Economic and Monetary Union Act, 1998

Amendment of Central Bank Act, 1989 .

27.—The Central Bank Act, 1989 , is hereby amended in section 134

(a) by the insertion of the following subsection after subsection (4):

“(4A) No direction under this section shall be made by the Minister in respect of the performance of any function or duty of the Bank, or the exercise of any power by the Bank, required by or under the Treaty or the Statute.”,


(b) by the substitution of the following subsection for subsection (7):

“(7) In this section—

‘foreign currency’ has the same meaning as it has in the Exchange Control Act, 1954 ;

‘the Treaty’ and ‘the Statute’ have the same meanings, respectively, as are assigned to them for the purposes of this Act by subsection (8) (inserted by the Central Bank Act, 1998 ) of section 23 .”.