Central Bank Act, 1997

Amendment of section 11 of Act of 1971.

71.—Section 11 (as amended by section 34 of the Central Bank Act, 1989) of the Act of 1971 is hereby amended—

(a) by the insertion of the following subparagraph after subparagraph (b) in subsection (1)—

“(bb) with the consent of the Minister, revoke the licence if the business of, or the corporate structure of, the holder of the licence has been so organised or the holder of the licence has come under the control of any other undertaking not supervised by the Bank such that the holder is no longer capable of being supervised to the satisfaction of the Bank.”.

(b) by the insertion of the following subsection after subsection (5)—

“(6) In this section, “control”, “fellow subsidiary”, “parent undertaking” and “subsidiary undertaking” have the meanings they have in the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ), and “associated undertaking” has the meaning it has in the European Communities (Companies: Group Accounts) Regulations, 1992 ( S.I. No. 201 of 1992 ).”.