purposes of that Act

(

) where a credit

servicer allows one or more persons not complying with the requirements set out in

Regulation 6(1) (b) to become or remain a member of its board or senior

management;

(

) where a credit

servicer’s governance arrangements and internal control mechanisms as set out in

Regulation 6(1)(e) fail to ensure respect for borrower rights and compliance with

personal data protection rules;

(

) where a credit

servicer’s policy is inadequate for the proper treatment of borrowers as set out

in Regulation 6(1)(f);

(

) where a credit

servicer’s internal procedures as set out in Regulation 6(1)(g), fail to provide

for the recording and handling of complaints from borrowers according to the

obligations set out in these Regulations;

(

) where a credit

servicer who does not have an authorisation to receive and hold funds pursuant to

Regulation 7 receives and holds funds from borrowers;

(

) where a credit

servicer who has an authorisation to receive and hold funds pursuant to Regulation

7 fails to comply with the requirements of Regulation 7;

(

) where a credit

purchaser (or, where applicable, a credit servicer, a credit institution or a

retail credit firm) fails to comply with Regulation 11;

(

) where a credit

servicer fails to comply with the requirement set out in Regulation 12, or enters

into an outsourcing agreement which infringes Regulation 13 or where a credit

service provider to whom the credit servicing activities were outsourced commits a

serious infringement of the applicable legal provisions, including the provisions

of these Regulations;

(

) where a credit

institution fails to communicate the information set out in Regulation 16;

(

) where a credit

purchaser (or, where applicable, its representative designated in accordance with

Regulation 20) fails to comply with the requirement set out in Regulation 18;

(

) where a credit

purchaser (or, where applicable, its representative designated in accordance with

Regulation 20) fails to communicate the information provided for in Regulations 19

and 21;

(

) where a credit

purchaser fails to comply with the requirement of Regulation 20;

(

) where a credit

servicer fails to comply with the requirements set out in Regulation 25.

(2) Notwithstanding the provisions

of the Central Bank Act 1942 (No. 22 of 1942) any administrative penalty or

remedial measure as determined by the Bank in relation to a prescribed

contravention of a type contained in paragraph (1) shall be effective,

proportionate and dissuasive and may at least include the following –

(

) a withdrawal of an

authorisation to carry out activities as a credit servicer;

(

) an order requiring the

credit servicer or credit purchaser (or, where applicable, its representative

designated in accordance with Regulation 20) to remedy the infringement, and to

cease the conduct and to desist from a repetition of that conduct;

(

) administrative

pecuniary penalties.

...

Functions of Central Bank

under Act extended by

Criminal Justice (Money Laundering and Terrorist

Financing) Act 2010

(6/2010), s. 106D, as inserted (23.04.2021) by

Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act

2021

(3/2021), s. 25, S.I. No. 188 of 2021.

[Scope of Bank’s supervision -

performance of certain functions

106D.

(1) The functions

conferred on the Bank under—

(

) Parts II, IIIC, VIIA,

VIIIA and IX of the Act of 1942,

(

) Parts 3 and 4 of the

Central Bank Reform Act 2010 , and

(

) Parts 2, 3, 7

and 9 of the Central Bank (Supervision and Enforcement) Act 2013,

shall, in addition to being

performable for the purposes to which those provisions relate, be performable for

the purposes of ensuring compliance with the Fourth Money Laundering Directive,

the Fifth Money Laundering Directive and the Recommendations of FATF.

…

]

Functions of Financial Services Ombudsman’s Bureau under Act

transferred (1.01.2018) by

Financial Services and Pensions Ombudsman Act

2017

(22/2017), s. 74, S.I. No. 524 of 2017.

Financial Services

Ombudsman’s Bureau

74.

Any function

that, immediately before the establishment day, was vested in the Financial

Services Ombudsman’s Bureau shall on and from the establishment day be

transferred to the Office.

Application of powers under collectively cited

Central Bank Acts

1942 to 2015

extended (21.03.2016) by

European Union (Consumer Mortgage

Credit Agreements) Regulations 2016

(S.I. No. 142 of 2016), regs. 35(1) and

37(1), in operation as per reg. 2.

Supervision of mortgage

credit intermediaries

35. (1) As part of its

functions under the Central Bank Acts 1942 to 2015 to monitor the provision of

financial services to consumers, the Central Bank shall take such steps as it

considers appropriate to supervise the ongoing activities of mortgage credit

intermediaries, and, accordingly, the powers conferred on it (by those Acts) in

respect of the foregoing functions are exercisable by it in that behalf.

