Bank of Ireland Act, 1929

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Subsidiary and ancillary powers of the Bank.

5.—In addition and without prejudice to the powers now vested in or possessed by the Bank for the carrying on of the business of banking and notwithstanding anything contained in the Charter or the Bank's Acts, the Bank shall for the purpose of or as ancillary to the business of banking carried on by it be entitled and have power to do all or any of the following things, that is to say:—

(a) to establish and maintain branches or agencies in any place within or outside Saorstát Eireann;

(b) to establish, maintain, and remunerate committees, local boards of directors, local managers, consulting committees, or local agents in any place outside Saorstát Eireann;

(c) to acquire the whole or any part of the banking business and assets whether within or outside Saorstát Eireann of any person engaged in the business of banking but subject to the restrictions contained in paragraph (i) of sub-section (1) of section 2 of this Act;

(d) to acquire and hold shares in any limited or other company carrying on the business of banking whether within or outside Saorstát Eireann but subject to the restrictions contained in paragraph (i) of sub-section (1) of section 2 of this Act;

(e) to enter into and carry out partnership or other working arrangements with or lend money to or guarantee the contracts of any person carrying on the business of banking whether within or outside Saorstát Eireann;

(f) to enter into arrangements with any person carrying on the business of banking whether within or outside Saorstát Eireann for acquiring reciprocity of interests between the Bank and such person;

(g) to promote subsidiary companies whether within or outside Saorstát Eireann for taking over and holding or carrying on any part of the property or business of the Bank or for any other purpose which may seem to the Directors directly or indirectly calculated to benefit the Bank;

(h) to concur in or otherwise take responsibility for the performance of contracts of every kind by any person;

(i) to grant indemnities against losses of all or any nature;

(j) to guarantee or underwrite or acquire and re-issue or otherwise become liable to secure the subscriptions of any issue whether within or outside Saorstát Eireann of stock, shares, bonds, debentures or other securities or of any public loan;

(k) to act as sureties executors administrators receivers liquidators and trustees;

(l) to act as agents for any person for any purpose;

(m) to issue and pay letters of credit;

(n) to employ any person as agent;

(o) to undertake the office of treasurer for any person and to keep for any person or for any government registers of stocks, shares, securities, or funds;

(p) to buy and sell bullion, gold and silver, to deal in bills of exchange, and to deal and trade in any goods, wares or merchandise whatsoever;

(q) to establish, support, contribute to or otherwise aid any institution or fund calculated to benefit employees of the Bank or their dependants;

(r) to make distributions by way of bonus or otherwise to the members of the Bank but not so as thereby to reduce the capital of the Bank;

(s) to take, or concur in taking, all such steps and proceedings (including the undertaking of any obligation, monetary or otherwise) as may seem best calculated to uphold and support the credit of the Bank, or to obtain, maintain, or restore public confidence, and to avert or minimise financial crises or disturbances which might directly or indirectly affect the Bank or the business of banking generally;

(t) to carry on the business of banking in all or any of its departments;

(u) to do all or any of the foregoing things as principals or agents and either within or outside Saorstát Eireann;

(v) to do all such other things as may be incidental or conducive to the execution, performance, or attainment of any of the matters hereinbefore mentioned.