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Credit Union Bill 2012: From the Seanad (Continued)

Thursday, 13 December 2012

Dáil Éireann Debate
Vol. 786 No. 3

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  5 o’clock

  Seanad amendment No. 151:

Section 60: In page 74, subsection (3)(a), lines 46 and 47, to delete “carrying out restructuring activities” and substitute the following:
“providing financial support for the restructuring of credit unions”.



  Seanad amendment agreed to.

  Seanad amendment No. 152:

Section 60: In page 75, subsection (4)(c), line 16, to delete “funding” and substitute “financial support”.



  Seanad amendment agreed to.

  Seanad amendment No. 153:

Section 60: In page 75, subsection (6), lines 26 and 27, to delete all words from and including “be” in line 26 down to and including “and” in line 27.



  Seanad amendment agreed to.

  Seanad amendment No. 154:

Section 62: In page 76, to delete lines 2 to 9 and substitute the following:
“ “stabilisation support” means financial support provided under this Act by the Minister from the Credit Union Fund to a credit union for the purpose of restoring and facilitating the maintenance of that credit union’s reserve requirement, and such support by the Minister may include the provision of technical and financial advice and the provision of financial support to the credit union concerned.”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Amendment No. 154, which is in the definitions section of the Bill, was moved on Committee Stage in the Seanad. It changes the definition of "stabilisation support" to clarify that such support may include funding unrelated to the reserve requirements. Such funding may be used to update the systems and controls of the credit union and may also include the provision of financial and technical advice to the credit union. This was a recommendation of the Commission on Credit Unions as set out in paragraph 8.5.6 of the report.

  Seanad amendment agreed to.

Acting Chairman (Deputy Olivia Mitchell): Information on Olivia Mitchell Zoom on Olivia Mitchell Seanad amendments Nos. 155 and 156 are related and may be discussed together.

  Seanad amendment No. 155:

Section 66: In page 76, lines 37 to 46, to delete subsection (2) and substitute the following:
“(2) Until the commencement of an order under section 43(1), stabilisation support shall not be approved by the Bank for a credit union under subsection (1) unless the Credit Union Restructuring Board has recommended that the credit union be considered by the Bank for stabilisation support.”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Amendments Nos. 155 and 156 were also made on Committee Stage in the Seanad. Amendment No. 155 amends subsection (2) by deleting the existing paragraph (b) which states that the Bank may only approve stabilisation support caused by a short-term, non-recurring event. Instead, amendment No. 156 sets out when ReBo may recommend to the Bank that a credit union should be stabilised. During the period of restructuring, a credit union may not be assessed for stabilisation support unless ReBo makes a recommendation to the Bank that the credit union should be stabilised. A credit union must not be part of the restructuring proposal or must have reserves greater than 7.5% before ReBo can make that recommendation. This will ensure that the restructuring process and the stabilisation process are aligned.

  Seanad amendment agreed to.



  Seanad amendment No. 156:

Section 66: In page 76, after line 46, to insert the following subsection:
“(3) The Credit Union Restructuring Board may only make a recommendation to the Bank in relation to an individual credit union for the purposes of subsection (1) if:
(a) the credit union is not party to a restructuring proposal approved or being considered for approval as part of a restructuring plan under section 45 (5)(a), and

(b) the credit union satisfies the requirements of subsection (1)(a)(i).”.



  Seanad amendment agreed to.

  Seanad amendment No. 157:

Section 66: In page 77, subsection (3)(a), lines 8 and 9, to delete “Central Bank Acts 1942 to 2011” and substitute “Central Bank Acts 1942 to 2012”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Amendment No. 157 updates the citation of the Central Bank Acts, which are amended by Part 5 of this Bill.

  Seanad amendment agreed to.

Acting Chairman (Deputy Olivia Mitchell): Information on Olivia Mitchell Zoom on Olivia Mitchell Amendments Nos. 158 and 159 are related and may be discussed together.

  Seanad amendment No. 158:

Section 66: In page 77, subsection (3)(c), line 19, to delete “support” and substitute “such stabilisation support”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes These are two minor technical amendments that were made to this section in the Seanad. Amendment No. 158 clarifies that the support referred to in paragraph (c) is stabilisation support as opposed to restructuring support, while amendment No. 159 changes the reference from "this Part" to "this Act" as stabilisation support is to be provided by the Minister under Part 3 rather than Part 4.

