(LRC Revised)

Number 23 of 2010

CENTRAL BANK REFORM ACT 2010

REVISED

Updated to 10 February 2026

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 Reform Act 2010

. 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

Central Bank Reform Act 2010 (Sections 20 and 22) (Amendment) Regulations 2026

(S.I. No. 20 of 2026), made 28 January 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

to

revisedacts@lawreform.ie.

Number

23

of

2010

CENTRAL BANK REFORM ACT 2010

REVISED

Updated to 10 February 2026

ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

1. Short title and collective citation.

2. Commencement.

3. Interpretation.

PART 2

Reform of the Central Bank of Ireland — transitional and

saving provisions

4. Transitional arrangements in relation to certain office-holders.

5. Preservation of rights of employees.

6. Arrangements for secondment of certain employees.

7. Saving of certain regulations, rules, codes, etc.

8. Saving of certain schemes.

9. Applications, etc., made to Regulatory Authority.

10. Information in possession of Regulatory Authority.

11. Regulatory action taken by Regulatory Authority.

12. Inquiries, etc., undertaken by Regulatory Authority.

13. Legal proceedings to which Regulatory Authority is party.

14. Amendments of Central Bank Acts.

15. Amendments of other Acts.

16. Amendments of statutory instruments.

17. Construction of certain references.

PART 2A

Powers of Bank in relation to financial service providers

17A. Business

standards

PART 3

Powers of Bank in relation to officers, etc., of financial service providers

Chapter 1

Preliminary

18. Definitions (

Part 3

).

Chapter 2

Controlled functions

19. Definition (

Chapter 2

).

20. Controlled functions.

21. Application of standards of fitness and probity.

22. Pre-approval controlled functions.

23. Appointment of persons to perform pre-approval controlled functions.

23A.

Notification and approval of appointment.

Chapter 3

Suspension and investigation of fitness and probity of persons performing controlled

functions, etc.

24. Definition (

Chapter 3

).

25. Head of Financial Regulation may investigate persons’ fitness and probity.

25A. Notice of

investigation’ fitness and probity.

26. Head of Financial Regulation may issue suspension notice, etc.

27. Effect of suspension notices.

28. Suspension notices that have not been confirmed — period of effect.

29. Confirmation of suspension notices.

30. Enforcement of suspension notice.

31. Court’s power to extend validity of suspension notices.

32. Head of Financial Regulation may require persons to give evidence or produce documents.

33. Offence of failing to appear.

34. Investigation into fitness and probity — conduct of proceedings.

35. Proceedings normally to be in private.

36. Offence of failing to produce document, etc.

37. Offence of refusing to answer question, etc.

38. Privilege for evidence given under this Chapter, etc.

39. Payment of allowances and expenses to persons who appear before Head of Financial

Regulation.

40. Head of Financial Regulation may certify failure to produce document, etc.

41. Head of Financial Regulation to prepare report.

Chapter 4

Prohibition of certain persons from performing controlled functions

42. Definitions (

Chapter 4

).

43. Bank may prohibit person from carrying out controlled function, etc.

44. Enforcement

of certain prohibition notices.

(Repealed)

45. Application to Court to confirm prohibition notice.

45A. Application to vary or revoke prohibition notice.

46. Agreement between Bank or Governor, prohibited person and regulated financial

service provider.

Chapter 5

Miscellaneous

47. Use of information.

48. Offences of providing false or misleading information, etc.

49. Penalties for offences under this Part.

49A. Service of notices and other documents.

50. Standards of fitness and probity.

51. Effect of this Part.

52. Appointment of nominees, etc., for purposes of this Part.

52A. Independence of decision-makers.

53. Regulations — facilitation of performance of functions.

PART 3A

Duty of responsibility and

conduct standards

53A. Interpretation (Part 3A).

53B. Duty of responsibility.

53C. Duty to take steps to meet conduct standards.

53D. Relevant circumstances for purposes of sections 53B and 53C.

53E. Common conduct standards.

53F. Additional conduct standards.

53G. Guidelines on conduct standards.

53H. Notification and training for persons subject to conduct standards.

