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(c) subject to the provisions of this Act and all other applicable legal requirements, shall be determined in accordance with the registered rules, but, except where this Act or any other applicable legal requirement or the registered rules otherwise provides, a retiring member of the committee shall be eligible for re-election.

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(2)The rules for retirement from the board oversight committee shall be as follows: (a) where the committee consists of 3 members, one shall retire at each annual general meeting; (b) where the committee consists of 5 members, 2 shall retire at each annual general meeting; (c) subject to paragraph (d), the members to retire at any time shall be those who have served longest since they were last elected; (d) as between members who were last elected on the same day, the member (or members) to retire shall be determined by agreement or, in default of agreement, by the drawing of lots.
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Board oversight committee: removal from office.

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76Q.— (1) Subject to subsection (2), a credit union may, by resolution of a majority of the members present and voting at a special general meeting called for that purpose, remove a member of the board oversight committee from office.

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(2)The secretary of the credit union shall, not less than 21 days before the date of the special general meeting at which it is proposed to move a resolution referred to in subsection (1), give written notice of that meeting to the member concerned.
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(3)Where notice is given of a resolution mentioned in subsection (1) and the member of the board oversight committee concerned makes in relation to it representations in writing to the credit union (not exceeding a reasonable length) and requests their notification to the members of the credit union, the credit union shall, subject to subsection (5), (unless the representations are received by it too late to do so)— (a) in any notice of the proposed resolution given to members of the credit union, state the fact of the representations having been made, and (b) send a copy of the representations to every member of the credit union to whom notice of the meeting is sent.
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(4)Subject to subsection (5), and whether or not copies of any representations made under subsection (3) have been sent in accordance with that subsection, the member of the board oversight committee concerned may require that, without prejudice to that member’s right to be heard orally, the representations made by that member shall be read out at the special general meeting.
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(5)Subsections (3) and (4) shall not apply if, on the application either of the credit union or of any person who claims to be aggrieved, the Bank is satisfied that compliance with the subsections would diminish substantially public confidence in the credit union or that the rights conferred by those subsections are being, or are likely to be, abused in order to secure needless publicity for defamatory matter.
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(6)A vacancy arising from the removal of a member of a board oversight committee under this section shall be filled in accordance with section 76N(2).
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Board oversight committee: supplementary provision.

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76R.— (1) A register of the members of the board oversight committee shall be kept by the secretary of the credit union and shall be signed by each member of the board oversight committee after an annual general meeting or, in the case of a member appointed to fill a casual vacancy, after such member’s appointment.

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(2)In the event that the number of members of the board oversight committee falls to less than half the number specified in the registered rules, the secretary of the committee shall forthwith notify the Bank and the board of directors.
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(3)The acts of a member of the board oversight committee of a credit union shall be valid notwithstanding any defect in the election or appointment of the member which may subsequently be discovered.
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(4)Where any of the following events occur— (a) the secretary of the board oversight committee has given notice under section 76N(3) that all the members of the committee intend to resign on the same date, (b) all the members of the board oversight committee have been removed or suspended in accordance with section 96(1), or (c) there are no members of the board oversight committee, then the board of directors shall convene a special general meeting of the credit union, within one month of the occurrence of the event in question, to elect a board oversight committee.
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(5)If the special general meeting referred to in subsection (4) is not convened in accordance with that subsection, the Bank may convene such a special general meeting under section 92(1)(b).
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(6)A credit union shall meet all such expenses as may be reasonably incurred by its board oversight committee in carrying out its function.”.
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(2)Notwithstanding the repeal by this Act of the provisions of the Principal Act relating to Supervisory Committees, each member of the Supervisory Committee of a credit union shall, unless he or she resigns or otherwise ceases to be a member of that committee, be deemed to have been duly elected a member of the board oversight committee of the credit union for the remainder of the term that he or she would have been a member of the Supervisory Committee had this section not been enacted.
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Special resolutions.

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28.— The Principal Act is amended by substituting the following for section 83: “83.— (1) If, at any general meeting of which notice has been given specifying the intention to propose a special resolution, the chair declares that the resolution has been passed as required by the definition of ‘special resolution’ in section 2(1), that declaration shall, without more, be evidence of that fact until the contrary is proved.

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(2)A copy of every special resolution for any of the purposes mentioned in this Act— (a) shall be signed by the chair of the meeting at which the resolution was passed, (b) shall be countersigned by the secretary of the credit union, and (c) within 21 days of the date of the meeting at which the resolution was passed, shall be sent to the Bank to be registered by it, and the special resolution shall not take effect until that copy is so registered.”.
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Power of Bank to make regulations.

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29.— The Principal Act is amended by inserting the following after section 84: “84A.— (1) In making regulations under this Act the Bank shall have regard to the need to ensure that the requirements imposed by the regulations so made are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the regulations will apply.

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(2)Before making regulations under this Act, the Bank shall consult with— (a) the Minister and the Credit Union Advisory Committee, (b) any other body that appears to the Bank to have expertise or knowledge of credit unions generally, and (c) any other body that the Bank considers appropriate to consult in the circumstances.
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(3)Regulations made under this Act may— (a) contain any incidental, supplementary and consequential provisions that appear to the Bank to be necessary or expedient for the purposes of the regulations, (b) apply either generally to a specified category or categories of credit union, and (c) include different provisions in relation to different categories of credit union.”.
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Liquidity and stress testing, etc.

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30.— The Principal Act is amended by inserting the following section after section 85: “Liquidity.

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85A.— (1) In this section— ‘liquid assets’ means the assets held by a credit union to enable it to meet its obligations as they arise; ‘maturity mismatch’ means the ongoing or possible future divergence between a credit union’s assets and liabilities because non liquid assets of the credit union have not or, at the appropriate time, will not have matured; ‘total assets’ means all the assets of a credit union having due regard to the accounting principles in section 110 after deducting provisions for bad and doubtful debts.