  Seanad amendment agreed to.



  Seanad amendment No. 159:

Section 66: In page 77, subsection (3)(c), line 20, to delete “this Part;” and substitute “this Act;”.



  Seanad amendment agreed to.

  Seanad amendment No. 160:

Section 66: In page 77, subsection (3)(g), line 33, to delete “functions.” and substitute the following:
“functions;

(h) such terms and conditions as the Minister considers appropriate to attach to the stabilisation support.”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Amendment No. 160 clarifies that the bank must have regard to the terms and conditions that the Minister considers appropriate to attach to the decision to provide stabilisation support when making a decision on the approval of stabilisation support to a credit union. A previous amendment gave the Minister the right and the power to attach terms and conditions and this is simply ensuring that the Bank will make sure these terms and conditions will apply. These terms and conditions will deal with issues such as recoupment, which may affect the Central Bank's assessment of viability.

  Seanad amendment agreed to.



  Seanad amendment No. 161:

Section 66: In page 77, subsection (4), line 35, after “may” to insert the following:
“request the provision of stabilisation support by the Minister under section 58(6)* and may”.

  Seanad amendment agreed to.

  Seanad amendment No. 162:

Section 67: In page 78, to delete lines 18 to 24.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I brought forward an amendment in the Seanad to delete section 67, which provided that the cost of stabilisation support and any other support, financial or otherwise, required as a condition of stabilisation support shall be met from the credit union fund. Any moneys recouped from a credit union in respect of support provided would be paid into the fund. This section was removed, as subsection (2) is covered by section 58(6) and 58(2) and is covered also by section 58(9).

  Seanad amendment agreed to.



  Seanad amendment No. 163:

New Section: In page 80, before the Schedule, to insert the following new section:

“PART 5*

MISCELLANEOUS AMENDMENTS RELATING TO CENTRAL BANK ACTS 1942 TO 2011
70.—(1) Section 33AK of the Central Bank Act 1942 is amended—

(a) by substituting “subsection (1A)” for “subsection (1)(b)” in each place,

and

(b) in subsection (3) by substituting the following for paragraph (b):
“(b) Paragraph (a) does not apply—
(i) where the Bank is satisfied that the supervised entity has already reported the information concerned to the relevant body, or

(ii) where the information concerned has come into the possession of, or to the knowledge of the Bank, from an authority, in a jurisdiction other than that of the State, duly authorised to exercise functions similar to any one or more of the statutory functions of the Bank.”.

(2) Schedule 2 to the Central Bank Act 1942 is amended in Part 1 by substituting the following for item 38:

38

No. 23 of 2010


Central Bank Reform Act 2010


Parts 3, 4 and 5
”.”.

  Seanad amendment agreed to.

  Seanad amendment No. 164:

New Section: In page 80, before the Schedule, to insert the following new section:
71.—The Central Bank Reform Act 2010 is amended—
 (a) in section 3 by inserting the following definitions:
" ‘authorised officer’ means a person appointed by the Bank under Part 5 to be an authorised officer;

‘financial services legislation’ means—
(a) the designated enactments,

(b) the designated statutory instruments, and

(c) the Central Bank Acts 1942 to 2012 and statutory instruments made under those Acts;”,
and

(b) by inserting the following after section 53:

"PART 4

OVERSEAS REGULATORS
54.—(1) In this section ‘overseas regulator’ means an authority in a jurisdiction other than that of the State duly authorised to perform functions similar to any one or more of the statutory functions of the Bank.

(2) At the request of an overseas regulator to do so in relation to any matter, the Bank may –
(a) require information on the matter about which the Bank has required or could require the provision of information or the production of documents under any provision of financial services legislation, or

(b) authorise one or more than one authorised officer to exercise any of his or her powers for the purposes of investigating the matter.
 (3) In deciding whether or not to exercise any of its powers under subsection (2), the Bank may take into account in particular:
(a) whether in the country or territory of the overseas regulator, corresponding assistance would be given to an authority duly authorised in the State to perform functions corresponding to functions exercised by the overseas regulator;

(b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the State or involves the assertion of a jurisdiction not recognised by the State; 
(c) the seriousness of the case and its importance to persons in the State;

(d) whether it is otherwise appropriate in the public interest to give the assistance sought.
(4) The Bank may decide that it will not exercise any of its powers under subsection (2) unless the overseas regulator undertakes to make such contribution towards the cost of such exercise as the Bank considers appropriate.