53I. Limitation of requirements to produce documents, give information or answer questions.

PART 4

Overseas Regulators

54. Co-operation with overseas regulators.

PART 5

Authorised Officers

55. Definitions (Part 5).

(Repealed)

56. Persons to whom this Part applies.

(Repealed)

57. Appointment of authorised officers.

(Repealed)

58. Warrant of appointment.

(Repealed)

59. Power of authorised officer to enter premises.

(Repealed)

60. Powers of authorised officer.

(Repealed)

61. Warrant required to enter premises.

(Repealed)

62. Authorised officer may attend meetings.

(Repealed)

63. Production of record subject to legal professional privilege

not required.

(Repealed)

64. Disclosure or production not to be treated as breach or to

affect lien.

(Repealed)

65. Failure to comply with a requirement.

(Repealed)

66. Offence of obstruction or provision of false

information.

(Repealed)

SCHEDULE 1

Amendments of Central Bank Acts

PART 1

Amendments of Central Bank Act 1942

PART 2

Provisions of the Central Bank Act 1942 repealed

PART 3

Amendments of Central Bank Act 1971

PART 4

Amendments of Central Bank Act 1989

PART 5

Amendments of Central Bank Act 1997

PART 6

Amendment of Central Bank Act 1998

SCHEDULE 2

Amendments of other Acts

PART 1

Amendments of Anglo Irish Bank Corporation Act 2009

PART 2

Amendments of Companies (Auditing and Accounting) Act 2003

PART 3

Amendments of Company Law Enforcement Act 2001

PART 4

Amendments of Consumer Credit Act 1995

PART 5

Amendments of Consumer Protection Act 2007

PART 6

Amendments of Credit Institutions (Financial Support) Act 2008

PART 7

Amendments of Credit Union Act 1997

PART 8

Amendments of Disability Act 2005

PART 9

Amendments of Health (Repayment Scheme) Act 2006

PART 10

Amendments of Insurance Act 1989

PART 11

Amendments of National Asset Management Agency Act 2009

PART 12

Amendments of Official Languages Act 2003

PART 13

Amendment of Personal Injuries Assessment Board Act 2003

PART 14

Enactments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland”

SCHEDULE 3

Amendments of statutory instruments

PART 1

Amendments of Ethics in Public Office (Prescribed Public Bodies, Designated Directorships

of Public Bodies and Designated Positions in Public Bodies) Regulations 2004

PART 2

Amendments of European Communities (Consumer Credit Agreements) Regulations 2010

PART 3

Amendments of European Communities (Cooperation between National Authorities Responsible

for the Enforcement of Consumer Protection Laws) Regulations 2006

PART 4

Amendments of European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2003

PART 5

Amendments of Market Abuse (Directive 2003/6/EC) Regulations 2005

PART 6

Amendments of Prospectus (Directive 2003/71/EC) Regulations 2005

PART 7

Amendment of Transparency (Directive 2004/109/EC) Regulations 2007

PART 8

Provisions of statutory instruments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland”