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(2)A credit union shall at all times keep a proportion of its total assets in liquid form (in this section referred to as ‘liquid assets’) so as to enable the credit union to meet its obligations as they arise. The proportion of assets kept in liquid form shall take into account the nature, scale and complexity of the credit union, and the composition and maturity of its assets and liabilities.
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(3)The Bank may prescribe the liquidity requirements that a credit union is required to maintain at a minimum as well as conditions on the application of the liquidity requirements. Regulations made by the Bank for the purpose of this section may deal with other matters related to minimum liquidity requirements, including— (a) the proportion and nature of assets to be held in liquid form, (b) the holding of liquid assets based on the duration of loans, (c) in relation to maturity mismatches, and (d) the liquid assets to be held as a safeguard on the basis of stressed conditions that may arise.
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(4)In prescribing matters for the purposes of this section, the Bank shall have regard to the need to ensure that the requirements imposed by the regulations made by it are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the regulations will apply.
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Supplemental provisions to sections 85 and 85A.

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85B.— (1) In this section— ‘liquid assets’ has the meaning given by section 85 or 85A, as appropriate in the circumstances; ‘maturity mismatch’ has the meaning given by section 85A(1); ‘stress test’, in relation to a credit union, means the analysis of its cash flows under various headings and the placing of such cash flows in pre-determined time periods subject to specified conditions, including monetary limits where appropriate, to estimate the extent to which a credit union may have a maturity mismatch in respect of its assets and liabilities.

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(2)(a) Pending the prescribing by the Bank of minimum liquidity requirements for the purposes of section 85A in respect of a category of credit unions, the liquidity requirements applicable to credit unions under section 85 shall continue to apply to such category of credit unions in respect of matters so prescribed. (b) Where minimum liquidity requirements have been prescribed by the Bank for the purposes of section 85A in respect of a category of credit unions, then section 85 shall cease to apply to that category of credit unions in respect of the matters so prescribed.
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(3)The Bank may, from time to time, require any credit union or credit unions (either generally or a particular category of credit union) to undertake stress tests into what would be the consequences for its liquidity if one or more scenarios were to arise. The terms of the stress test shall be laid down by the Bank including without limitation requirements on the frequency of stress tests, reporting arrangements for stress test results and requirements to develop contingency plans.
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(4)In requiring a credit union to undertake any matter for the purposes of this section, the Bank shall have regard to the need to ensure that the requirements are effective and proportionate having regard to the nature, scale and complexity of the credit union.”.
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Bank’s power to require appointment of additional director of credit union.

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31.— The Principal Act is amended by inserting the following after section 95: “95A.— (1) Where the Bank is of the opinion, after an inspection under section 90 or after an investigation under section 92, that it is necessary to enhance or improve the expertise of the board of directors of a credit union, it may require the nomination committee of the credit union to nominate an additional person with the required skills and expertise to be a director of the board of directors of the credit union.

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(2)Any person nominated under subsection (1) shall be subject to the approval of the Bank prior to that person being nominated for appointment to the board of directors.
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(3)A person shall be appointed to the board of directors for the purposes of this section by being co-opted by the board of directors and such director shall hold office from the date of the appointment to the next following annual general meeting of the credit union or, if it is earlier, the next special general meeting at which an election is held for members of the board of directors.
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(4)Any director appointed under subsection (1) shall have the same rights, duties and responsibilities as any other director appointed under section 53.
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(5)Any period of appointment under this section shall not be reckoned for the purposes of calculating the number of years that a person has served in aggregate for the purpose of section 53(12) or section 76N(5).”.
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Removal of auditor of credit union by Bank.

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32.— The Principal Act is amended by substituting the following for section 116: “116.— (1) Where the Bank considers it necessary in the interest— (a) of the members or creditors of a credit union, or (b) of the orderly and proper regulation of the business of a credit union, the Bank may remove from office the auditor of the credit union.

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(2)Any auditor who has been removed from office under subsection (1) may apply to the Court for an order setting aside the removal.
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(3)On an application under subsection (2), the Court may make— (a) an order setting aside the removal, (b) an order confirming the removal, or (c) such other order as may appear to the Court to be necessary.
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(4)The Bank may apply to the Court for, and the Court may grant, an order confirming the removal.
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(5)The Court may by order revoke or vary an order made by it under this section.
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(6)If, in a case where an application has been made to the Court under this section, the Court is satisfied, because of the nature or circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of any proceedings under that provision may be heard otherwise than in public.
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(7)Unless an order has been made by the Court in respect of a removal, the Bank may at any time revoke the removal.”.
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General regulations by Bank.

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33.— The Principal Act is amended by inserting the following after section 182: “182A.— (1) The Bank may make regulations in respect of any matter which, under any provision of the Credit Union Acts 1997 to 2012, is to be prescribed by the Bank.

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(2)Regulations made by the Bank under the Credit Union Acts 1997 to 2012 may apply either generally or by reference to a specified category or categories of credit unions, or to a specified time or times, or during a specified period or periods or by reference to any other matter as the Bank may consider appropriate.”.
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Certain enactments not to apply to credit unions, etc.

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34.— The Principal Act is amended by substituting the following for section 184: “184.— The following enactments, namely— (a) section 117 of the Central Bank Act 1989, (b) Part IV (other than sections 27B, 27G and 27H) of the Central Bank Act 1997 , and (c) the Consumer Credit Act 1995 , shall not apply to a credit union or to a body the members of which are credit unions and the principal objects of which are the promotion of the credit union movement and the provision of services to credit unions.”.

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Miscellaneous and consequential amendments to Principal Act.

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35.— The Principal Act is further amended as set out in Schedule 1 .

