Central Bank Act, 1998

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Amendment of section 26 of Act of 1997.

18.—The Act of 1997 is hereby amended by the substitution of the following section for section 26:

“26.— Section 19 of the Act of 1942 is hereby amended—

(a) in subsection (4):

(i) by the substitution of the following paragraph for paragraph (b)—

‘(b) he shall, during his term of office, be ineligible for election as a director of any credit institution, financial institution, or insurance undertaking;’,

and

(ii) by the substitution of the following paragraph for paragraph (c):

‘(c) if, at the time of appointment he is the director of any credit institution, financial institution or insurance undertaking, he shall divest himself of such directorship within ten days after his appointment and if he fails so to do he shall at the expiration of such ten days be disqualified from holding the office of Governor;’,

and

(b) by the substitution of the following subsection for subsection (5):

‘(5) In this section and section 20—

‘credit institution’ means an undertaking whose business it is to receive deposits or other repayable funds from the public and to grant credit on its own account but does not include the European Monetary Institute or the European Central Bank;

‘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 European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 );

‘insurance undertaking’ has the meaning assigned to it by the Insurance Act, 1989 .’”.