Acts Referred to

Adoptive Leave Acts 1995 and 2005

Anglo Irish Bank Corporation Act 2009

2009, No. 1

Asset Covered Securities Act 2001

2001, No. 47

Assurance Companies Act 1909

9 Edw 7, c. 49

Building Societies Act 1989

1989, No. 17

Carbon Fund Act 2007

2007, No. 12

Carer’s Leave Act 2001

2001, No. 19

Central Bank Act 1942

1942, No. 22

Central Bank Act 1971

1971, No. 24

Central Bank Act 1989

1989, No. 16

Central Bank Act 1997

1997, No. 8

Central Bank Act 1998

1998, No. 2

Central Bank and Financial Services Authority of Ireland Act 2003

2003, No. 12

Central Bank and Financial Services Authority of Ireland Acts 1942 to 2009

Commissions of Investigation Act 2004

2004, No. 23

Companies (Amendment) Act 1990

1990, No. 27

Companies (Auditing and Accounting) Act 2003

2003, No. 44

Companies Act 1963

1963, No. 33

Companies Act 1990

1990, No. 33

Company Law Enforcement Act 2001

2001, No. 28

Consumer Credit Act 1995

1995, No. 24

Consumer Protection Act 2007

2007, No. 19

Council of Europe Development Bank Act 2004

2004, No. 37

Credit Institutions (Financial Support) Act 2008

2008, No. 18

Credit Union Act 1997

1997, No. 15

Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

2010, No. 6

Criminal Justice (Mutual Assistance) Act 2008

2008, No. 7

Criminal Justice (Terrorist Offences) Act 2005

2005, No. 2

Development Banks Act 2005

2005, No. 34

Disability Act 2005

2005, No. 14

Dormant Accounts Act 2001

2001, No. 32

European Communities Act 1972

1972, No. 27

European Communities Act 2009

2009, No. 33

Financial Emergency Measures in the Public Interest Act 2009

2009, No. 5

Financial Services (Deposit Guarantee Scheme) Act 2009

2009, No. 13

Financial Transfers Act 1992

1992, No. 27

Health (Repayment Scheme) Act 2006

2006, No. 17

Housing (Miscellaneous Provisions) Act 1992

1992, No. 18

Insurance (Amendment) Act 1978

1978, No. 30

Insurance (No. 2) Act 1983

1983, No. 29

Insurance Act 1936

1936, No. 45

Insurance Act 1953

1953, No. 7

Insurance Act 1964

1964, No. 18

Insurance Act 1989

1989, No. 3

International Criminal Court Act 2006

2006, No. 30

Investment Funds, Companies and Miscellaneous Provisions Act 2005

2005, No. 12

Investment Funds, Companies and Miscellaneous Provisions Act 2006

2006, No. 41

Investment Intermediaries Act 1995

1995, No. 11

Investment Limited Partnerships Act 1994

1994, No. 24

Investor Compensation Act 1998

1998, No. 37

Markets in Financial Instruments and Miscellaneous Provisions Act 2007

2007, No. 37

Maternity Protection Acts 1994 and 2004

Minimum Notice and Terms of Employment Acts 1973 to 2005

National Asset Management Agency Act 2009

2009, No. 34

National Oil Reserves Agency Act 2007

2007, No. 7

Netting of Financial Contracts Act 1995

1995, No. 25

Official Languages Act 2003

2003, No. 32

Organisation of Working Time Act 1997

1997, No. 20

Parental Leave Acts 1998 and 2006

Personal Injuries Assessment Board Act 2003

2003, No. 46

Postal and Telecommunications Services Act 1983

1983, No. 24

Protection of Employees (Fixed-Term Work) Act 2003

2003, No. 29

Protection of Employees (Part-Time Work) Act 2001

2001, No. 45

Redundancy Payments Acts 1967 to 2007

Sea Pollution (Hazardous Substances) (Compensation) Act 2005

2005, No. 9

Sea Pollution (Miscellaneous Provisions) Act 2006

2006, No. 29

Solicitors (Amendment) Act 1994

1994, No. 27

Statutory Instruments Act 1947

1947, No. 44

Terms of Employment (Information) Acts 1994 and 2001

Trustee Savings Banks Act 1989

1989, No. 21

Unclaimed Life Assurance Policies Act 2003

2003, No. 2

Unfair Dismissals Acts 1977 to 2007

Unit Trusts Act 1990

1990, No. 37

Number

23

of

2010

CENTRAL BANK REFORM ACT 2010

REVISED

Updated to 10 February 2026

AN ACT TO ESTABLISH THE CENTRAL

BANK OF IRELAND AS A SINGLE FULLY-INTEGRATED STRUCTURE WITH A UNITARY BOARD — THE

CENTRAL BANK COMMISSION — REPLACING THE BOARDS OF THE CENTRAL BANK AND IRISH

FINANCIAL SERVICES REGULATORY AUTHORITY; TO ENHANCE THE SYSTEM OF REGULATORY CONTROL

AND TO

CONFER ADDITIONAL POWERS ON THE CENTRAL BANK, THE GOVERNOR AND THE HEAD OF FINANCIAL