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Consequential amendments of the Central Bank Act 1942 .

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36.— Sections 33ANA and 33ANB of the Central Bank Act 1942 are repealed.

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Amendment of Schedule 2 to Central Bank Act 1942.

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37.— Schedule 2 to the Central Bank Act 1942 is amended in Part 1 by substituting the following for Item 39: “ 39 No. 27 of 2011 Central Bank and Credit Institutions (Resolution) Act 2011

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Part 8 and sections 22 and 106

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40 No. — of 2012 Credit Union and Co-operation with Overseas Regulators Act 2012 The whole Act ”.

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Revocation of statutory instruments.

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38.— The following statutory instruments are revoked: (a) the Credit Union Act 1997 (Alteration of Financial Limit) Regulations 2001 ( S.I. No. 476 of 2001 ); (b) the Credit Union Act 1997 (Alteration of Financial Limits) Order 2006 ( S.I. No. 453 of 2006 ).

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PART 3

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Restructuring Preliminary and restructuring generally Interpretation (Part 3).

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39.— In this Part— “Board of ReBo” means the Board appointed by the Minister under section 49

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(1); “Chair of ReBo” has the meaning given by section 49
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(3); “Chief Executive” has the meaning given by section 52
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(1); “Credit Union Fund” has the meaning given by section 57
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(1); “establishment day” means the day appointed under section 42 as the establishment day; “ReBo” means the Credit Union Restructuring Board; “stabilisation support” has the meaning given by section 61 .
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Independence of Bank and its Governor not affected (Part 3).

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40.— Nothing in this Part, or anything stated or done (nor the fact of something not having been stated or done) by an employee of the Bank appointed as a non-voting member to ReBo in accordance with section 49

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(1), prevents or restricts the performance by the Governor of the Bank or the Bank of functions in relation to any credit union including functions under financial services legislation or affects any obligation arising under the treaties governing the European Union (within the meaning given by section 1 of the European Communities Act 1972 ) or the ESCB Statute (within the meaning given by section 2 of the Central Bank Act 1942 ).
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Minister to have regard to European Union law (Part 3).

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41.— In performing a function under this Part, the Minister shall have regard to the laws of the European Union (including those governing state aid) and any relevant guidance issued by the Commission of the European Union.

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Credit Union Restructuring Board Establishment of Credit Union Restructuring Board.

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42.— (1) The Minister shall by order appoint a day to be the establishment day for the purposes of this Part.

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(2)On the establishment day there shall stand established a body to be known as the Credit Union Restructuring Board (in this Part referred to as “ReBo”) which shall exercise the functions assigned to it by this Part.
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(3)ReBo shall be a body corporate with the power to sue and be sued in its corporate name.
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Cessation of effect of this Part.

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43.— (1) Subject to subsection (2), when the Minister is satisfied, after conducting a review to which subsection (2) relates, that ReBo has completed the performance of its functions under this Part, the Minister may— (a) by order dissolve ReBo, and (b) subject to the provisions of this Act, include in the order such incidental, ancillary or consequential provisions as the Minister considers necessary or expedient, and, accordingly, this Part shall cease to have effect other than in so far as it relates to incidental, ancillary or consequential provisions provided for by the Minister under paragraph (b) and any such order may be amended by virtue of this section in so far as it relates to such provisions.

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(2)(a) The Minister shall, not later than 1 January 2016 and after consultation with ReBo and such other persons whom he or she considers appropriate, conduct a review of the operation of this Part to determine whether or not ReBo has, in the Minister’s opinion, completed the performance of its functions. (b) Where, having conducted a review under this subsection, the Minister is satisfied that ReBo has not completed the performance of its functions, then the Minister shall conduct a further such review within 12 months of thepreceding review and such further review shall be considered as if it were a review conducted under paragraph (a).
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(3)When an order under subsection (1) is proposed to be made, a draft of the order shall be laid before each House of the Oireachtas and the order shall not be made until a resolution approving of the draft has been passed by each such House.
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Restructuring functions of ReBo.

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44.— (1) In addition to the making of a recommendation under section 65 , ReBo shall facilitate and oversee the restructuring of credit unions in accordance with this Part to support the financial stability and long term sustainability of credit unions generally, and for that purpose its functions shall include— (a) analysing and examining information provided to it by the Bank, credit unions or by any other person, (b) developing provisional proposals and plans with credit unions for the restructuring of the credit union sector, (c) engaging with credit unions to facilitate agreement on restructuring proposals, (d) assisting credit unions in the preparation of restructuring plans, (e) considering and assessing restructuring plans submitted to it by or on behalf of credit unions including any funding requirements under the plan including requiring credit unions to engage third parties to verify information and provide a report to ReBo, (f) approving, approving with conditions or rejecting those restructuring plans, (g) recommending the restructuring plans to the Minister and advising the Bank of its recommendations, (h) overseeing the implementation of restructuring plans, including the provision of post-restructuring support.

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(2)Subject to this Part, ReBo may do anything which it considers necessary or expedient to enable it to perform its functions including making arrangements with any other person or body for the use by it of premises or equipment belonging to that person or other body or for the use by ReBo of the services of officers or servants of that person or other body.
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Restructuring of credit unions.

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45.— (1) Where 2 or more credit unions decide to submit, either jointly or severally in respect of themselves, a proposed restructuring plan (in this Act referred to as the “restructuring proposal”) to ReBo, it shall be in such form and contain such information (including funding requirements and any analysis required to be undertaken) as ReBo may, from time to time, specify in writing as required for the purpose of the submission of a proposal to it.

