Central Bank Act, 1998

Amendment of section 15 of Act of 1989.

20.—Section 15 of the Act of 1989 is hereby amended by the insertion in subsection (5), after paragraph (b), of the following paragraph:

“(bb) A scheme established under paragraph (a) or (b) may include provision for the establishment by the Bank of a fund, administered by trustees appointed by the Bank, from which superannuation benefits payable under that scheme shall be paid and, on the establishment of that fund, the Bank shall transfer to that fund, within 5 days of its establishment, such sum as has accrued to the Superannuation Reserve of the Bank, being a Reserve, established under the Central Bank of Ireland (Surplus Income) Regulations, 1943 ( S.I. No. 93 of 1943 ), and Article 5(b) of those Regulations shall stand revoked on the day that the transfer takes place and for the avoidance of doubt the Bank may thereafter transfer to that fund such monies as are provided for in the scheme to be so transferred.”.