Trustee Savings Banks Act, 1989


Establishment and Licensing of Trustee Savings Banks

“Trustee savings bank”.

9.—(1) In this Act “trustee savings bank” means a society formed for the purpose of establishing and maintaining an institution in the nature of a bank conforming to the provisions of this Act—

(a) whose business is managed and administered under the supervision of trustees in accordance with those provisions, and

(b) that carries on, in pursuance of a licence and in accordance with those provisions and rules made by its trustees and subject to the general supervision of the Central Bank, any one or more of the following:

(i) the business of accepting deposits payable on demand or on notice or at a fixed or determinable future date,

(ii) the business normally carried on by a former bank,

(iii) the business of providing, with the consent of the Central Bank, any other financial service.

(2) A trustee savings bank may, with the consent of the Central Bank, carry on business outside the State.

(3) In the exercise of any of its functions under this Act the Central Bank shall not be required to treat assets or liabilities of trustee savings banks outside the State as if they were held in the State.