(LRC Revised)

Number 8 of 1997

CENTRAL BANK ACT 1997

REVISED

Updated to 30 December 2023

Changes to legislation

as of 10 July 2026, this Act is up to date with all changes known to be in force.

This Revised Act is an

administrative consolidation of the

Central Bank Act 1997

. 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

Electoral (Amendment) Act 2023

(40/2023), enacted 19 December 2023, and all statutory

instruments up to and including the

European Union (Credit Servicers and Credit Purchasers) Regulations

(S.I. No. 644 of 2023), made 21 December 2023, 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

8

of

1997

CENTRAL BANK ACT

1997

REVISED

Updated to 30 December 2023

ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section

1.

Short title, construction, collective citation and commencement.

2.

Interpretation.

3.

Laying of regulations and orders before Houses of the Oireachtas.

4.

Repeals.

PART II

Regulation of Payment Systems

5.

Definitions (

Part II

).

6.

Membership of payment system.

7.

Payment systems.

8.

Existing payment systems.

9.

Approval of rules.

10.

Refusal to approve of rules.

11.

Application of section 17 of Act of 1971.

12.

Failure to comply with conditions or requirements.

13.

Revocation of approval of rules of payment system.

14.

Offences.

15.

Imposition of requirements for membership.

16.

Amendment of section 26 of Act of 1971.

17.

Exemption of payment systems.

18.

Payment of fees.

19.

Prohibition of revocation of certain payments.

20.

Electronic settlement of accounts.

21.

Amendment of section 7 of Act of 1942.

22.

Power to make regulations for cross-border transfers.

PART III

Power of the Bank to Form or Acquire a Company

23.

Power of Bank to form or acquire a company.

PART IV

Functions and Duties of Governor of Bank

CHAPTER 1

Introductory

24.

Interpretation (Part IV).

CHAPTER 2

Compliance and related

statements

25.

Obligation of

regulated service provider to provide compliance statement when required

to do so by the Bank.

26.

Compliance

statement to be accompanied by auditor's report if required.

27.

Offences

under section 25 or 26.

27A.

Bank may issue guidelines.

CHAPTER 3

Obligations of auditors of

regulated financial service providers

27B.

Auditor of regulated financial service provider to lodge annual report with Bank.

27BA.

Auditor assurance.

27C.

Duty of

auditor to provide Bank with copies of certain reports.

27D.

Duty of

auditor to provide Bank with copies of reports sent to Director of

Corporate Enforcement.

27E.

Bank may

request auditor of regulated financial service provider to provide Bank

with report on certain matters.

27F.

Bank may

require auditor of regulated financial service provider to provide

certain documents.

27G.

Offences by

auditors and affiliates under this Chapter.

27H.

Auditors to have certain immunities from liability.

CHAPTER 4

Supplementary provisions

27I.

Offence to

provide false or misleading information for the purposes of this

Part.

27J.

Who may

prosecute offences against this Part that are to be tried

summarily.

27K.

Limitation

period for bringing proceedings for summary trial of offence against this

Part.

(Repealed)

PART V

Supervision of Regulated Businesses

CHAPTER 1

Introductory provisions

28.

Definitions

(

Part V

).

CHAPTER 2

Carrying on regulated business

without authorisation prohibited

29.

Person

prohibited from carrying on regulated business without

authorisation.

29A.

Power of

Bank to exempt certain persons from being required to hold authorisation

as a retail credit firm.

CHAPTER 3

Authorisations to carry on

regulated businesses

30.

Applications

for authorisations.

31.

Grant and

refusal of applications for authorisation.

31A.

Provisions

supplementary to section 31 applicable to retail credit and home

reversion firms.

32.

Effect and

term of authorisation.

32A.

Additional

provisions applicable to retail credit and home reversion firms.

33.

Bank may

impose conditions when granting an application for an

authorisation.

33A.

Imposition

of conditions or requirements on authorised retail credit firms and home

reversion firms.

34.

Bank may

amend authorisation.

34C.

Transitional

provisions.

34D.

Transitional

provision for existing debt management firms.