...

Obligation to

cooperate

37. (1) The Central Bank shall cooperate with the competent authorities of other EEA

Member States whenever necessary for the purpose of performing its functions under

these Regulations, making use of the powers available to it, whether those contained

in these Regulations or the Central Bank Acts 1942 to 2015 or otherwise in any enactment.

...

Application of collectively cited

Central Bank Acts

restricted

(15.07.2015) by

European Union (Bank Recovery and Resolution) Regulations

2015

(S.I. No. 289 of 2015), reg. 119(2)(a), in operation as per reg.

1(2).

Effect of special management.

119. ...

(2) The special management of the institution under resolution has effect notwithstanding

anything in—

(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,

(b) any other rule of law or equity,

...

Functions transferred and references to “Department of Public

Expenditure and Reform” and “Minister for Public Expenditure and

Reform” construed (10.12.2013) by

Public Expenditure and Reform (Transfer

of Departmental Administration and Ministerial Functions) Order 2013

(S.I.

No. 574 of 2013), arts. 2-4 and 9, subject to transitional provisions in arts.

5-7, in operation as per art. 1(2).

. (1) The administration and business in connection with the exercise, performance

or execution of any functions transferred by this Order are transferred to the Department

of Finance.

(2) References to the Department of Public Expenditure and Reform contained in any

Act or instrument made under an Act and relating to the administration and business

transferred by paragraph (1) shall, from the commencement of this Order, be construed

as references to the Department of Finance.

. The functions conferred on the Minister for Public Expenditure and Reform by or

under subparagraphs (i) and (ii) of

section 9

(1)(

) of the

Ministers and Secretaries (Amendment) Act 2011

(No. 10 of 2011) are transferred to the Minister for Finance, in so far as those

functions relate to—

(

) the appointment, and terms and conditions of service, of the following

(i) a member of the Central Bank Commission under section 18CA(1)(

) (inserted by

section 14

(1) of the

Central Bank Reform Act 2010

(No. 23 of 2010) (“Act of 2010”)) or section 28 (as amended by section 14(1) of the Act of 2010) of the

Central Bank Act 1942

(No. 22 of 1942) (“Act of 1942”);

(ii) a Head of Function of the Central Bank appointed by the Commission under section

23B(1) (inserted by section 14(1) of the Act of 2010) of the Act of 1942;

(iii) an acting Head of Function of the Central Bank appointed by the Governor under

section 23D(1) (inserted by section 14(1) of the Act of 2010) of the Act of 1942;

(iv) a member of staff of Investor Compensation Company Limited;

(v) a member of staff of the Financial Services Ombudsman’s Bureau under section 57BN (inserted by

section 16

of the

Central Bank and Financial Services Authority of Ireland Act 2004

(No. 21 of 2004)) of the Act of 1942;

(vi) a Registrar of Credit Unions under section 33X(4) (inserted by

section 26

of the

Central Bank and Financial Services Authority of Ireland Act 2003

(No. 12 of 2003)) of the Act of 1942;

(vii) an acting Registrar of Credit Unions under section 33Y(2) of the Act of 1942,

(

) the approval of—

(i) a superannuation scheme established under section 33AG(2) (inserted by

section 26

of the

Central Bank and Financial Services Authority of Ireland Act 2003

(No. 12 of 2003)) of the Act of 1942 in respect of persons mentioned in subsection

(1) of that section;

(ii) a merger of a staff superannuation scheme mentioned in clause (i) with a staff

superannuation scheme continued by section 33AH (inserted by

section 26

of the

Central Bank and Financial Services Authority of Ireland Act 2003

(No. 12 of 2003)) of the Act of 1942, under subsection (3) of that section,

(

) a determination that a trust fund established for the purposes of a staff superannuation

scheme established under section 33AG, or continued in being under section 33AH, of

the Act of 1942 is to be public funds for the purposes of the

Superannuation Act 1892

under section 33AI(2) (inserted by

section 26

of the

Central Bank and Financial Services Authority of Ireland Act 2003

(No. 12 of 2003)) of the Act of 1942.

Application of collectively cited

Central Bank Acts 1942 to 2011

restricted (28.10.2011) by

Central Bank and Credit Institutions (Resolution)

Act 2011

(27/2011), s. 69(6)(a), S.I. No. 548 of 2011, as amended

(15.07.2015) by

European Union (Bank Recovery and Resolution) Regulations

2015

(S.I. No. 289 of 2015), reg. 187(e), in operation as per reg. 2.

