Finance (Covid-19 and Miscellaneous Provisions) Act 2022
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Funding of Central Bank of Ireland - anti-money laundering functions | ||
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16. (1) Where— | ||
(a) in any year, the Bank stands appointed as the Registrar of Beneficial Ownership of Irish Collective Asset-management Vehicles, Credit Unions and Unit Trusts (in this subsection referred to as the “Registrar”) under Regulation 18 of the modified Regulations, and | ||
(b) either— | ||
(i) the Bank reasonably apprehends that it will be unable to defray all of the expenses of the Bank, arising in that year, associated with its functions as the Registrar from moneys received by it by way of the levies referred to in Regulation 31A(3) of the modified Regulations (in this subsection referred to as the “dedicated levies”), or | ||
(ii) notwithstanding the existence of the dedicated levies and, apart from the circumstance referred to in subparagraph (i), for any reason there is an insufficiency in any year of moneys available to the Bank to defray all of its expenses, arising in that year, associated with the foregoing functions, | ||
the Minister shall, on the written request of the Bank, advance to the Bank such sums as he or she thinks proper to enable the Bank to defray all of its expenses, arising in that year, associated with the foregoing functions. | ||
(2) The payments of sums referred to in subsection (1) shall be made on such terms as to repayment, interest and other matters as may be determined by the Minister after consulting the Bank. | ||
(3) Paragraphs (4) to (6) of Regulation 31A of the modified Regulations are revoked. | ||
(4) The Bank shall not provide any funds from its own resources to defray expenses of the Bank incurred by it in the performance of its functions under the Regulations of 2022. | ||
(5) The Minister shall, on the written request of the Bank, advance to the Bank such sums as he or she thinks proper to enable the Bank to defray all of its expenses associated with the functions referred to in subsection (4). | ||
(6) All moneys from time to time required by the Minister to meet sums which may become payable by him or her under this section shall be advanced out of the Central Fund or the growing produce thereof. | ||
(7) In this section— | ||
“Bank” means the Central Bank of Ireland; | ||
“modified Regulations” means the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 ( S.I. No. 110 of 2019 ), as modified by the European Union (Modifications of Statutory Instrument No. 110 of 2019) (Registration of Beneficial Ownership of Certain Financial Vehicles) Regulations 2020 ( S.I. No. 233 of 2020 ); | ||
“Regulations of 2022” means the European Union (Anti-Money Laundering: Central Mechanism for Information on Safe-Deposit Boxes and Bank and Payment Accounts) Regulations 2022 ( S.I. No. 46 of 2022 ). |