IE
(LRC Revised)
Statutory Text (1 Articles)
Number 24 of 1971
CENTRAL BANK ACT 1971
REVISED
Updated to 29 September 2025
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 1971
. 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
Statute Law Revision Act 2025
(10/2025), enacted 23 July 2025, and all statutory instruments up to and including
European Union (Markets in Financial Instruments) (Amendment) Regulations 2025
(S.I. No. 436 of 2025), made 25 September 2025, 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 to
revisedacts@lawreform.ie.
Number
24
of
1971
CENTRAL BANK ACT 1971
REVISED
Updated to 29 September 2025
ARRANGEMENT OF SECTIONS
Part I
Preliminary and General
Section
1.
Short title, collective citation, construction and commencement.
2.
Definitions.
3.
Expenses.
4.
Laying of orders and regulations before Houses of the Oireachtas.
5.
Repeals.
6.
Transitional provision.
Part II
Licensing and Supervision of Banks
7.
Restriction on carrying on of banking business.
8.
Exemption of persons from section 7.
9.
Grant of licences.
9A.
Authorisation of third country branches.
9B.
Refusal to grant an authorisation under
section 9A
.
9C.
Revocation of authorisations granted under
section 9A
.
9CA.
Third country branch reporting.
9CB.
Cooperation with competent authorities.
9D.
Programme of operations and structural organisation.
9E.
Initial capital.
9F.
Effective direction of business and place of head office.
9FA.
Precondition for draft decision to propose licence.
9G.
Shareholders and members.
9GA.
Assessment of suitability of shareholders or members.
9H.
Waiver for credit institutions permanently affiliated to central body.
9I.
Refusal of authorisation.
9J.
Prior consultation of competent authorities.
10.
Conditions of licences.
11.
Revocation of licences.
12.
Publication of names of holders of licences and notices of revocation of licences.
13.
Deposits at Bank for purposes of licences.
14.
Restriction on use of certain words.
15.
Provisions in relation to incorporation or banking companies.
16.
Provisions in relation to registration or change of business name.
17.
Provisions in relation to books and records of holders of licences.
17A.
Powers of authorised persons with respect to holders of licences.
(Repealed)
18.
Holders of licences and others to provide Bank with required information and returns.
19.
Publication of business statements by holders of licences.
20.
Displaying of financial statements by holders of licences.
21.
Directions by Bank to holders of licences.
22.
Directions by Bank in relation to advertisements of holders of licences.
23.
Regulation of ratios between assets and liabilities of holders of licences.
23A.
Composition of assets and liabilities.
24.
Power of Bank to require deposits by holders of licences in certain circumstances.
25.
Power of Bank in respect of clearances of holders of licences.
26.
Collection of cheques, etc., drawn on holders of licences.
27.
Restriction on advertising for deposits.
28.
Provisions in relation to judgements against holders of licences.
28A.
Power of Court to prohibit certain contraventions of, or failure to comply with, Act
of 1971.
29.
Proceedings in relation to deposits under section 7.
(Repealed)
30.
Provisions in relation to bankruptcy and winding up.
(Repealed)
31.
Duties of holder of licence on termination of banking business.
31A.
Interpretations/Definitions (Class 1 firms).
31B.
Requirement for a Class 1 authorisation (Class 1 firms).
31C.
Application for authorisation (Class 1 firms).
31D.
Programme of operations and structural organisation (Class 1 firms).
31E.
Initial Capital (Class 1 firms).
31F.
Effective direction of business and place of head office (Class 1 firms).
31FA.
Precondition for draft decision to propose Class 1
authorisation
31G.
Shareholders and members (Class 1 firms).
31H.
Assessment of suitability of shareholders and members (Class 1 firms).
31I.
Waiver for credit institutions permanently affiliated to central body (Class 1 firms).
31J.
Refusal of authorisation (Class 1 firms).
31K.
Prior consultation of competent authorities (Class 1 firms).
31L.
Conditions of authorisation (Class 1 firms).
31M.
Revocation of authorisation (Class 1 firms).
31N.
Publication of names of holders of authorisations and notices of revocation of authorisations
(Class 1 firms).
31O.
Holders of Class 1 authorisations to keep certain records.
31P.
Holders of Class 1 authorisations and others to provide Bank with required information
and returns.