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(2)Every restructuring proposal under this section shall provide for— (a) the amalgamation of credit unions, or (b) the transfer of engagement between credit unions, under Part IX of the Principal Act.
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(3)Where ReBo decides that it will be or is relevant to its consideration of a restructuring proposal, it may— (a) before submission to it of the restructuring proposal, and whether or not at the request of the credit union or credit unions concerned, indicate to the credit union or credit unions concerned that it requires the restructuring proposal to contain such additional information (including any analysis to be undertaken) as ReBo specifies, and (b) after submission of the restructuring proposal to it, require such additional information (including any analysis to be undertaken) to be provided to it as ReBo specifies to the credit union or credit unions concerned.
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(4)ReBo may require a credit union or group of credit unions to engage a third party approved by ReBo to prepare a report to verify the information provided to it under subsection (3) or otherwise.
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(5)ReBo shall consider and assess any restructuring proposal submitted to it, including any funding requirements submitted to it in accordance with any requirements issued under subsection (1), and any information required under subsection (3)(b) or report under subsection (4). Following such consideration and assessment, the Board of ReBo shall— (a) approve the restructuring proposal as a restructuring plan for the credit union or credit unions concerned, and, where relevant, recommend to the Minister the provision of financial support under this Part in respect of the restructuring proposal as a restructuring plan for the credit union or credit unions concerned, with or without specified conditions, or (b) reject the restructuring proposal.
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(6)Where ReBo approves the restructuring proposal as a restructuring plan for the credit union or credit unions concerned, with or without specified conditions, and makes a recommendation to the Minister it shall advise the Bank of its approval and recommendation (together with those conditions).
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(7)Nothing in this Part prevents ReBo from making a recommendation to the Bank, in relation to an individual credit union for the purposes of section 65 .
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Guidelines and directions.

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46.— (1) ReBo shall, in consultation with the Minister and, where relevant, the Bank, develop guidelines for the operating principles of ReBo and, after obtaining approval of the Minister for such, ReBo shall adopt such guidelines and have regard to them in the performance of its functions.

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(2)As soon as practicable after ReBo has adopted guidelines under subsection (1), the Minister— (a) shall cause the guidelines to be published in Iris Oifigiúil, and (b) shall lay a copy of the guidelines before each House of the Oireachtas.
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(3)The Minister may give a direction in writing to ReBo concerning any matter relating to the provision of funding to support the achievement of the purposes of this Part and ReBo shall comply with any such direction.
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(4)The Minister may consult with the Bank before giving directions under this section.
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ReBo levy.

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47.— (1) For the purpose of financing the performance by ReBo of its functions under this Part and subject to subsection (6), ReBo shall, with the consent of the Minister and in accordance with any directions that the Minister may give for the purposes of this section, make regulations prescribing— (a) the levy to be paid to it by credit unions (in this section referred to as the “ReBo levy”), and (b) when the levy falls due to be paid by credit unions, and different rates of levies may be imposed on different categories of credit unions, including the imposition of a levy of zero per cent on a category of credit unions.

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(2)Without prejudice to the generality of subsection (1), the power to make regulations under that subsection includes the power to provide for exemptions from the payment of the ReBo levy, or waiving, remitting or refunding that levy (in whole or in part), in different circumstances or classes of circumstances or in different cases or classes of cases.
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(3)The total amount of the ReBo levy charged annually under this Part shall, as nearly as may be, taking one year with another, be equal to half the total expenditure incurred by ReBo annually in the performance of its functions.
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(4)The ReBo levy received from each credit union shall be paid into the Credit Union Fund.
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(5)ReBo may recover as a simple contract debt in any court of competent jurisdiction, from a person by whom the fee is payable, any amount due and owing to ReBo in respect of a levy charged under this section.
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(6)Before making regulations under this section, the Board of ReBo— (a) shall consult with the Minister and the Credit Union Advisory Committee, and (b) may consult with any other body appearing to the Board to have expertise or knowledge of credit unions and with such other persons as the Board considers appropriate.
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Collection of ReBo levy and amendment of section 61H of the Central Bank Act 1942.

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48.— (1) The ReBo levy shall be collected by ReBo or, where an arrangement has been entered into by it with the Bank pursuant to section 61H of the Central Bank Act 1942 (as amended by subsection (2)), by the Bank.

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(2)Section 61H(4) of the Central Bank Act 1942 is amended in the definition of “prescribed body” by inserting the following after paragraph (c): “(ca) the Credit Union Restructuring Board;”.
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Membership of Board of ReBo, etc.

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49.— (1) Subject to subsection (2), the Minister shall appoint the Board of ReBo which shall consist of such number of persons as the Minister may determine, including an employee of the Bank nominated by the Governor for appointment as a non-voting member of the Board of ReBo.

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(2)Each member of the Board shall be appointed for such period as the Minister thinks fit, and every person so appointed, other than the person nominated by the Governor of the Bank, shall be chosen by the Minister for appointment— (a) by reason of that person’s knowledge of matters pertaining to the restructuring of credit unions, or (b) because, in the opinion of the Minister, that person is capable of giving substantial practical assistance in respect of the work of the Board.
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(3)The Minister shall from time to time nominate one member of the Board of ReBo to act as its chairperson (in this Part referred to as the “Chair of ReBo”).
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(4)There shall be paid to every member of the Board of ReBo such remuneration and expenses as the Minister may determine from time to time. The Minister may determine that the Chair of ReBo shall be paid additional remuneration or allowances on account of his or her responsibilities as chairperson.
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(5)The Board of ReBo shall— (a) hold such meetings as are necessary for the performance of its functions, and (b) shall conduct its business with as little formality and technicality, and with as much expedition, as a proper consideration of the matters before it will allow, and, subject to paragraph (b), the Board of ReBo shall regulate its own procedures and business.
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(6)ReBo shall comply with the Code of Practice for the Governance of State Bodies, published by the Department of Finance in May 2009, and with such other codes of practice or other like documents as may be published from time to time by the Minister or the Minister for Public Expenditure and Reform regarding the governance generally of State bodies, including— (a) any revisions duly made to such codes or like documents, or (b) any additional relevant requirements issued by the Minister or the Minister for Public Expenditure and Reform.
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(7)The Minister may for stated reasons remove a member of the Board of ReBo from office if, in the opinion of the Minister— (a) the member has become incapable through ill health of effectively performing the functions of the office, (b) the member has committed stated misbehaviour, (c) the member has a conflict of interest of such significance that, in the opinion of the Minister, the person should cease to hold the office, or (d) the member’s removal appears to be necessary for the effective performance of the functions of the Board.
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Non-disclosure of information.

