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CENTRAL BANK ACT, 1997
Preliminary and General
Short title, construction, collective citation and commencement.
1. —(1) This Act may be cited as the Central Bank Act, 1997.
(2) This Act shall come into operation on such day or days as may be appointed by order or orders made by the Minister, either generally or with reference to any particular purpose or provision, and different days may be appointed for different purposes and different provisions of this Act.
(3) This Act, other than sections 3 , 36 to 49, 60, 64 to 68, 78 to 83 and 85 and the Central Bank Acts, 1942 to 1989, shall be construed together as one Act and may be cited together as the Central Bank Acts, 1942 to 1997.
2. —(1) In this Act, unless the context otherwise requires—
“the Act of 1942” means the Central Bank Act, 1942;
“the Act of 1971” means the Central Bank Act, 1971;
“the Act of 1989” means the Central Bank Act, 1989;
“the Bank” means the Central Bank of Ireland;
“the Court” means the High Court;
“credit institution” has the meaning assigned to it by the Regulations of 1992;
“enactment” means any Act or instrument made thereunder;
“financial institution” means an undertaking other than a credit institution providing any one or more of the financial services set out in the Schedule to the Regulations of 1992;
“insurance undertaking” has the meaning assigned to it by the Insurance Act, 1989 ;
“the Minister” means the Minister for Finance;
“mortgage lender” means a credit institution or other person whose business includes the making of housing loans where “housing loan” means an agreement for credit on the security of a mortgage of a freehold or leasehold estate or interest in a house where—
(a) the loan is made for the purpose of enabling the borrower to provide or improve the house or to purchase the said estate or interest, or
(b) the loan is made for the purpose of refinancing a loan within the meaning of paragraph (a), or
(c) the house is to be used as the principal residence of the borrower or his dependants;
“prescribed” means prescribed by Regulations made by the Minister;
“the Regulations of 1992” means the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 395 of 1992);
“statutory functions”, in relation to the Bank, means its functions—
(a) under the Central Bank Acts, 1942 to 1997,
(b) imposed by virtue of the ACC Bank Act, 1992 (Section 4) Regulations, 1992 (S.I. No. 373 of 1992), the ICC Bank Act, 1992 (Section 3) Regulations, 1993 (S.I. No. 24 of 1993), the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 395 of 1992), or the European Communities (Consolidated Supervision of Credit Institutions) Regulations, 1992 (S.I. No. 396 of 1992),
(c) under the Unit Trusts Act, 1990 (No. 37 of 1990),
(d) under the Building Societies Act, 1989 (No. 17 of 1989),
(e) under the Companies Act, 1990 (No. 33 of 1990),
(f) under the Trustee Savings Banks Act, 1989 (No. 21 of 1989),
(g) under the Investment Limited Partnerships Act, 1994 (No. 24 of 1994),
(h) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989), and any instruments amending that instrument,
(i) under the Stock Exchange Act, 1995 (No. 9 of 1995),
(j) under the Investment Intermediaries Act, 1995 (No. 11 of 1995), and
(k) under any other enactment;
“subsidiary” has the meaning assigned to it by section 155 of the Companies Act, 1963.
(2) For the purposes of the Central Bank Acts, 1942 to 1997, “deposit”, on or after the commencement of this section, means a sum of money accepted on terms under which it is repayable with or without interest whether on demand or on notice or at a fixed or determinable future date.
(3) In this Act a reference to a section, a Part or a Schedule is a reference to a section or a Part of, or a Schedule to, this Act, unless it is indicated that reference to some other enactment is intended.
(4) In this Act a reference to a subsection, paragraph or subparagraph is a reference to a subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.
(5) In this Act a reference to an enactment shall be construed as a reference to that enactment as amended or adapted, whether before or after the commencement of this section, by or under any subsequent enactment.
Laying of regulations and orders before Houses of the Oireachtas.
3. —Every regulation or order made under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation or order is passed by either such House within the next 21 days on which that House has sat after the regulation or order is laid before it, the regulation or order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.