31Q.
Publication of business statements by holders of Class 1 authorisations.
31R.
Requirement for holders of MiFID authorisation to re-authorise.
Part III
Transfers of Banks
32.
Interpretation (
Part III
).
33.
Approval by Minister of transfer of bank.
33A.
Effect of order under section 33(1) on certain other rights.
33B.
Minister’s power to modify application of section 33A.
34.
Transfer of accounts.
34A.
Transfer of property.
35.
Transfer of securities.
36.
Rights and obligations in relation to transferred securities.
37.
Transfer in the case of property held on bailment.
38.
Transfer of officers, clerks and servants.
39.
Application of certain instruments.
40.
Application of Bankers' Books Evidence Act, 1879.
41.
Continuance of pending legal proceedings.
42.
Exemptions from stamp duty.
Part IV
Currency
43.
Standard of value.
(Repealed)
44.
Issue of legal tender notes by Bank.
45.
Amendment of section 49 of Act of 1927.
46.
Amendment of section 50 of Act of 1927 and of section 5 of the Currency (Amendment)
Act, 1930.
Part V
Miscellaneous
47.
Additional powers and functions of Bank.
(Repealed)
48.
Central Bank Reserve Bonds.
49.
Transfer of Exchequer Account to Bank.
50.
Transfer of land bond registers to Bank.
51.
Provisions relating to Bank of Ireland.
52.
Amendment of Moneylenders Acts, 1900 and 1933.
53.
Directors of Bank.
(Repealed)
54.
Superannuation.
55.
Return of deposits under Act of 1942.
56.
Amendment of Bankers' Books Evidence Act, 1879.
57.
Amendment of section 14 of Decimal Currency Act 1970.
58.
Offences and punishments.
59.
Prosecution of offences by Bank.
60.
Offences in relation to certain bodies.
Schedule
Enactments Repealed
Acts Referred to
Currency Act, 1927
1927, No. 32
Central Bank Act, 1942
1942, No. 22
Companies Act, 1963
1963, No. 33
Registration of Business Names Act, 1963
1963, No. 30
Bills of Exchange Act, 1882
1882, c. 61
Registration of Deeds Act, 1707
6 Anne, c. 2 (Ir.)
Registration of Title Act, 1964
1964, No. 16
Bankers' Books Evidence Act, 1879
1879, c. 11
Finance Act, 1895
1895, c. 16
Currency (Amendment) Act, 1930
1930, No. 30
Exchequer and Audit Departments Act, 1866
1866. c. 39
Bank of Ireland Act, 1929
1929, No. 4 (Private)
Moneylenders Act, 1900
1900, c 51
Central Bank Act, 1961
1961, No. 8
Bankers' Books Evidence (Amendment) Act, 1959
1959, No. 21
Decimal Currency Act, 1970
1970, No. 21
Number
24
of
1971
CENTRAL BANK ACT 1971
REVISED
Updated to 29 September 2025
AN ACT TO MAKE FURTHER PROVISION IN RELATION TO BANKS
AND BANKING, INCLUDING PROVISION FOR THE LICENSING AND SUPERVISION OF BANKS BY THE
CENTRAL BANK OF IRELAND,
TO AMEND AND EXTEND THE CURRENCY AND CENTRAL BANK ACTS, 1927 TO 1964, AND TO PROVIDE
FOR OTHER MATTERS
CONNECTED WITH THE MATTERS AFORESAID. [28
th July
, 1971]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS
Annotations
Modifications (not altering text)
C1
Sanctions for breaches under Act prescribed (31.03.2014) by
European Union (Capital Requirements) Regulations 2014
(S.I. No. 158 of 2014), reg. 54(1), (2)(a), (b).
Administrative penalties and other administrative measures for breaches of authorisation
requirements and requirements for acquisitions of qualifying holdings
54.