(5) Subsections (3) and (4) do not apply if the Bank considers that the exercise of its power is necessary to comply with any obligation created or arising by or under the Treaties governing the European Union.

(6) If the Bank authorises an authorised officer for the purposes of subsection (2)(b), the Bank may direct the authorised officer to permit a representative of the overseas regulator to attend, and take part in, any interview conducted for the purposes of the investigation of the matter concerned.

(7) A direction under subsection (6) is not to be given unless the Bank is satisfied that any information obtained by an overseas regulator as a result of the interview will be subject to obligations of non-disclosure of information similar to those imposed on the Bank in section 33AK of the Act of 1942.

(8) A person shall not be required for the purposes of the exercise of any power under this section to answer any question tending to incriminate the person.

PART 5

Authorised Officers

55.—(1) In this Part –

‘agent’, in relation to a person to whom this Part applies, includes a past as well as a present agent and includes the person’s banker, accountant, solicitor, auditor and financial or other adviser, whether or not a person to whom this Part applies;

‘authorisation’ means an authorisation, licence or any other permission required to carry on business as a regulated financial service provider granted by the Bank pursuant to any provision of financial services legislation, and includes registration;

‘customer’, in relation to a regulated financial service provider, means–
(a) any person to whom the regulated financial service provider provides or offers financial services, or

(b) any person who requests the provision of financial services from the regulated financial service provider,
and includes a potential customer and a former customer;

‘person to whom this Part applies’ shall be read in accordance with section 56;

‘prescribed contravention’ has the same meaning as in section 33AN of the Act of 1942;

‘premises’ includes vessel, aircraft, vehicle and any other means of transport, as well as land and a building and any other fixed or moveable structure;

 ‘regulated market’ has the same meaning as in Regulation 3 of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No 60 of 2007);

‘related undertaking’, in relation to a person (‘the first-mentioned person’), means—
(a) if the first-mentioned person is a company, another company that is related within the meaning of section 140(5) of the Companies Act 1990,

(b) a partnership of which the first-mentioned person is a member,

(c) if the businesses of the first-mentioned person and another person have been so carried on that the separate business of each of them, or a substantial part thereof, is not readily identifiable, that other person,

(d) if the decision as to how and by whom the businesses of the first-mentioned person and another person shall be managed can be made either by the same person or by the same group of persons acting in concert, that other person,

(e) a person who performs a specific and limited purpose by or in connection with the business of the first-mentioned person, or

(f) if provision is required to be made for the first-mentioned person and another person in any consolidated accounts compiled in accordance with Seventh Council Directive 83/349/EEC of 13 June 1983 OJ L 193, 18.7.1983, p.1, that other person.
(2) References in this Part to a regulated financial service provider, or a related undertaking, shall, unless the context otherwise requires, be read as including a person who was a regulated financial service provider, or a related undertaking, at the relevant time.

56.—(1) The following are persons to whom this Part applies (including persons outside the State):
(a) a regulated financial service provider;

(b) a person who has applied for an authorisation but whose application has not been determined;

(c) a person whom the Bank reasonably believes is or was a regulated financial service provider, or is or was acting as or claiming or holding himself or herself out to be a regulated financial service provider;

(d) a person who is or was, or whom the Bank reasonably believes, is or was, without an authorisation, providing a financial service in respect of which an authorisation is required;

(e) a related undertaking of any of the persons referred to in paragraph (a), (b), (c) or (d);

(f) any other person whom the Bank reasonably believes may possess information about a person referred to in paragraph (a), (b), (c), (d) or (e);

(g) any person whom the Bank reasonably believes may possess information about a financial product or investment admitted to trading or which is to be admitted to trading under the rules and systems of a regulated market.
(2) The duty imposed by this Part to produce or provide any information, extends to-
(a) a person who is in relation to a person to whom this Part applies –
(i) an administrator within the meaning of section 1(1) of the Insurance (No. 2) Act 1983,

(ii) an administrator within the meaning of section 2 of the Investor Compensation Act 1998,