34E.

Transitional

provision for existing retail credit firms.

34EA.

Further transitional provision for existing retail credit firms.

34F.

Transitional

provision for existing credit servicing firms.

34FA.

Transitional provision for existing credit servicing firms

supplementary.

34FB.

Further transitional provision for existing credit servicing firms.

34G.

Obligation

on credit servicing firm and holder of legal title to credit.

35.

Offence to

fail to comply with certain conditions and requirements.

36.

Revocation of

authorisation by Bank on application of holder.

36A.

Revocation

of authorisation by Bank otherwise than on application of

holder.

36B.

Bank may

direct holder of authorisation to suspend business.

36C.

Bank to

publish notice of revocation or suspension.

36D.

Bank to keep

register of persons authorised to carry on regulated

businesses.

36E.

Bank to

publish list of persons authorised to carry on regulated

businesses.

36EA.

Collection

and publication of information on relevant agreements.

36F.

Holders of

authorisations to keep certain records.

CHAPTER 4

Enforcement of this Part

36G.

Appointment

of inspectors.

(Repealed)

36H.

Powers of

inspectors with respect to holders of authorisations.

(Repealed)

36I.

Offence to

obstruct inspectors in the exercise of their powers.

(Repealed)

36J.

Court may

make enforcement orders.

36K.

Offences by

persons concerned in management of bodies corporate.

CHAPTER 5

Supplementary provisions

36L.

Decisions of

Bank under this Part to be appealable decisions for purposes of Part VIIA

of Central Bank Act 1942.

36M.

Bank may

make regulations for purposes of this Part.

36N.

Performance

and exercise of Bank's functions and powers to be consistent with

performance of certain responsibilities of Governor.

PART VI

Amendments to Investment Intermediaries Act, 1995

37.

Amendment of

section 4

of

Investment Intermediaries Act, 1995

.

38.

Amendment of

section 8

of

Investment Intermediaries Act, 1995

.

39.

Amendment of

section 10

of

Investment Intermediaries Act, 1995

.

40.

Amendment of

section 20

of

Investment Intermediaries Act, 1995

.

41.

Amendment of

section 22

of

Investment Intermediaries Act, 1995

.

42.

Amendment of

section 25

of

Investment Intermediaries Act, 1995

.

43.

Amendment of

section 26

of

Investment Intermediaries Act, 1995

.

44.

Amendment of

section 27

of

Investment Intermediaries Act, 1995

.

45.

Amendment of

section 28

of

Investment Intermediaries Act, 1995

.

46.

Amendment of

section 29

of

Investment Intermediaries Act, 1995

.

47.

Amendment of

section 31

of

Investment Intermediaries Act, 1995

.

48.

Amendment of

section 64

of

Investment Intermediaries Act, 1995

.

(Repealed)

49.

Amendment of

section 78

of

Investment Intermediaries Act, 1995

.

PART VII

Miscellaneous

50.

Amendment of section 24 of Act of 1942.

51.

Amendment of section 28 of Act of 1942.

52.

Amendment of section 16 of Act of 1989.

53.

Application of section 47 of Act of 1989.

54.

Amendment of section 48 of Act of 1989.

55.

Amendment of section 75 of Act of 1989.

56.

Amendment of section 76 of Act of 1989.

57.

Amendment of section 90 of Act of 1989.

58.

Amendment of section 91 of Act of 1989.

59.

Amendment of section 92 of Act of 1989.

60.

Amendment of section 3(2) of

Consumer Credit Act, 1995

.

61.

Amendment of Part II, Chapter VII of Act of 1989.

62.

Amendment of section 104 of Act of 1989.

63.

Amendment of section 139 of Act of 1989.

64.

Amendment of

section 3

of

Bretton Woods Agreements Act, 1957

.

65.

Amendment of

section 3

of

International Finance Corporation Act, 1958

.

66.

Amendment of

section 3

of

International Development Association Act, 1960

.

67.

Amendment of

section 3

of

Multilateral Investment Guarantee Agency Act, 1988

.

68.

Amendment of

section 3

of

European Bank for Reconstruction and Development Act, 1991

.