REGULATION TO PREVENT POTENTIAL SERIOUS DAMAGE TO THE FINANCIAL SYSTEM IN THE STATE,

SUPPORT THE STABILITY OF THAT SYSTEM AND TO PROTECT USERS OF FINANCIAL SERVICES; TO

TRANSFER CERTAIN FUNCTIONS OF THE CENTRAL BANK TO THE NATIONAL CONSUMER AGENCY; TO

AMEND

THE ENACTMENTS RELATING TO THE CENTRAL BANK AND CERTAIN OTHER ACTS CONSEQUENTIAL ON

THAT

REORGANISATION; TO AMEND THE LAW RELATING TO THE REGULATION OF LENDING BY CREDIT UNIONS;

TO

EXTEND THE RANGE OF PERSONS WHO CAN BE AUTHORISED TO INVESTIGATE THE AFFAIRS OF AN

INSURER;

AND TO PROVIDE FOR RELATED MATTERS.

[17

th July

, 2010]

BE IT ENACTED BY THE OIREACHTAS

AS FOLLOWS

Annotations

Modifications (not altering text)

C1

Application of collectively cited

Central Bank Acts 1942 to 2014

restricted (15.07.2015) by

European Union (Bank Recovery and Resolution) Regulations 2015

(S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

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,

...

Annotations

Modifications (not altering text)

C1

Application of collectively cited

Central Bank Acts 1942 to 2014

restricted (15.07.2015) by

European Union (Bank Recovery and Resolution) Regulations 2015

(S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).

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,

...

ARRANGEMENT OF SECTIONS

PART 1

Preliminary

Section

1. Short title and collective citation.

2. Commencement.

3. Interpretation.

PART 2

Reform of the Central Bank of Ireland — transitional and

saving provisions

4. Transitional arrangements in relation to certain office-holders.

5. Preservation of rights of employees.

6. Arrangements for secondment of certain employees.

7. Saving of certain regulations, rules, codes, etc.

8. Saving of certain schemes.

9. Applications, etc., made to Regulatory Authority.

10. Information in possession of Regulatory Authority.

11. Regulatory action taken by Regulatory Authority.

12. Inquiries, etc., undertaken by Regulatory Authority.

13. Legal proceedings to which Regulatory Authority is party.

14. Amendments of Central Bank Acts.

15. Amendments of other Acts.

16. Amendments of statutory instruments.

17. Construction of certain references.

PART 2A

Powers of Bank in relation to financial service providers

17A. Business

standards

PART 3

Powers of Bank in relation to officers, etc., of financial service providers

Chapter 1

Preliminary

18. Definitions (

Part 3

).

Chapter 2

Controlled functions

19. Definition (

Chapter 2

).

20. Controlled functions.

21. Application of standards of fitness and probity.

22. Pre-approval controlled functions.

23. Appointment of persons to perform pre-approval controlled functions.

23A.

Notification and approval of appointment.

Chapter 3

Suspension and investigation of fitness and probity of persons performing controlled

functions, etc.

24. Definition (

Chapter 3

).

25. Head of Financial Regulation may investigate persons’ fitness and probity.

25A. Notice of

investigation’ fitness and probity.

26. Head of Financial Regulation may issue suspension notice, etc.

27. Effect of suspension notices.

28. Suspension notices that have not been confirmed — period of effect.

29. Confirmation of suspension notices.

30. Enforcement of suspension notice.

31. Court’s power to extend validity of suspension notices.

32. Head of Financial Regulation may require persons to give evidence or produce documents.

33. Offence of failing to appear.

34. Investigation into fitness and probity — conduct of proceedings.

35. Proceedings normally to be in private.

36. Offence of failing to produce document, etc.

37. Offence of refusing to answer question, etc.

38. Privilege for evidence given under this Chapter, etc.

39. Payment of allowances and expenses to persons who appear before Head of Financial

Regulation.

40. Head of Financial Regulation may certify failure to produce document, etc.

41. Head of Financial Regulation to prepare report.

Chapter 4

Prohibition of certain persons from performing controlled functions

42. Definitions (

Chapter 4

).

43. Bank may prohibit person from carrying out controlled function, etc.

44. Enforcement

of certain prohibition notices.