(iii) a person appointed as an administrator of a credit union by virtue of section 137 of the Credit Union Act 1997 or appointed to act as a provisional administrator of a credit union by virtue of section 138 of that Act,

(iv) a special manager appointed pursuant to the Credit Institutions (Stabilisation) Act 2010,

(v) an examiner, liquidator, receiver, official assignee, or

(vii) in respect of a person outside the State, a person corresponding to any of the persons who come within subparagraphs (i) to (v),
and
(b) a person who –
(i) is or has been an officer or employee or agent of any person to whom this Part applies, or

(ii) appears to the Bank or the authorised officer to have the information in his or her possession or under his or her control.
57.—(1) For the purposes of obtaining any information necessary for the performance by the Bank of its functions under financial services legislation relating to the proper and effective regulation of financial service providers, the Bank may appoint any of its officers or employees or other suitably qualified persons to be authorised officers and to exercise any of the powers conferred by this Part.

(2) The Bank may revoke any appointment made by it under subsection (1).

(3) An appointment or revocation under this section shall be in writing.

(4) A person's appointment by the Bank as an authorised officer ceases on the earlier of –

(a) the revocation by the Bank of the appointment,
   (b) in a case where the appointment is for a specified period, the expiration of the period,

   (c) on the person's resignation from the appointment, and

   (d) in the case where the person is an officer or employee of the Bank –
(i) on the resignation of the person as an officer or employee of the Bank, or

(ii) on the termination of the person's employment with the Bank, or when the person's term of office ceases, for any reason.
(5) In this section ‘suitably qualified person’ means any person (other than an officer or employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on an authorised officer by this Part.

58.—Every authorised officer appointed by the Bank shall be furnished with a warrant of his or her appointment, and when exercising a power conferred by this Part shall produce such warrant or a copy of it, together with a form of personal identification, for inspection if requested to do so by a person affected by the exercise of the power.

59.—(1) Subject to subsection (2), an authorised officer may at all reasonable times enter any premises–
(a)which the authorised officer has reasonable grounds to believe are or have been used for, or in relation to, the business of a person to whom this Part applies, or

(b)at, on or in which the authorised officer has reasonable grounds to believe that records relating to the business of a person to whom this Part applies are kept.
(2) An authorised officer shall not enter a dwelling, otherwise than –
(a)with the consent of the occupier, or

(b)pursuant to a warrant under section 61.
60—(1) An authorised officer may do any one or more of the following:
(a)search and inspect premises entered under section 59 or pursuant to a warrant under section 61;

(b)require any person to whom this Part applies who apparently has control of, or access to, records, to produce the records;

(c)inspect records so produced or found in the course of searching and inspecting premises;

(d)take copies of or extracts from records so produced or found;

(e)subject to subsection (3), take and retain records so produced or found for the period reasonably required for further examination;

(f)secure, for later inspection, any records produced or found and any data equipment, including any computer, in which those records may be held;

(g)secure, for later inspection, premises entered under section 59 or pursuant to a warrant under section 61, or any part of such premises, for such period as may reasonably be necessary for the purposes of the exercise of his or her powers under this Part, but only if the authorised officer considers it necessary to do so in order to preserve for inspection records that he or she reasonably believes may be kept there;

(h)require any person to whom this Part applies to answer questions and to make a declaration of the truth of the answers to those questions;

(i)require any person to whom this Part applies to provide an explanation of a decision, course of action, system or practice or the nature or content of any records;

(j)require a person to whom this Part applies to provide a report on any matter about which the authorised officer reasonably believes the person has relevant information;

(k)require that any information given to an authorised officer under this Part is to be certified as accurate and complete by such person or persons and in such manner as the Bank or the authorised officer may require.
(2) Where records are not in legible form, an authorised officer, in the exercise of any of his or her powers under this Part, may—
(a) operate any data equipment, including any computer, at the premises which is being searched or cause any such data equipment or computer to be operated by a person accompanying the authorised officer, and

(b) require any person who appears to the authorised officer to be in a position to facilitate access to the records stored in any data equipment or computer or which can be accessed by the use of that data equipment or computer to give the authorised officer all reasonable assistance in relation to the operation of the data equipment or computer or access to the records stored in it including—
(i)producing the records to the authorised officer in a form in which they can be taken and in which they are, or can be made, legible and comprehensible,