69.

Amendment of Part II, Chapter II of Act of 1989.

70.

Amendment of Act of 1971.

71.

Amendment of section 11 of Act of 1971.

72.

Amendment of section 48 of Act of 1971.

73.

Amendment of section 51 of Act of 1971.

74.

Injunction to prevent an unauthorised person acting as a credit institution.

75.

Powers of

inspection.

(Repealed)

76.

Search and

seizure.

(Repealed)

77.

Examination by Comptroller and Auditor General.

78.

Amendment of

Building Societies Act, 1989

.

79.

Information to be supplied by mortgage lenders.

80.

Amendment of Trustee (Authorised Investments) Act, 1958.

81.

Amendment of European Communities (Deposit Guarantee Schemes) Regulations, 1995.

82.

References to

company in ICC Bank Act, 1992

(Repealed)

83.

Amendment of

Stock Transfer Act, 1963

.

84.

Representative offices.

85.

Amendment of

Decimal Currency Act, 1969

.

SCHEDULE

PART I

Repeals

PART II

Revocation

Acts Referred to

ACC Bank Act, 1992

1992, No. 6

Bretton Woods Agreements Act, 1957

1957, No. 18

Building Societies Act, 1989

1989, No. 17

Central Bank Acts, 1942 to 1989

Companies Acts, 1963 to 1990

Companies (Amendment) Act, 1977

1977, No. 31

Companies (Amendment) Act, 1986

1986, No. 25

Comptroller and Auditor General (Amendment) Act, 1993

1993, No. 8

Consumer Credit Act, 1995

1995, No. 24

Criminal Justice Act, 1994

1994, No. 15

Data Protection Act, 1988

1988, No. 25

Decimal Currency Act, 1969

1969, No. 23

European Bank for Reconstruction and Development Act, 1991

1991, No. 1

Finance Act, 1980

1980, No. 14

Finance Act, 1981

1981, No. 16

Finance Act, 1986

1986, No. 13

Finance Act, 1987

1987, No. 10

ICC Bank Act, 1992

1992, No. 21

Insurance Act, 1989

1989, No. 3

International Development Association Act, 1960

1960, No. 35

International Finance Corporation Act, 1958

1958, No. 22

Investment Intermediaries Act, 1995

1995, No. 11

Investment Limited Partnerships Act, 1994

1994, No. 24

Multilateral Investment Guarantee Agency Act, 1988

1988, No. 32

Netting of Financial Contracts Act, 1995

1995, No. 25

Pensions Acts, 1990 to 1996

Public Offices Fees Act, 1879

42 & 43 Vict., c. 58

Statistics Act, 1993

1993, No. 21

Stock Exchange Act, 1995

1995, No. 9

Stock Transfer Act, 1963

1963, No. 21

Trustee Act, 1893

56 & 57 Vict., c. 53

Trustee (Authorised Investments) Act, 1958

1958, No. 8

Trustee Savings Banks Act, 1989

1989, No. 21

Unit Trusts Act, 1990

1990, No. 37

Number

8

of

1997

CENTRAL BANK ACT 1997

REVISED

Updated to 30 December 2023

AN ACT TO MAKE PROVISION FOR THE REGULATION BY THE CENTRAL BANK OF IRELAND OF PAYMENT

SYSTEMS AND BUREAUX de CHANGE, AND TO AMEND AND EXTEND THE CENTRAL BANK ACTS, 1942

TO 1989 AND OTHER ENACTMENTS, AND TO PROVIDE FOR RELATED MATTERS. [31

st March

, 1997]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS

PART I

Preliminary and General

Section

1.

Short title, construction, collective citation and commencement.

2.

Interpretation.

3.

Laying of regulations and orders before Houses of the Oireachtas.

4.

Repeals.

PART II

Regulation of Payment Systems

5.

Definitions (

Part II

).

6.

Membership of payment system.

7.

Payment systems.

8.

Existing payment systems.

9.

Approval of rules.

10.

Refusal to approve of rules.

11.

Application of section 17 of Act of 1971.

