S.I. No. 371/2003 - Central Bank Act 1942 (Schedule 2) (Amendment)Order 2003

I, BERTIE AHERN, Taoiseach, acting Minister for Finance, in exercise of the powers conferred on me by section 33C (2) of the Central Bank Act 1942 (No. 22 of 1942) (inserted by section 26 of the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)), after consultation with the Central Bank and Financial Services Authority of Ireland, hereby order as follows:

1.         This Order maybe citied as the Central Bank Act 1942 (Schedule 2) (Amendment) Order 2003.

2.         The European Communities (Reorganisation and Winding-up of Insurance Undertakings) Regulations 2003 ( S.I. No. 168 of 2003 ), as amended by the Central Bank and Financial Services Authority of Ireland (Adaptation of References in S.I. No. 168 of 2003 Regulations 2003 ( S.I. No. 360 of 2003 ), are added to Part 2 of Schedule 2 to the Central Bank Act 1942 (No. 22 of 1942) (inserted by section 31 of the Central Bank and Financial Services Authority of Ireland Act 2003 ).

EXPLANATORY NOTE

(This note is not a legal part of the Instrument and does not purport to be a legal interpretation)

The Central Bank and Financial Services Authority of Ireland Act 2003 transferred responsibility for the implementation of insurance legislation from the Minister for Enterprise, Trade & Employment to the Irish Financial Services Regulatory Authority (a constituent part of the Central Bank and Financial Services Authority of Ireland). The purpose of these Regulations is to transfer from the Minister for Enterprise, Trade & Employment to the Authority responsibility for the implementation of the Regulations giving effect in Ireland to EU Directive 2001/17/EC, which deals with the reorganisation and winding up of insurance undertakings. These Regulations were made after the Act became law but before the relevant sections of the Act were commenced.