The Minister for Finance made an Order commencing most of the provisions of the Central Bank Reform Act 2010 with effect from 1 October 2010.
The Order commences all provisions of the Act with effect from that date with the exception of the following provisions:
- Arrangements for secondment of certain employees
- Certain amendments to the Consumer Protection Act 2007
- Certain amendments to the Central Bank Act 1942 in respect of the management of finances and accountability of the Central Bank
- Certain amendments to the Central Bank Act 1997
The Central Bank Reform Act 2010 provides for substantial restructuring of existing arrangements for regulation of banking and financial services. The existing Central Bank and Irish Financial Services Regulatory Authority would be reconstituted as the Central Bank of Ireland.
The reconstituted bank would be responsible for the stability of the financial system, for prudential regulation of financial institutions and for the protection of consumer interests. The bank will have power to impose levies for the purpose of funding the regulation of financial service providers.
Within the Act there is provision for the Central Bank to regulate appointments within financial service providers to ensure the fitness and probity of key office holders. The Act also allows the bank to appoint suitable qualified persons to be authorised officers for the purposes of Section 59 of the Insurance Act 1989 and to give the bank flexibility in its approach to ensuring compliance with insurance regulation.