(Repealed)

45. Application to Court to confirm prohibition notice.

45A. Application to vary or revoke prohibition notice.

46. Agreement between Bank or Governor, prohibited person and regulated financial

service provider.

Chapter 5

Miscellaneous

47. Use of information.

48. Offences of providing false or misleading information, etc.

49. Penalties for offences under this Part.

49A. Service of notices and other documents.

50. Standards of fitness and probity.

51. Effect of this Part.

52. Appointment of nominees, etc., for purposes of this Part.

52A. Independence of decision-makers.

53. Regulations — facilitation of performance of functions.

PART 3A

Duty of responsibility and

conduct standards

53A. Interpretation (Part 3A).

53B. Duty of responsibility.

53C. Duty to take steps to meet conduct standards.

53D. Relevant circumstances for purposes of sections 53B and 53C.

53E. Common conduct standards.

53F. Additional conduct standards.

53G. Guidelines on conduct standards.

53H. Notification and training for persons subject to conduct standards.

53I. Limitation of requirements to produce documents, give information or answer questions.

PART 4

Overseas Regulators

54. Co-operation with overseas regulators.

PART 5

Authorised Officers

55. Definitions (Part 5).

(Repealed)

56. Persons to whom this Part applies.

(Repealed)

57. Appointment of authorised officers.

(Repealed)

58. Warrant of appointment.

(Repealed)

59. Power of authorised officer to enter premises.

(Repealed)

60. Powers of authorised officer.

(Repealed)

61. Warrant required to enter premises.

(Repealed)

62. Authorised officer may attend meetings.

(Repealed)

63. Production of record subject to legal professional privilege

not required.

(Repealed)

64. Disclosure or production not to be treated as breach or to

affect lien.

(Repealed)

65. Failure to comply with a requirement.

(Repealed)

66. Offence of obstruction or provision of false

information.

(Repealed)

SCHEDULE 1

Amendments of Central Bank Acts

PART 1

Amendments of Central Bank Act 1942

PART 2

Provisions of the Central Bank Act 1942 repealed

PART 3

Amendments of Central Bank Act 1971

PART 4

Amendments of Central Bank Act 1989

PART 5

Amendments of Central Bank Act 1997

PART 6

Amendment of Central Bank Act 1998

SCHEDULE 2

Amendments of other Acts

PART 1

Amendments of Anglo Irish Bank Corporation Act 2009

PART 2

Amendments of Companies (Auditing and Accounting) Act 2003

PART 3

Amendments of Company Law Enforcement Act 2001

PART 4

Amendments of Consumer Credit Act 1995

PART 5

Amendments of Consumer Protection Act 2007

PART 6

Amendments of Credit Institutions (Financial Support) Act 2008

PART 7

Amendments of Credit Union Act 1997

PART 8

Amendments of Disability Act 2005

PART 9

Amendments of Health (Repayment Scheme) Act 2006

PART 10

Amendments of Insurance Act 1989

PART 11

Amendments of National Asset Management Agency Act 2009

PART 12

Amendments of Official Languages Act 2003

PART 13

Amendment of Personal Injuries Assessment Board Act 2003

PART 14

Enactments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland”

SCHEDULE 3

Amendments of statutory instruments

PART 1

Amendments of Ethics in Public Office (Prescribed Public Bodies, Designated Directorships

of Public Bodies and Designated Positions in Public Bodies) Regulations 2004

PART 2

Amendments of European Communities (Consumer Credit Agreements) Regulations 2010

PART 3

Amendments of European Communities (Cooperation between National Authorities Responsible

for the Enforcement of Consumer Protection Laws) Regulations 2006

PART 4

Amendments of European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2003

PART 5

Amendments of Market Abuse (Directive 2003/6/EC) Regulations 2005

PART 6

Amendments of Prospectus (Directive 2003/71/EC) Regulations 2005

PART 7

Amendment of Transparency (Directive 2004/109/EC) Regulations 2007

PART 8

Provisions of statutory instruments amended by substituting “Central Bank of Ireland” for “Central Bank and Financial Services Authority of Ireland”