Central Bank Act, 1971

PART II

Licensing and Supervision of Banks

Restriction on carrying on of banking business.

7.—(1) Subject to the provisions of this Act, a person, other than the Bank, shall not, on his own behalf or on behalf of any other person in or outside the State, carry on banking business or hold himself out or represent himself as a banker or as carrying on banking business unless—

(a) he is the holder of a licence, and

(b) he maintains a deposit in the Bank of an amount determined in accordance with section 13 of this Act.

(2) For the purposes of this Act a person shall (save as is otherwise provided by this Act) be deemed to hold himself out as a banker—

(a) if, being a body corporate carrying on any business, the name of the body includes any of the words “bank”, “banker” or “banking” or any word which is a variant, derivative or translation of or is analogous to any of those words, or

(b) if, being an individual, he carries on any business under a name or title (other than his own name without any addition thereto) which includes any of the words “bank”, “banker” or “banking” or any word which is a variant, derivative or translation of or is analogous to any of those words, or

(c) if, being an unincorporated body of persons carrying on any business, the name under which the body carries on that business (not being in the case of a partnership the name or names of one or more of the partners without any addition thereto) includes any of the words. “bank”, “banker” or “banking” or any word which is a variant, derivative or translation of or is analogous to any of those words, or

(d) in any case, if by the use, in an advertisement, circular, business card or other document, of any of the words “bank”, “banker” or “banking” or any word which is a variant, derivative or translation of any of those words or any word or phrase analogous thereto, he holds himself out or represents himself as conducting or being willing to conduct banking business.

(3) Subsection (1) of this section shall not apply during such period as may be determined by the Bank to a person who holds himself out as a banker but is not carrying on banking business and who held a banker's licence in force immediately before the commencement of this section or a licence which has been revoked.

(4) Subsection (1) of this section shall not apply in relation to the Agricultural Credit Corporation, Limited, the Industrial Credit Company, Limited, the Post Office Savings Bank, a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1965, a building society, an industrial and provident society, a friendly society, a credit union, an investment trust company or the manager under a unit trust scheme in respect of the carrying on of the business of the scheme.