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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 |
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