(ii)giving to the authorised officer any password necessary to make the records concerned legible and comprehensible, or

   (iii) otherwise enabling the authorised officer to examine the records in a form in which they are legible and comprehensible.
(3) Where the Bank or an authorised officer proposes to retain, pursuant to this section, any records taken by the authorised officer under subsection (1) for a period longer than 14 days after the date on which the records are taken, the Bank or the authorised officer shall, before the end of that period of 14 days, or such longer period with the consent of the person hereafter mentioned, furnish, on request, a copy of the records to the person who it appears to the Bank or the authorised officer, but for the exercise of the powers under this section, is entitled to possession of it.

(4) A person to whom this Part applies shall give to an authorised officer such assistance as the authorised officer may reasonably require and make available to the authorised officer such reasonable facilities as are necessary for the authorised officer to exercise his or her powers under this Part including such facilities for inspecting and taking copies of any records as the authorised officer reasonably requires.

(5) Subject to any warrant issued section 61, an authorised officer may be accompanied, and assisted in the exercise of the officer’s powers under this Part, by such other authorised officers, members of the Garda Síochána or other persons as the authorised officer reasonably considers appropriate.

61.—(1) Without prejudice to the powers conferred on an authorised officer by or under any other provision of this Part, if a judge of the District Court is satisfied on the sworn information of the authorised officer that there are reasonable grounds for believing that records are to be found on, at or in any premises, the judge may issue a warrant authorising an authorised officer accompanied by such other authorised officers or members or the Garda Síochána as may be necessary, at any time or times, within the period of validity of the warrant, on production, if so requested, of the warrant—
(a) to enter the premises specified in the warrant, if need be by reasonable force, and

(b) to exercise the powers conferred on authorised officers by this Part or such of those powers as are specified in the warrant.
(2) The period of validity of a warrant shall be 28 days from its date of issue.

(3) An application for a warrant under this section shall be made to a judge of the District Court in the district court district in which the premises concerned are situate.

62.—(1) An authorised officer may attend any meeting relating to the business of a regulated financial service provider if the authorised officer considers that it is necessary to attend in order to assist the Bank in the performance of any of its functions under financial services legislation.

(2) The attendance of an authorised officer pursuant to subsection (1) at a meeting referred to in that subsection does not in any circumstances limit the powers of the authorised officer or of the Bank.

63.—Nothing in this Part shall operate to confer any right to production of, or access to, any record subject to legal professional privilege.

64.—(1) The disclosure or production of any record or other information by a person under this Part shall not be treated, for any purpose, as a breach of any restriction under any enactment or rule of law on disclosure or production by the person or any other person on whose behalf the record or other information is disclosed or produced.

(2) Where a person from whom production of a record is required under this Part claims a lien on the record, the production of it shall be without prejudice to the lien.

65.— (1) If any person to whom this Part applies fails or refuses to comply with a requirement under this Part the authorised officer may certify the failure or refusal under his or her hand to the High Court.

(2)When an authorised officer certifies a failure or refusal referred to in subsection (1) to the High Court, the High Court may inquire into the case and may make such order (including interim or interlocutory orders) or direction as the High Court thinks fit, after hearing -
(a)any witnesses who may be produced against or on behalf of the person concerned, and

(b)any statement which may be offered in defence.
66.—(1) A person commits an offence if he or she —
(a) obstructs or impedes an authorised officer in the exercise of any of his or her powers under this Part, whether or not by virtue of a warrant issued under section 61.
(b)without reasonable excuse, does not comply with a requirement of an authorised officer in the exercise of any of those powers,

(c) in purported compliance with such a requirement, gives information to the authorised officer that the person knows to be false or misleading in a material respect, or

(d) falsely represents himself or herself to be an authorised officer.`
(2) A person who commits an offence under this section is liable –
 (a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months or both, or

    (b) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years or both.
(3)A person does not commit an offence of failing to comply with a requirement referred to in subsection (1)(b) unless, when the requirement was made, the person was warned that a failure to comply is an offence.

(4) If a person refuses to answer a question asked of him or her or to comply with any other requirement made, under this Part, on the grounds that the answer or compliance with the requirement might tend to incriminate the person and the person is informed of his or her obligation to answer the question or to comply with the requirement, the person shall not refuse to answer the question or to comply with the requirement but the answer given or information provided on that occasion shall not be admissible as evidence in criminal proceedings against the person other than proceedings against him or her under this section.”.”.