—(1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section
33AQ of the Act of 1942, sanctions may be imposed by the Bank following an inquiry
under section 33AO of the Act of 1942 for the contraventions listed in
paragraph (2)
and may include any or all of the following
(
a
) a public statement that identifies the natural person, institution, financial holding
company or mixed-financial holding company responsible, and the nature of the breach
concerned;
(
b
) an order requiring a natural or legal person responsible for the contravention to
cease, and desist from, the conduct concerned;
(
c
) in the case of a body corporate or unincorporated body, administrative pecuniary
penalties of up to 10 per cent of the total annual net turnover including the gross
income consisting of—
(i) interest receivable and similar income,
(ii) income from shares and other variable or fixed-yield securities, and
(iii) commissions or fees receivable
in accordance with Article 316 of the Capital
Requirements Regulation, of the undertaking in the preceding business
year;
(
d
) in the case of a natural person, administrative pecuniary penalties of up to €5,000,000;
(
e
) administrative pecuniary penalties of up to twice the amount of the benefit derived
from the contravention where that benefit can be determined;
(
f
) suspension of the voting rights of the shareholder or shareholders held responsible
for the contraventions referred to in
paragraph (2)
.
(2) The contraventions referred to in
paragraph (1)
are the following
(
a
) carrying out the business of taking deposits or other repayable funds from the public
without being an authorised or licensed credit institution, as appropriate, in breach
of the Act of 1971,
(
b
) commencing activities as a credit institution without obtaining a licence or authorisation,
as appropriate, in breach of the Act of 1971,
…
Annotations
Modifications (not altering text)
C1
Sanctions for breaches under Act prescribed (31.03.2014) by
European Union (Capital Requirements) Regulations 2014
(S.I. No. 158 of 2014), reg. 54(1), (2)(a), (b).
Administrative penalties and other administrative measures for breaches of authorisation
requirements and requirements for acquisitions of qualifying holdings
54.
—(1) Notwithstanding Part IIIC of the Act of 1942 and the sanctions set out in section
33AQ of the Act of 1942, sanctions may be imposed by the Bank following an inquiry
under section 33AO of the Act of 1942 for the contraventions listed in
paragraph (2)
and may include any or all of the following
(
a
) a public statement that identifies the natural person, institution, financial holding
company or mixed-financial holding company responsible, and the nature of the breach
concerned;
(
b
) an order requiring a natural or legal person responsible for the contravention to
cease, and desist from, the conduct concerned;
(
c
) in the case of a body corporate or unincorporated body, administrative pecuniary
penalties of up to 10 per cent of the total annual net turnover including the gross
income consisting of—
(i) interest receivable and similar income,
(ii) income from shares and other variable or fixed-yield securities, and
(iii) commissions or fees receivable
in accordance with Article 316 of the Capital
Requirements Regulation, of the undertaking in the preceding business
year;
(
d
) in the case of a natural person, administrative pecuniary penalties of up to €5,000,000;
(
e
) administrative pecuniary penalties of up to twice the amount of the benefit derived
from the contravention where that benefit can be determined;
(
f
) suspension of the voting rights of the shareholder or shareholders held responsible
for the contraventions referred to in
paragraph (2)
.
(2) The contraventions referred to in
paragraph (1)
are the following
(
a
) carrying out the business of taking deposits or other repayable funds from the public
without being an authorised or licensed credit institution, as appropriate, in breach
of the Act of 1971,
(
b
) commencing activities as a credit institution without obtaining a licence or authorisation,
as appropriate, in breach of the Act of 1971,
…
Section
1.
Short title, collective citation, construction and commencement.
2.
Definitions.
3.
Expenses.
4.
Laying of orders and regulations before Houses of the Oireachtas.
5.
Repeals.
6.
Transitional provision.
Part II
Licensing and Supervision of Banks
7.
Restriction on carrying on of banking business.
8.
Exemption of persons from section 7.
9.
Grant of licences.
9A.
Authorisation of third country branches.
9B.
Refusal to grant an authorisation under
section 9A
.
9C.
Revocation of authorisations granted under
section 9A
.
9CA.
Third country branch reporting.
9CB.
Cooperation with competent authorities.
9D.
Programme of operations and structural organisation.
9E.
Initial capital.
9F.
Effective direction of business and place of head office.
9FA.
Precondition for draft decision to propose licence.
9G.
Shareholders and members.
9GA.
Assessment of suitability of shareholders or members.
9H.
Waiver for credit institutions permanently affiliated to central body.
9I.
Refusal of authorisation.
9J.
Prior consultation of competent authorities.
10.
Conditions of licences.
11.
Revocation of licences.
12.
Publication of names of holders of licences and notices of revocation of licences.
13.
Deposits at Bank for purposes of licences.