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50.— (1) This section applies to the following persons: (a) every member of the Board of ReBo and every former member of that Board; (b) the Chief Executive and every former Chief Executive; (c) every member of the staff of ReBo and every former member of the staff of ReBo; (d) the auditor of ReBo and every former auditor of ReBo; (e) every person who is or was an agent, consultant or adviser of ReBo or appointed in any other capacity by ReBo; (f) every employee or former employee of an auditor, an agent, consultant or adviser appointed by ReBo.

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(2)A person referred to in subsection (1) shall not disclose confidential information concerning— (a) the business of any person or body whether corporate or incorporate that has come to the person’s knowledge through the person’s office or employment or other role with ReBo, or (b) any matter arising in connection with the performance of the functions of ReBo or the exercise of ReBo’s powers.
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(3)ReBo may disclose information, including confidential information— (a) to the Minister, (b) to the Bank, and (c) generally or to a specified person or persons, with the consent of— (i) the person to whom the information relates, and (ii) if the information was obtained from another person, that other person.
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(4)ReBo shall co-operate with the Bank with a view to ensuring that the provisions of this Part operate in a way that contributes to promoting the best interests of credit unions generally. This may include the sharing of such information required by the Bank relevant to the performance of its functions.
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(5)As soon as practicable after the commencement of this section, ReBo and the Bank shall enter into a memorandum of understanding setting out the terms under which they agree to give effect to this section.
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(6)Nothing in this section prevents the disclosure— (a) of information when required to be disclosed by law, or (b) in a report or otherwise by ReBo of information relating to a person where the information is presented in a manner (either by the aggregation of information relating to more than one person or otherwise) that maintains the anonymity of each person concerned.
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(7)A person who contravenes subsection (2) is guilty of an offence and liable on summary conviction to a class A fine.
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Reports to Minister.

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51.— (1) ReBo may make such reports to the Minister on the performance of its functions as it thinks fit.

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(2)ReBo shall give to the Minister such other information as the Minister may require in respect of the performance by ReBo of its functions and its policies in respect of such performance.
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Chief executive officer of ReBo.

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52.— (1) There shall be a chief executive officer of ReBo (in this Part referred to as the “Chief Executive”).

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(2)The Chief Executive shall, subject to subsection (3), be appointed by the Board of ReBo on the recommendation of the Chief Executive of the Public Appointments Service.
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(3)The appointment shall either— (a) be on such terms (including terms as to remuneration, duration of term and allowances for expenses) as the Minister may, with the consent of the Minister for Public Expenditure and Reform, determine and be subject to the Public Service Management (Recruitment and Appointments) Act 2004 , or (b) be on such other terms (including terms as to remuneration, duration of term and allowances for expenses) as may be determined by the Board of ReBo and approved by the Minister with the consent of the Minister for Public Expenditure and Reform.
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(4)The Chief Executive shall— (a) implement the policies and decisions of ReBo, (b) manage and control generally ReBo’s staff, administration and business, and (c) perform such other functions as may be required or as may be duly authorised by the Board of ReBo under this Part.
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(5)The Chief Executive shall be responsible to the Board of ReBo for the performance of the Chief Executive’s functions.
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(6)The Chief Executive shall not be a member of the Board of ReBo, but may, in accordance with procedures established by the Board, attend meetings of the Board and shall be entitled to speak at and give advice at such meetings.
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(7)The Chief Executive shall provide the Board of ReBo with such information, including financial information in respect of the performance of the Chief Executive’s functions, as the Board may require.
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(8)The Chief Executive shall not hold any office or occupy any other position in respect of which remuneration is payable, or carry on any business, without the consent of the Board of ReBo and the approval of the Minister.
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(9)Such of the functions of the Chief Executive as the Chief Executive may specify, may, with the consent of the Board of ReBo, be performed by such member or members of the staff of ReBo as the Chief Executive may authorise for that purpose.
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(10)The functions of the Chief Executive may be performed during the Chief Executive’s absence or when the post of Chief Executive is vacant by such member or members of the staff of ReBo as the Board of ReBo may authorise for that purpose.
\n

Staff of ReBo.

\n

53.— (1) ReBo may, with the approval of the Minister— (a) appoint such and so many persons to be members of the staff of ReBo as it may determine, and (b) determine the grades of such staff of ReBo and the number of staff in each grade.

\n
(2)An appointment under this section shall either— (a) be on such terms (including terms as to remuneration, duration of term and allowances for expenses) as the Minister may, with the consent of the Minister for Public Expenditure and Reform, determine and be subject to the Public Service Management (Recruitment and Appointments) Act 2004 , or (b) be on such other terms (including terms as to remuneration, duration of term and allowances for expenses) as may be determined by the Board of ReBo and approved by the Minister with the consent of the Minister for Public Expenditure and Reform.
\n

Accounts and audit.

\n

54.— (1) The Chief Executive, under the direction of the Board of ReBo, shall— (a) submit estimates of income and expenditure to the Minister in such form, in respect of such periods and at such times as may be specified by the Minister, and (b) provide to the Minister any information which the Minister may require regarding those estimates and also regarding the proposals and plans of the Board in respect of a period specified by the Minister.

