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Banking Control in Ireland

As in all modern economies, the control of banking activities is exercised through legislation, regulation and oversight, voluntary codes, rules and guides

The establishment, operation, and control of banking is governed by law.  Law in this context is a combination of actual legislation, practice and precedent.  Much of the banks relationship with customers is governed by terms and conditions agreed between the bank and the customer as part of a contractual relationship between them.  Such terms and conditions are updated regularly, and are available from your bank or can be downloaded from the bank’s website.

Legislation
The operation of Banking is subject to all of the normal legislation covering the operation of business (including companies legislation, taxation legislation, competition legislation, health & safety, employment, etc.)  In addition, banking is subject to a wide range of legislation which is wholly or mainly addressed at banking. 

Following are links to the main legislative instruments.  Readers should be aware that many of the instruments listed below enable the relevant minister to issue ministerial orders and other statutory instruments not listed below.

Operation of Central Bank, licensing of banks, etc

Central Bank Acts, 1942, 1961, 1964, 1971, 1989, 1997, 1998

Central Bank and Financial Services Authority of Ireland Act 2004

Central Bank and Financial Services Authority of Ireland Act 2003

CREDIT INSTITUTIONS (FINANCIAL SUPPORT) ACT 2008

FINANCIAL SERVICES (DEPOSIT GUARANTEE SCHEME)ACT 2009

Money Laundering

Criminal Justice Act 1994

Criminal Justice(Terrorist Offences) Act 2005

Consumer Protection

Consumer Credit Act 1995

Investor Compensation Act 1998

Investor Intermediaries Act 1995

Accounts and instruments

Cheques Act 1959

Dormant Accounts 2001

Dormant Accounts (Amendment Act) 2005

Regulation 2560/2001 Cross Border Payments (EU)

European Communities (Payment Services) Regulations 2009

FINANCIAL MEASURES (MISCELLANEOUS PROVISIONS) ACT 2009

Currency

Currency Act 1927

Currency Amendment Act 1930

Euro Changeover (Amounts) Act 2001

Building Societies

Building Societies (amendment) Act 2006, 1986, 1983, 1980

Building Societies Acts 1989, 1942, 1974, 1976, 1992

Specific Institutions

ACC Act 2001

Trustee Savings Bank Act 1989

Trustee Savings Bank (Amendment) Act, 2001

ICC Bank Act 2000, 1999

ICC Bank (Amendment) Act 1997

ANGLO IRISH BANK CORPORATION ACT 2009

Regulation, Supervision, Oversight

Regulation, supervision and oversight of banking is shared between The Financial Regulator (formerly IFSRA).  and the Central Bank and Financial Services Authority of Ireland (formerly The Central Bank of Ireland).

Additionally, the Financial Services Ombudsman provides a service of adjudication in the event that customer complaints are not satisfactorily dealt with by the bank involved.

The links below provide information on the respective roles of each institution

The Financial Regulator

The Financial Regulator

It's Your Money - Consumer information

The Central Bank

Central Bank and Financial Services Authority of Ireland

The Financial Ombudsman

Financial Ombudsman

Industry codes, rules, and guides

Industry codes, rules, standards are agreed among the banks by Irish Payment Services Organisation (Payment services), the Irish Mortgage Council (Mortgages) and Irish Bankers Federation (all other banking services). 

 

Financial Regulator

(Note:- The Financial Regulator published its statutory Consumer Protection Code on the 25th July 2006. On implementation,  many of the provisions and rules of this Code will replace some of the IBF Voluntary Codes.)

Consumer Protection Code – your little red book

Consumer Protection Code - HBWI

Clearing & Payments

Note: The clearing membership rules which were available in the public domain are not not in the public domain.

 

The Irish Clearing System

Electronic Clearing membership rules

Paper Clearing membership rules

Direct Debit rules and guides

IBAN & BIC Update