Effect of appointment of special manager.

69.

— ...

(6) A special management order has effect notwithstanding anything in—

(a) the Companies Acts,

[

...

]

the Credit Union Act 1997 or the Central Bank Acts 1942 to 2011,

...

except to any extent to which the special management order expressly provides otherwise.

Construction of references in Act extended in certain circumstances (28.10.2011)

Central Bank and Credit Institutions (Resolution) Act 2011

(27/2011), s. 90(1), S.I. No. 548 of 2011.

Application of this Part to bodies incorporated outside State.

90.

—(1) In the case of the winding-up of an authorised credit institution, or a body that

was formerly an authorised credit institution, that is a company incorporated outside

the State, references in the Central Bank Acts 1942 to 2011 to—

(a) the winding-up of an authorised credit institution or a body that was formerly

an authorised credit institution, or

(b) any provision of the Companies Acts which relates to winding-up,

shall be construed as references to the corresponding provisions in the law of the

foreign jurisdiction concerned if the context so admits and the circumstances so require.

(2) For the purposes of a winding-up referred to in subsection (1), the Court may

order that the Central Bank Acts 1942 to 2011 apply, if necessary, with such modifications

as the Court orders.

Application of collectively cited

Central Bank Acts

(designated as relevant applicable enactments for purpose of regulations) restricted

(4.02.2011) by

European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations

2011

(S.I. No. 48 of 2011), regs. 5 and 12.

What law applies to credit institution in respect of which reorganisation measure

is imposed

—(1) The relevant applicable enactment applies to and in relation to a reorganisation

measure imposed, or to be imposed, in respect of an authorised credit institution

(including its branches in other Member States) except as otherwise expressly provided

by these Regulations.

(2) The provisions of a relevant applicable enactment forming part of a reorganisation

measure or applying, implementing or giving effect to a reorganisation measure apply

in relation to the credit institution concerned and shall be fully effective in accordance

with that enactment as provided by the Directive.

(3) Provisions of this Regulation applying, implementing or giving effect to a reorganisation

measure apply in relation to the credit institution concerned and shall be fully effective

in accordance with those provisions as provided by the Directive.

(4) A reorganisation measure imposed by a competent authority of another Member State

in respect of a credit institution authorised in that State (including any branch

of the institution in the State) is to be recognised in the State as soon as the measure

takes effect in that other State. This paragraph applies even if, had the particular

matter been dealt with under the relevant applicable enactment, the measure would

not be provided for, or would be provided for subject to the fulfilment of specified

conditions that would not have been fulfilled in the particular case.

...

What law applies to winding up of credit institution

12.

—(1) The relevant applicable enactment applies to proceedings to wind up an authorised

credit institution, except in so far as these Regulations otherwise provide.

(2) The laws and administrative provisions applicable in another Member State apply

to proceedings to wind up a credit institution authorised in that other State.

C10

References in collectively cited

Central Bank Acts

construed (16.05.2002) by

European Communities (Electronic Money) Regulations 2002

(S.I. No. 221 of 2002, reg. 32.

Construing of references to winding up, etc.

32. Where the context so admits and the circumstances may so require, references in

the Central Bank Acts 1942 to 1998 to the winding up of a holder or former holder

of an authorisation or to any provision of the Companies Acts 1963 to 2001 which relates

to winding up shall, where a holder or former holder of an authorisation is a company

incorporated outside the State be construed as references to the corresponding provisions

in the law of the foreign jurisdiction concerned and accordingly, the provisions of

the Central Bank Acts 1942 to 1998 shall apply to the winding up or dissolution concerned

and, where necessary, with such modifications as the Court may order.

C11

Powers under collectively cited

Central Bank Acts 1942 to 2001

(included in the supervisory enactments) affected (22.03.2002) by

Asset Covered Securities Act 2001

(47/2001), s. 25, S.I. No. 94 of 2002, as amended (31.08.2007) by

Asset Covered Securities (Amendment) Act 2007

(13/2007), s. 16, S.I. No. 591 of 2007.

Provisions of certain other Acts not affected.

25.

—If the registration of an institution is revoked under this Part and the institution

is—

(a) the holder of a licence issued under the Central Bank Act, 1971,

[

(b) a trustee savings bank, or

]

[

(d) ...