\n
(2)The Chief Executive, under the direction of the Board of ReBo, shall keep, in such form and in respect of such accounting periods as may be approved of by the Minister, with the consent of the Minister for Public Expenditure and Reform, all proper and usual accounts of moneys received and spent by ReBo, including an income and expenditure account and a balance sheet.
\n
(3)(a) The Board of ReBo, its Chief Executive and any relevant member of the staff shall, whenever so required by the Minister, permit any person appointed by the Minister to examine the accounts of ReBo in respect of any financial year or other period and shall facilitate any such examination, and ReBo shall pay to the Minister such fee for the examination as may be fixed by the Minister. (b) In this subsection “relevant member of the staff” means a member of the staff of ReBo to whom duties relating to those accounts have been duly assigned.
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(4)The accounts of ReBo shall be approved by it as soon as is practicable (but not later than 3 months after the end of the accounting period to which they relate) and submitted by it to the Comptroller and Auditor General for audit.
\n
(5)A copy of the accounts and the report of the Comptroller and Auditor General on them shall be presented to the members of ReBo and the Minister as soon as is practicable, and the Minister shall cause a copy of the accounts and report to be laid before each House of the Oireachtas.
\n

Contracted service providers.

\n

55.— (1) ReBo may engage the services of any expert adviser or other service provider where ReBo considers it necessary or expedient to do so in connection with the performance of its functions.

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(2)In contracts for the provision of services to ReBo by expert advisers and service providers, ReBo shall seek to ensure that each expert adviser or service provider— (a) operates to the highest standards of honesty and fairness and with due skill, care, prudence and diligence in conducting its business activities under the contract concerned, (b) effectively employs the resources and procedures that are necessary for the proper performance of such business activities, (c) makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to ReBo, (d) complies with any regulatory regime to which it is subject, (e) permits ReBo to engage auditors to carry out an audit of the books, accounts and other financial statements of the expert adviser or service provider so far as they relate to the services performed for ReBo, and (f) is obliged to co-operate fully in such audits.
\n

Disclosure of information.

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56.— (1) Disclosure by a credit union to ReBo of information or records does not contravene any duty of confidentiality to which the credit union is subject.

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(2)A credit union may disclose to ReBo personal data within the meaning of the Data Protection Acts 1988 and 2003.
\n
(3)Section 33AK(5) of the Central Bank Act 1942 is amended by inserting the following paragraph after paragraph (aj): “(aja) to the Credit Union Restructuring Board that is required for the performance of that Board’s functions,”.
\n

Credit Union Fund and Credit Union Levy Credit Union Fund.

\n

57.— (1) A fund, to be known as the Credit Union Fund, is established.

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(2)The purpose of the Credit Union Fund is— (a) to provide a source of financial support for the restructuring of credit unions under this Part, (b) to provide stabilisation support in accordance with
\n

Part 4

\n

, (c) to meet the expenses of ReBo in discharging its functions under this Act, (d) to provide for the costs referred to in section 60

\n
(2), and (e) to provide for the expenses referred to in section 67 .
\n
(3)The Minister may contribute to the Credit Union Fund such sums as the Minister considers appropriate from the Central Fund or the growing produce of the Central Fund.
\n
(4)The Minister is entitled to be reimbursed from the Credit Union Fund for all contributions under subsection (3). All sums paid out of the Credit Union Fund in repayment of a contribution under this subsection shall be paid into or disposed of for the benefit of the Exchequer.
\n
(5)The Minister may, following receipt of a recommendation from ReBo by virtue of section 45
\n
(5)(a), provide financial support from the Credit Union Fund, on such terms and conditions that the Minister considers appropriate, to a credit union or group of credit unions for the purposes of restructuring under this Part. The provision of financial support by the Minister may be conditional on the Bank confirming the amalgamation or transfer under section 131(6)(a) of the Principal Act.
\n
(6)Where requested by the Bank under section 65
\n
(5), the Minister may provide stabilisation support from the Credit Union Fund on such terms and conditions as the Minister considers appropriate. The provision of stabilisation support by the Minister shall be conditional on the Bank approving the provision of stabilisation support under section 65
\n
(6).
\n
(7)The terms and conditions referred to in subsections (5) and (6) may include the recoupment of moneys over time from the credit union in respect of the stabilisation support provided, including the cost of providing that support but conditions under subsection (6) shall not include any of the matters to which section 65
\n
(6)relates.
\n
(8)Financial support under subsection (5) or (6) may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance.
\n
(9)Moneys recouped from a credit union in respect of financial support provided out of the Credit Union Fund to it under this Part shall be paid into that Fund.
\n

Keeping and audit of accounts of Credit Union Fund, etc.

\n

58.— (1) The Minister shall administer and manage the Credit Union Fund and shall cause— (a) all proper and usual accounts of receipts and payments to be kept for that Fund in respect of each financial year, and (b) the transmission of those accounts, not later than 30 June in the year following the end of the financial year to which they relate, to the Comptroller and Auditor General.

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(2)The Comptroller and Auditor General shall audit the accounts of the Credit Union Fund transmitted to him or her pursuant to subsection (1).
\n
(3)Upon completion of the audit of the accounts, the Comptroller and Auditor General shall prepare a report in writing in relation to them and shall submit a copy of the report together with a copy of the accounts to the Minister not later than 31 August in the year following the financial year to which they relate. The Minister shall cause copies of the report and the said accounts to be laid before Dáil Éireann not later than 30 September in the year following the financial year to which they relate or, if Dáil Éireann then stands dissolved, the date that is one week after the first meeting of the next Dáil Éireann.
\n

Credit union levy.

\n

59.— (1) A credit union shall contribute to the Credit Union Fund in accordance with any regulations made under this section. Such contribution is, in this Part, referred to as the “credit union levy”.

