Certain particular powers of the Bank.
7.—(1) It shall be lawful for the Bank to do, for the purposes of or through the general fund, all or any of the following things on such occasions and to such extent as the Board shall think proper, that is to say:—
(a) buy or sell coin or gold or silver bullion or any foreign currency;
(b) receive deposits (not bearing interest) from a Minister of State or any public authority or any Associated Bank, or any other bank or credit institution carrying on business wholly or partly within the State;
(c) open accounts in other countries or act as agent, depository, or correspondent of any bank carrying on business in or outside the State;
(d) with the consent of the Minister, acquire, hold, or dispose of shares in any international bank formed wholly or mainly by banks which are the principal currency authority in their respective countries;
(e) re-discount exchequer bills and bills of local authorities which have previously been accepted, discounted, or endorsed by an Associated Bank or any other bank or credit institution carrying on business wholly or partly within the State and which mature in not more than twelve months from their date;
(f) re-discount bills of exchange which are, in the opinion of the Board, first class commercial bills and mature, in the case of bills drawn for agricultural purposes or based on live stock, in not more than twelve months (excluding days of grace) from their date or, in any other case, in not more than six months (excluding days of grace) from their date;
(g) fix and publish from time to time the minimum rate or rates at which the Bank will re-discount such exchequer bills, bills of local authorities, or bills of exchange as are mentioned in either of the two next preceding paragraphs of this sub-section;
(h) buy, hold, or sell securities of or guaranteed by the State which have been offered for public subscription or tender before being bought by the Bank and are officially quoted on the Dublin Stock Exchange and the Cork Stock Exchange or securities of or guaranteed by the Government of any other country;
(i) buy, hold, or sell securities of any public authority which are authorised by law for the investment of trust funds and have been offered for public subscription or tender before being bought by the Bank and are officially quoted on the Dublin Stock Exchange and on the Cork Stock Exchange;
(j) make loans or advances to banks and other credit institutions (carrying on business wholly or partly within the State) on the security of such bills of exchange as the Bank is hereinbefore empowered to re-discount or of such securities as the Bank is hereinbefore empowered to buy, or of gold coin or bullion or of documents relating to the shipment or storage of gold coin or bullion;
(k) keep registers of securities of the State;
(l) keep, for or on behalf of any public authority, registers of any stock issued by such authority;
(m) keep the accounts of any bankers' clearing.
(2) Each of the following bodies shall be a public authority for the purposes of the foregoing sub-section of this section, and the expression “public authority” shall in that sub-section be construed and have effect accordingly, that is to say:—
(a) a commission, board, or other body (whether corporate or unincorporated) charged by law with the execution throughout the State of functions of government or public administration or with the administration throughout the State of any public service (including the provision of credit but excluding transport), and
(b) a corporation, council, committee, or other body (whether corporate or unincorporated) charged by law with the execution of functions of local government within a defined area of the State or the execution of functions of public administration or public service (other than transport) of a local character.