Central Bank and Financial Services Authority of Ireland Act 2004
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Amendment of section 20 of Central Bank Act 1942 (Prohibition of the Governor holding shares in a bank). |
5.— Section 20 of the Central Bank Act 1942 is amended— | |
(a) by substituting “financial institution” for “bank” wherever it occurs, | ||
(b) by inserting the following subsection after subsection (4): | ||
“(4A) This section does not prohibit the Governor from— | ||
(a) entering into a policy of insurance, or | ||
(b) purchasing units of, or participating in, a collective investment scheme whose funds are invested in bonds or equities generally (including the bonds or shares of a financial institution), or | ||
(c) establishing and maintaining an ordinary savings account with a building society or a friendly society.”; | ||
(c) by substituting the following subsection for subsection (5): | ||
“(5) In this section— | ||
‘bank’ includes a bank incorporated outside the State as well as a bank incorporated in the State; | ||
‘financial institution’ includes a credit institution and an insurance undertaking; | ||
‘shares’, in relation to a bank, include stock, shares, debentures, debenture stock, bonds and other securities of the bank.”. |