]

the power of the Authority to exercise in relation to the institution any power conferred

on it by the supervisory enactments is affected only in so far as the exercise of

that power would be inconsistent with this Act.

C12

Application of powers under collectively cited

Central Bank Acts 1942 to 2001

restricted (22.03.2002) by

Asset Covered Securities Act 2001

(47/2001), s. 81, S.I. No. 94 of 2002. The title of this Part 7 is

Effect of Potential Insolvency Process on Designated or Formerly Designated Credit

Institution

Application and operation of this Part.

81.

—(1) Except as provided by section 87, the following enactments do not affect the application

and operation of this Part in respect of designated and formerly designated credit

institutions: ...

(d) the supervisory enactments

(e) any other enactment or any rule of law relating to an insolvency process.

C13

Application of collectively cited

Central Bank Acts 1942 to 1997

extended (9.04.1997) by

Central Bank 1997

(8/1997), ss. 31 and 53, S.I. No. 150 of 1997; s. 53 as amended (1.0.2004) by

Central Bank and Financial Services Authority of Ireland Act 2004

(21/2004), s. 28, S.I. No. 455 of 2004.

Application of section 17 of Act of 1971 to bureaux de change.

31.

—

Without prejudice to section 30 of this Act, section 17 of the Act of 1971 shall apply

as if every person authorised by the Bank to carry on bureau de change business were

the holder of a licence for the purposes of the Central Bank Acts, 1942 to 1997.

...

Application of section 47 of Act of 1989.

53.

— Section 47 of the Act of 1989 shall apply—

(a) to every financial institution to which Chapter VII of Part II of the Act of

1989 relates,

(b) to every exchange to which Chapter VIII of Part II of the Act of 1989 relates

and every member of that exchange, and

as if each such institution, exchange, member or person so authorised were the holder

of a licence for the purposes of the Central Bank Acts

[

...

]

C14

Application of collectively cited

Central Bank Acts 1942 to 1997

restricted (9.04.1997) by

Central Bank Act 1997

(8/1997), s. 84(5), S.I. No. 150 of 1997, as amended (1.0.2004) by

Central Bank and Financial Services Authority of Ireland Act 2004

(21/2004), s. 32, S.I. No. 455 of 2004.

Representative offices.

84.

—

...

(5)

Notwithstanding anything contained in the

Central Bank Acts

[

...

]

, a representative office may use in its name or title the words “

bank

”, “

banker

” or “

banking

” or any variant or derivative thereof, subject to such terms or conditions as may

be specified by the Bank.

...

C15

Provision for summary prosecution and liability for offences under collectively cited

Central Bank Acts 1942 to 1989

extended (12.07.1989) by

Central Bank Act 1989

(16/1989), ss. 10 and 11, S.I. No. 176 of 1989.

Prosecution of offences by Bank.

10.

—An offence under the Central Bank Acts, 1942 to 1989, which is being tried summarily

may be prosecuted by the Bank and a statement made by the person conducting such prosecution

that the prosecution has been commenced with the authority of the Bank shall be sufficient

evidence that the prosecution was so commenced.

Offences in relation to certain bodies.

11.

—Where an offence under the Central Bank Acts, 1942 to 1989, is committed by a body

corporate or by a person purporting to act on behalf of a body corporate or an unincorporated

body of persons and is proved to have been so committed with the consent or approval

of, or to have been facilitated by any wilful neglect on the part of, another person

(being a director, manager, secretary, member of any committee of management or other

controlling authority of such body or official of such body) that other person shall,

as well as the body corporate or the person so purporting to act, be guilty of an

offence and shall be liable to be proceeded against and punished accordingly.

C16

Construction of references in collectively cited

Central Bank Acts 1942 to 1989

extended in certain circumstances (12.07.1989) by

Central Bank Act 1989

(16/1989), s. 51, S.I. No. 176 of 1989. This provision is construed (31.03.2014) by

European Union (Capital Requirements) Regulations 2014

(S.I. No. 158 of 2014), reg 152, which replaces the construction of reference previously

prescribed (1.01.1993) by

European Communities (Licensing and Supervision of Credit Institutions) Regulations

1992

(S.I. No. 395 of 1992), reg. 38.

Construing of references to winding up, etc.

51.