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(2)The Minister may make regulations prescribing the rate of contribution, or a method of calculating the rate of contribution, to the Credit Union Fund by a credit union under this section for the purpose of reimbursing the Minister for the provision of financial support under section 57
\n
(5)which is not recouped, or which, in the opinion of the Minister, is not recoupable in full, in accordance with the terms and conditions of that financial support, from the credit union to which such financial support was provided.
\n
(3)The Minister shall make regulations prescribing the rate of contribution, or a method of calculating the rate of contribution, to the Credit Union Fund by a credit union under this section for the purpose of providing funding for the provision of stabilisation support under section 57
\n
(6).
\n
(4)In making regulations under subsection (2) the Minister shall have regard to— (a) the need for the Credit Union Fund to grow, over time, to a size commensurate to the costs that might be, or that have been, incurred in providing financial support for the restructuring of credit unions under this Part or providing stabilisation support under
\n

Part 4

\n

, and (b) the need for the rate of contribution by a credit union, or category of credit unions, to be consistent with maintaining the financial viability and sustaining the commercial position of such credit unions.

\n
(5)Regulations under subsection (2) may prescribe different rates, or different methods of calculating rates, of contribution for different credit unions, or different category of credit unions, including according to— (a) the nature, scale and complexity of the business of each such credit union or category of credit union, and the level of risk associated with each such credit union, or category of credit unions concerned, (b) the capacity of credit unions or categories of credit union to make the proposed contribution, and (c) the extent to which a credit union or credit unions have or may benefit from the provision of financial support from theCredit Union Fund.
\n
(6)Before making regulations under this section, the Minister— (a) shall consult with the Bank, the Credit Union Advisory Committee and ReBo, and (b) may consult with any other body appearing to the Minister to have expertise or knowledge of credit unions and with such other persons as the Minister considers appropriate. A draft of the proposed regulations may be provided as part of any such consultation.
\n
(7)Every credit union levy collected shall be paid into the Credit Union Fund.
\n
(8)The Minister may recover as a simple contract debt in any court of competent jurisdiction, from a person by whom the fee is payable, any amount due and owing to the Minister in respect of a levy charged under this section.
\n

Arrangements for collection of credit union levies.

\n

60.— (1) The Minister, the Bank, and the Credit Union Restructuring Board may enter into an arrangement in relation to the collection of contributions payable by credit unions in the form of levies under this Act.

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(2)The costs associated with the collection of levies under this Act shall be met from the Credit Union Fund.
\n

PART 4

\n

Stabilisation Interpretation (Part 4).

\n

61.— In this Part— “costs” include costs incurred by the Bank in the exercise of its functions under this Part; “reserve requirement” means the reserves which a credit union is required to hold under section 45 of the Principal Act; “Stabilisation Committee” has the meaning given by section 66 ; “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.

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Independence of Bank and its Governor not affected (Part 4).

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62.— Nothing in this Part prevents or restricts the performance by the Governor of the Bank or the Bank of functions in relation to any credit union, including functions under financial services legislation, or affects any obligation arising under the treaties governing the European Union (within the meaning given by section 1 of the European Communities Act 1972 ) or the ESCB Statute (within the meaning given by section 2 of the Central Bank Act 1942 ).

\n

Minister and Bank to have regard to European Union law (Part 4).

\n

63.— In performing a function under this Part, the Minister and the Bank shall have regard to the laws of the European Union (including those governing state aid) and any relevant guidance issued by the Commission of the European Union.

\n

Funding for stabilisation support.

\n

64.— The Bank shall not approve the provision of stabilisation support under this Part unless the Credit Union Fund contains funds for the provision of stabilisation support.

\n

Provision of stabilisation support.

\n

65.— (1) (a) Subject to subsection (2) and section 64 , the Bank may approve the provision of stabilisation support under this section to a credit union where the credit union does not meet the regulatory reserve requirement but only if— (i) its regulatory reserve is equal to or greater than 7.5 per cent of the total assets of the credit union, and (ii) in the opinion of the Bank, the credit union is viable as a credit union. (b) In this subsection “total assets of the credit union” means all of the assets of the credit union concerned having due regard to the accounting principles set out in section 110 of the Principal Act after deducting any provisions for bad or doubtful debts.

\n
(2)Until the commencement of an order under section 43
\n
(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.
\n
(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
\n
(5)(a), and (b) the credit union satisfies the requirements of subsection (1)(a)(i).
\n
(4)Before deciding to approve the provision of stabilisation support under subsection (1), the Bank shall have regard to the following: (a) the extent to which the credit union concerned has complied with, or failed to comply with, the regulatory requirements imposed on the credit union by or under the Credit Union Acts 1997 to 2012 (including requirements regarding systems and controls) or the Central Bank Acts 1942 to 2012 or otherwise imposed on that credit union; (b) any actions, plans or other strategies prepared or implemented by the credit union concerned to protect or improve its regulatory reserve requirement; (c) if stabilisation support were to be provided, the ability in the opinion of the Bank of the credit union concerned— (i) to maintain its reserve requirement, and (ii) to fund the business of the credit union, after the provision of stabilisation support for a period of at least 3 years after the provision of such stabilisation support under this Act; (d) any plans, information or analysis submitted by the credit union concerned, under subsection (5) or otherwise; (e) the availability to the Bank of up-to-date and accurate financial information and accounts of the credit union concerned, including (in the opinion of the Bank) full and fair financial disclosure; (f) the previous financial performance of the credit union concerned prior to applying for stabilisation support including any previous stabilisation support received under this section or otherwise; (g) any other matters that the Bank considers reasonably relevant, in the particular circumstances, having regard to the Bank’s other functions; (h) such terms and conditions as the Minister considers appropriate to attach to the stabilisation support.
\n
(5)For the purpose of exercising its functions under this section, the Bank may request the provision of stabilisation support by the Minister under section 57
\n
(6)and may require— (a) the credit union concerned to submit such plans, information or analysis as it considers reasonably necessary, and (b) that any such plans, information or analysis is verified by a report of a third party approved by the Bank and in accordance with requirements determined by the Bank.
\n
(6)The provision of stabilisation support to a credit union under this section may be approved by the Bank on such terms and conditions as the Bank considers appropriate, including— (a) changes to the governance of the credit union, (b) changes to the business, operations, systems and processes within the credit union, (c) any requirement (in the form of a pre-condition or otherwise) by the Bank on the credit union to accept, or procure on such terms and conditions as the Bank considers appropriate, other support, including financial advice, technical advice and other advice, (d) any of the measures which may be contained in a regulatory direction under section 87(3) of the Principal Act, (e) compliance by the credit union with the above terms and conditions, including periodic targets for the credit union to meet and the preparation of updates or such other reports as the Bank may require to satisfy itself as to the credit union’s compliance with the terms and conditions.
\n
(7)The approval by the Bank of the provision of stabilisation support under this section is not a warranty by the Bank as to the solvency of the credit union or as to whether or not the credit union will in fact meet its reserve requirements, or any other requirement to which the credit union is subject.
\n

