asked the Minister for Finance if he has delegated his powers in regard to exchange control to the Central Bank; if so, when and by what instrument the delegation was made, and if he will indicate the terms of reference of this delegation of responsibility.
Written Answers. - Exchange Control.
84.
Certain powers exercisable by the Minister for Finance under the Exchange Control Acts 1954-86 have been delegated to the Central Bank of Ireland. The instruments of delegation were letters from the Department of Finance to the Central Bank.
In a letter dated 26 April 1965 the following powers were delegated to the Central Bank:
(1) The powers exercisable by the Minister in relation to the grant of permissions under the following provisions of the Exchange Control Act, 1954: Subsection (1) and paragraph (a) of subsection (3) of Section 4 — in respect of dealings in foreign currency; Section 5 — in respect of restrictions on payments to persons resident outside the Scheduled Territories; Section 6 — in respect of restrictions on payments to persons resident in the Scheduled Territories; Section 8 — in respect of the issue of securities; Section 9 — in respect of the transfer of securities, annuities and policies of assurance; Section 11 — in respect of the substitution of securities and certificates outside the Scheduled Territories; Section 12 — in respect of the payment of capital moneys outside the Scheduled Territories; Section 13 — in respect of the duties of persons keeping registers; Paragraphs (b) and (c) of subsection (1) and sub-section (2) of Section 16 — in respect of restrictions on exports; Sub-section (1) of Section 17 — in respect of payment for exports; Section 23 — in respect of collection of debts; Section 24 — in respect of restrictions on certain loans.
(2) The power to give directions under section 26 of the Exchange Control Act, 1954, in relation to any matters in respect of which powers are delegated under subparagraph (1) above.
(3) Authority to delegate to authorised dealers any of the powers exercisable by the Central Bank of Ireland under subparagraph (1) above.
Subsequently, in a letter dated 27 November 1981 the list of powers in subparagraph (1) was extended to include the power exercisable by the Minister in relation to the grant of permissions under section 10 of the Exchange Control Act, 1954, in relation to bearer certificates and coupons.
The exercise by the Central Bank of any of the powers so delegated was made subject to such restrictions and conditions as the Minister for Finance might from time to time indicate as provided for in section 28 of the Exchange Control Act, 1954.