12.

Failure to comply with conditions or requirements.

13.

Revocation of approval of rules of payment system.

14.

Offences.

15.

Imposition of requirements for membership.

16.

Amendment of section 26 of Act of 1971.

17.

Exemption of payment systems.

18.

Payment of fees.

19.

Prohibition of revocation of certain payments.

20.

Electronic settlement of accounts.

21.

Amendment of section 7 of Act of 1942.

22.

Power to make regulations for cross-border transfers.

PART III

Power of the Bank to Form or Acquire a Company

23.

Power of Bank to form or acquire a company.

PART IV

Functions and Duties of Governor of Bank

CHAPTER 1

Introductory

24.

Interpretation (Part IV).

CHAPTER 2

Compliance and related

statements

25.

Obligation of

regulated service provider to provide compliance statement when required

to do so by the Bank.

26.

Compliance

statement to be accompanied by auditor's report if required.

27.

Offences

under section 25 or 26.

27A.

Bank may issue guidelines.

CHAPTER 3

Obligations of auditors of

regulated financial service providers

27B.

Auditor of regulated financial service provider to lodge annual report with Bank.

27BA.

Auditor assurance.

27C.

Duty of

auditor to provide Bank with copies of certain reports.

27D.

Duty of

auditor to provide Bank with copies of reports sent to Director of

Corporate Enforcement.

27E.

Bank may

request auditor of regulated financial service provider to provide Bank

with report on certain matters.

27F.

Bank may

require auditor of regulated financial service provider to provide

certain documents.

27G.

Offences by

auditors and affiliates under this Chapter.

27H.

Auditors to have certain immunities from liability.

CHAPTER 4

Supplementary provisions

27I.

Offence to

provide false or misleading information for the purposes of this

Part.

27J.

Who may

prosecute offences against this Part that are to be tried

summarily.

27K.

Limitation

period for bringing proceedings for summary trial of offence against this

Part.

(Repealed)

PART V

Supervision of Regulated Businesses

CHAPTER 1

Introductory provisions

28.

Definitions

(

Part V

).

CHAPTER 2

Carrying on regulated business

without authorisation prohibited

29.

Person

prohibited from carrying on regulated business without

authorisation.

29A.

Power of

Bank to exempt certain persons from being required to hold authorisation

as a retail credit firm.

CHAPTER 3

Authorisations to carry on

regulated businesses

30.

Applications

for authorisations.

31.

Grant and

refusal of applications for authorisation.

31A.

Provisions

supplementary to section 31 applicable to retail credit and home

reversion firms.

32.

Effect and

term of authorisation.

32A.

Additional

provisions applicable to retail credit and home reversion firms.

33.

Bank may

impose conditions when granting an application for an

authorisation.

33A.

Imposition

of conditions or requirements on authorised retail credit firms and home

reversion firms.

34.

Bank may

amend authorisation.

34C.

Transitional

provisions.

34D.

Transitional

provision for existing debt management firms.

34E.

Transitional

provision for existing retail credit firms.

34EA.

Further transitional provision for existing retail credit firms.

34F.

Transitional

provision for existing credit servicing firms.

34FA.

Transitional provision for existing credit servicing firms

supplementary.

34FB.

Further transitional provision for existing credit servicing firms.

34G.

Obligation

on credit servicing firm and holder of legal title to credit.

35.

Offence to

fail to comply with certain conditions and requirements.

36.

Revocation of

authorisation by Bank on application of holder.

36A.

Revocation

of authorisation by Bank otherwise than on application of

holder.

36B.

Bank may

direct holder of authorisation to suspend business.

36C.

Bank to

publish notice of revocation or suspension.

36D.

Bank to keep

register of persons authorised to carry on regulated

businesses.

36E.

Bank to

publish list of persons authorised to carry on regulated

businesses.

36EA.

Collection

and publication of information on relevant agreements.

36F.

Holders of

authorisations to keep certain records.

CHAPTER 4

Enforcement of this Part

36G.

Appointment

of inspectors.

(Repealed)

36H.

Powers of

inspectors with respect to holders of authorisations.