    Seanad amendment agreed to.

  Seanad amendment No. 165:

New Section: In page 80, before the Schedule, to insert the following new section:
72.—(1) The Acts specified in Part 1 of Schedule 2 are amended to the extent specified in that Part.

(2) The statutory instruments specified in Part 2 of Schedule 2  are amended to the extent specified in that Part.

(3) The Central Bank Acts 1942 to 2011 specified in Parts 1 to 3 of Schedule 3 are amended to the extent specified in each such Part.

(4) The Acts specified in Parts 1 to 8 of Schedule 4 are amended to the extent specified in each such Part.

(5) The statutory instruments specified in Parts 1 to 7 of Schedule 5 are amended to the extent specified in each such Part.

(6) A person who was an authorised officer, by whatever name called, appointed under the provisions of any enactment repealed or revoked by this Act immediately

before the coming into operation of the repeal or revocation concerned is taken to have been appointed under Part 5 of the Central Bank Reform Act 2010.

(7) Anything done by a person who was an authorised officer, by whatever name called, appointed under the provisions of any enactment repealed or revoked by this

Act immediately before the coming into operation of the repeal or revocation concerned shall be treated after the coming into operation of the repeal or revocation as done under Part 5 of the Central Bank Reform Act 2010 by an authorised officer appointed under Part 5 of the Central Bank Reform Act 2010.

(8) Any information gathered, or any other thing done, under the provisions of any enactment repealed or revoked by this Act is to be treated after the coming into

operation of the repeal or revocation as if done under any provision of Part 5 of the Central Bank Reform Act 2010 under which it could have been done had the

provision been in force at the time in question.”.



  Seanad amendment agreed to.

Acting Chairman (Deputy Olivia Mitchell): Information on Olivia Mitchell Zoom on Olivia Mitchell Seanad amendments Nos. 166 and 172 are related and may be discussed together.

  Seanad amendment No. 166:

Schedule: In page 83, item 22, lines 13 and 14, to delete “section 37C” and substitute “sections 37C and 37D”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Amendment No. 166 is a minor amendment made on Committee Stage in the Seanad which inserts a reference to section 37D of the Credit Union Act of 1997, which sets out the information to be included in the credit agreement notice to the credit union members. This item in the Schedule is required to ensure that there is consistency between the 1997 Act and the European Communities (Consumer Credit Agreements) Regulations 2010, which apply to credit unions. Amendment No. 172 clarifies that the supervisory authority referred to in item 100 is the Irish Auditing and Accounting Supervisory Authority.

Seanad amendment agreed to.

  Seanad amendment No. 167:

Schedule: In page 84, item 37, to delete lines 22 to 26 and substitute the following:
“(b) which are being prescribed for the purposes of this section as being services of a description that appears to the Bank to be of mutual benefit to its members,”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Under the previous wording of item 37, the Central Bank could exempt certain additional services which involved "no undue risk" to the credit union. Amendment No. 167 removes the reference to "undue risk" in respect of additional services that the Bank may exempt from the application requirements under section 47 of the Credit Union Act 1997. It was felt that this wording was too restrictive and could have limited the instances where the Bank could exempt certain services from additional requirements provided in that section. Following the amendment made in the Seanad, the Bank may exempt such services which would be for the mutual benefit of its members.

  Seanad amendment agreed to.



  Seanad amendment No. 168:

Schedule: In page 85, item 44, line 19, to delete “section 53(17)” and substitute “section 53(15)”.



  Seanad amendment agreed to.

  Seanad amendment No. 169:

Schedule: In page 85, item 46, line 31, to delete “section 53(19)” and substitute “section 53(17)”.



  Seanad amendment agreed to.

  Seanad amendment No. 170:



    Schedule: In page 86, between lines 53 and 54 to insert the following:

    "
    59

    Section 71(2)


    Substitute for paragraph (g):

    “(g) which is made to the Bank for the purposes of its functions in relation to credit unions; or

    (h) which is made to the Credit Union Restructuring Board for the purposes of its functions under the Credit Union Act 2012.”.
".


  Seanad amendment agreed to.


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