14.
Restriction on use of certain words.
15.
Provisions in relation to incorporation or banking companies.
16.
Provisions in relation to registration or change of business name.
17.
Provisions in relation to books and records of holders of licences.
17A.
Powers of authorised persons with respect to holders of licences.
(Repealed)
18.
Holders of licences and others to provide Bank with required information and returns.
19.
Publication of business statements by holders of licences.
20.
Displaying of financial statements by holders of licences.
21.
Directions by Bank to holders of licences.
22.
Directions by Bank in relation to advertisements of holders of licences.
23.
Regulation of ratios between assets and liabilities of holders of licences.
23A.
Composition of assets and liabilities.
24.
Power of Bank to require deposits by holders of licences in certain circumstances.
25.
Power of Bank in respect of clearances of holders of licences.
26.
Collection of cheques, etc., drawn on holders of licences.
27.
Restriction on advertising for deposits.
28.
Provisions in relation to judgements against holders of licences.
28A.
Power of Court to prohibit certain contraventions of, or failure to comply with, Act
of 1971.
29.
Proceedings in relation to deposits under section 7.
(Repealed)
30.
Provisions in relation to bankruptcy and winding up.
(Repealed)
31.
Duties of holder of licence on termination of banking business.
31A.
Interpretations/Definitions (Class 1 firms).
31B.
Requirement for a Class 1 authorisation (Class 1 firms).
31C.
Application for authorisation (Class 1 firms).
31D.
Programme of operations and structural organisation (Class 1 firms).
31E.
Initial Capital (Class 1 firms).
31F.
Effective direction of business and place of head office (Class 1 firms).
31FA.
Precondition for draft decision to propose Class 1
authorisation
31G.
Shareholders and members (Class 1 firms).
31H.
Assessment of suitability of shareholders and members (Class 1 firms).
31I.
Waiver for credit institutions permanently affiliated to central body (Class 1 firms).
31J.
Refusal of authorisation (Class 1 firms).
31K.
Prior consultation of competent authorities (Class 1 firms).
31L.
Conditions of authorisation (Class 1 firms).
31M.
Revocation of authorisation (Class 1 firms).
31N.
Publication of names of holders of authorisations and notices of revocation of authorisations
(Class 1 firms).
31O.
Holders of Class 1 authorisations to keep certain records.
31P.
Holders of Class 1 authorisations and others to provide Bank with required information
and returns.
31Q.
Publication of business statements by holders of Class 1 authorisations.
31R.
Requirement for holders of MiFID authorisation to re-authorise.
Part III
Transfers of Banks
32.
Interpretation (
Part III
).
33.
Approval by Minister of transfer of bank.
33A.
Effect of order under section 33(1) on certain other rights.
33B.
Minister’s power to modify application of section 33A.
34.
Transfer of accounts.
34A.
Transfer of property.
35.
Transfer of securities.
36.
Rights and obligations in relation to transferred securities.
37.
Transfer in the case of property held on bailment.
38.
Transfer of officers, clerks and servants.
39.
Application of certain instruments.
40.
Application of Bankers' Books Evidence Act, 1879.
41.
Continuance of pending legal proceedings.
42.
Exemptions from stamp duty.
Part IV
Currency
43.
Standard of value.
(Repealed)
44.
Issue of legal tender notes by Bank.
45.
Amendment of section 49 of Act of 1927.
46.
Amendment of section 50 of Act of 1927 and of section 5 of the Currency (Amendment)
Act, 1930.
Part V
Miscellaneous
47.
Additional powers and functions of Bank.
(Repealed)
48.
Central Bank Reserve Bonds.
49.
Transfer of Exchequer Account to Bank.
50.
Transfer of land bond registers to Bank.
51.
Provisions relating to Bank of Ireland.
52.
Amendment of Moneylenders Acts, 1900 and 1933.
53.
Directors of Bank.
(Repealed)
54.
Superannuation.
55.
Return of deposits under Act of 1942.
56.
Amendment of Bankers' Books Evidence Act, 1879.
57.
Amendment of section 14 of Decimal Currency Act 1970.
58.
Offences and punishments.
59.
Prosecution of offences by Bank.
60.
Offences in relation to certain bodies.
Schedule
Enactments Repealed
Number
24
of
1971