(Repealed)

36I.

Offence to

obstruct inspectors in the exercise of their powers.

(Repealed)

36J.

Court may

make enforcement orders.

36K.

Offences by

persons concerned in management of bodies corporate.

CHAPTER 5

Supplementary provisions

36L.

Decisions of

Bank under this Part to be appealable decisions for purposes of Part VIIA

of Central Bank Act 1942.

36M.

Bank may

make regulations for purposes of this Part.

36N.

Performance

and exercise of Bank's functions and powers to be consistent with

performance of certain responsibilities of Governor.

PART VI

Amendments to Investment Intermediaries Act, 1995

37.

Amendment of

section 4

of

Investment Intermediaries Act, 1995

.

38.

Amendment of

section 8

of

Investment Intermediaries Act, 1995

.

39.

Amendment of

section 10

of

Investment Intermediaries Act, 1995

.

40.

Amendment of

section 20

of

Investment Intermediaries Act, 1995

.

41.

Amendment of

section 22

of

Investment Intermediaries Act, 1995

.

42.

Amendment of

section 25

of

Investment Intermediaries Act, 1995

.

43.

Amendment of

section 26

of

Investment Intermediaries Act, 1995

.

44.

Amendment of

section 27

of

Investment Intermediaries Act, 1995

.

45.

Amendment of

section 28

of

Investment Intermediaries Act, 1995

.

46.

Amendment of

section 29

of

Investment Intermediaries Act, 1995

.

47.

Amendment of

section 31

of

Investment Intermediaries Act, 1995

.

48.

Amendment of

section 64

of

Investment Intermediaries Act, 1995

.

(Repealed)

49.

Amendment of

section 78

of

Investment Intermediaries Act, 1995

.

PART VII

Miscellaneous

50.

Amendment of section 24 of Act of 1942.

51.

Amendment of section 28 of Act of 1942.

52.

Amendment of section 16 of Act of 1989.

53.

Application of section 47 of Act of 1989.

54.

Amendment of section 48 of Act of 1989.

55.

Amendment of section 75 of Act of 1989.

56.

Amendment of section 76 of Act of 1989.

57.

Amendment of section 90 of Act of 1989.

58.

Amendment of section 91 of Act of 1989.

59.

Amendment of section 92 of Act of 1989.

60.

Amendment of section 3(2) of

Consumer Credit Act, 1995

.

61.

Amendment of Part II, Chapter VII of Act of 1989.

62.

Amendment of section 104 of Act of 1989.

63.

Amendment of section 139 of Act of 1989.

64.

Amendment of

section 3

of

Bretton Woods Agreements Act, 1957

.

65.

Amendment of

section 3

of

International Finance Corporation Act, 1958

.

66.

Amendment of

section 3

of

International Development Association Act, 1960

.

67.

Amendment of

section 3

of

Multilateral Investment Guarantee Agency Act, 1988

.

68.

Amendment of

section 3

of

European Bank for Reconstruction and Development Act, 1991

.

69.

Amendment of Part II, Chapter II of Act of 1989.

70.

Amendment of Act of 1971.

71.

Amendment of section 11 of Act of 1971.

72.

Amendment of section 48 of Act of 1971.

73.

Amendment of section 51 of Act of 1971.

74.

Injunction to prevent an unauthorised person acting as a credit institution.

75.

Powers of

inspection.

(Repealed)

76.

Search and

seizure.

(Repealed)

77.

Examination by Comptroller and Auditor General.

78.

Amendment of

Building Societies Act, 1989

.

79.

Information to be supplied by mortgage lenders.

80.

Amendment of Trustee (Authorised Investments) Act, 1958.

81.

Amendment of European Communities (Deposit Guarantee Schemes) Regulations, 1995.

82.

References to

company in ICC Bank Act, 1992

(Repealed)

83.

Amendment of

Stock Transfer Act, 1963

.

84.

Representative offices.

85.

Amendment of

Decimal Currency Act, 1969

.

SCHEDULE

PART I

Repeals

PART II

Revocation

Number

8

of

1997