—

Where the context so admits and the circumstances may so require, references in the

Central Bank Acts, 1942 to 1989

, to the winding up of a holder or former holder of a licence or to any provision

of the Companies Acts, 1963 to 1986, which relates to winding up shall, where a holder

or former holder of a licence is a company incorporated outside the State or is an

institution to which section 9(1A) (as amended by this Part) of the Act of 1971 relates,

be construed as references to the corresponding provisions in the law of the foreign

jurisdiction concerned and, accordingly, the provisions of the

Central Bank Acts, 1942 to 1989

, shall apply to the winding up or dissolution concerned and, where necessary, with

such modifications as the Court may order.

C17

Application of collectively cited

Currency and Central Bank Acts 1927 to 1971

extended (13.07.1983) by

Postal and Telecommunications Services Act 1983

(24/1983), s. 67(2)(b), commenced on enactment but subject to vesting order made

(1.01.1984) by S.I. No. 407 of 1983.

Provision of banking services.

67.

—

(1)

The company may, after consultation with the Minister and as authorised by order of

the Minister for Finance (made after consultation with the Central Bank), provide

banking services, including the service commonly known as the Giro System and also

including the lending of money.

(2)

Any such order may—

(

)

specify the services which the company may provide,

(

)

contain such other provisions in relation thereto, including provisions concerning

the application of the Currency and Central Bank Acts, 1927 to 1971, and any other

enactment, as the Minister for Finance, after consultation with the Minister, the

company, the Central Bank and any other appropriate Minister, considers necessary

or desirable.

...

Editorial Notes

Central Bank designated as competent authority for enforcement of

certain consumer protection interests (17.01.2020) by

European Union

(Cooperation Between National Authorities Responsible for the Enforcement of

Consumer Protection Laws) Regulations 2020

(S.I. No. 14 of 2020), reg. 4

and sch., in operation as per reg. 1(2).

Certain duties and obligations imposed by or under the

Central Bank Acts 1942 to 2013

confirmed (1.08.2013) by

Central Bank (Supervision and Enforcement) Act 2013

(26/2013), s. 73, S.I. No. 287 of 2013.

Bank may have regard to statements made under

Central Bank Reform Act 2010

(23/2010), s. 37(5) for the purposes of the exercise of its powers and the performance

of its functions under the collectively cited

Central Bank Acts 1942 to 2010

as provided (1.10.2010) by

Central Bank Reform Act 2010

(23/2010), s. 37, S.I. No. 469 of 2010.

Previous affecting provision: Central Bank designated as competent

authority for enforcement of certain consumer protection interests (17.01.2020) by

European Union (Cooperation Between National Authorities Responsible for the

Enforcement of Consumer Protection Laws) Regulations 2019

(S.I. No. 691 of

2019), reg. 4 and sch., in operation as per reg. 1(2); revoked (17.01.2020) by

European Union (Cooperation Between National Authorities Responsible for the

Enforcement of Consumer Protection Laws) Regulations 2020

(S.I. No. 14 of

2020), reg. 11(f), in operation as per reg. 1(2).

Previous affecting provision: application of collectively cited

Central Bank Acts

(designated as relevant applicable enactments for purpose of regulations) restricted

(5.05.2004) by

European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations

2004

(S.I. No. 198 of 2004), regs. 2(2)(b), 5, 12(1), 17(1) and (3); revoked (4.02.2011)

European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations

2011

(S.I. No. 48 of 2011), reg. 41.

Previous affecting provision: application of collectively cited

Central Bank Acts 1942 to 1997

restricted (1.10.1997) by

Credit Union Act 1997

(15/1997), s. 184(a), S.I. No. 403 of 1997; substituted (1.08.2013) by

Credit Union and Co-operation with Overseas Regulators Act 2012

(40/2012), s. 34, S.I. No. 280 of 2013.

Previous affecting provision: application of collectively cited

Central Bank Acts 1942 to 1989

restricted (12.07.1989) by

Central Bank Act 1989

(16/1989), s. 18(1), S.I. No. 176 of 1989; repealed (1.05.2003) by

Central Bank and Financial Services Authority of Ireland Act 2003

(12/2003), s. 35 and sch. 1 part 9, S.I. No. 160 of 2003.

Previous affecting provision: application of Act restricted (1.03.1967) by

Credit Union Act 1966

(19/1966), s. 29, S.I. No. 29 of 1967; repealed (1.10.1997) by

Credit Union Act 1997

(15/1997), s. 5(1)(a), S.I. No. 403 of 1997.