Stabilisation Committee.

\n

66.— (1) On the appointed day there shall stand established by the Minister a body known as the Credit Union Stabilisation Committee (in this Part referred to as the “Stabilisation Committee”) which shall exercise the functions assigned to it by this section.

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(2)The Stabilisation Committee shall examine the implementation by the Bank of the Bank’s requirements and procedures in relation to its functions under this Part and the exercise of those functions by the Bank. Where after such examination the Stabilisation Committee forms a conclusion on any matter, it shall forward it in writing to the Minister and the Bank.
\n
(3)In performing its functions the Stabilisation Committee shall not interfere or otherwise impinge on the independence of the Bank in the performance by the Bank of any of its functions.
\n
(4)(a) The Stabilisation Committee shall consist of not more than 7 persons appointed in writing by the Minister for such period as the Minister thinks fit. (b) A person appointed to the Stabilisation Committee shall be chosen by the Minister for appointment having regard to the representative nature of the person, and the volunteer ethos of credit unions and their representative bodies. (c) The Minister may remove a person from the Stabilisation Committee for stated reasons. (d) A person may resign from the Stabilisation Committee by sending his or her resignation in writing to the Minister.
\n
(5)(a) The Minister shall from time to time nominate one member of the Committee to act as chair. (b) The Minister may for stated reasons remove a person from acting as chair, with or without removing the person from being a member of the Stabilisation Committee.
\n
(6)Subject to the other provisions of this section, the Stabilisation Committee shall decide on its own procedures.
\n

Expenses of Bank under Part 4.

\n

67.— The expenses incurred by the Bank in exercising its functions under this Part shall be paid out of the Credit Union Fund.

\n

PART 5

\n

Miscellaneous Amendments relating to Central Bank Acts 1942 to 2011 Amendments to Central Bank Act 1942.

\n

68.— (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.”.

\n
(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 ”.
\n

Amendment to Central Bank Reform Act 2010.

\n

69.— 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 Co-operation with overseas regulators.

\n

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.

\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n

PART 5

\n

Authorised Officers Definitions (Part 5).

\n

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 1 , that other person.

\n
(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.
\n

Persons to whom this Part applies.

\n

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.

\n
(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 (vi) 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.
\n

Appointment of authorised officers.

\n

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.

\n
(2)The Bank may revoke any appointment made by it under subsection (1).
\n
(3)An appointment or revocation under this section shall be in writing.
\n
(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.
\n
(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.
\n

Warrant of appointment.

\n

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.

\n

Power of authorised officer to enter premises.

\n

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.

\n
(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.
\n

Powers of authorised officer.

\n

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.

\n
(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.
\n
(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.
\n
(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.
\n
(5)Subject to any warrant issued under 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.
\n

Warrant required to enter premises.

\n

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 of 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.

\n
(2)The period of validity of a warrant shall be 28 days from its date of issue.
\n
(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.
\n

Authorised officer may attend meetings.

\n

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.

\n
(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.
\n

Production of record subject to legal professional privilege not required.

\n

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

\n

Disclosure or production not to be treated as breach or to affect lien.

\n

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.

\n
(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.
\n

Failure to comply with a requirement.

\n

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.

\n
(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.
\n

Offence of obstruction or provision of false information.

\n

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.

\n
(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.
\n
(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.
\n
(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.”.
\n

Amendments, repeals, revocations, savings and transitional provisions (

\n

Part 5

\n

).

\n

70.— (1) The Acts specified in

\n

Part 1

\n

of Schedule 2 are amended to the extent specified in that Part.

\n
(2)The statutory instruments specified in
\n

Part 2

\n

of Schedule 2 are amended to the extent specified in that Part.

\n
(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.
\n
(4)The Acts specified in Parts 1 to 8 of Schedule 4 are amended to the extent specified in each such Part.
\n
(5)The statutory instruments specified in Parts 1 to 7 of Schedule 5 are amended to the extent specified in each such Part.
\n
(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 .
\n
(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 .
\n
(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.
\n

SCHEDULE 1 Miscellaneous and Consequential Amendments to Credit Union Act 1997

\n

Section 35

\n

.

\n

Item Provision affected Amendment 1

\n

Section 6(1)(f)

\n

Delete 2

\n

Section 10

\n

After subsection (6) insert: “(7) Notwithstanding subsection (6) a credit union which is a sub-office of a registered credit union may cause its name, along with the registered name of the credit union, to be painted or affixed, and to be kept painted or affixed, in a conspicuous position and in letters easily legible, on the outside of its office.”.

\n

3

\n

Section 11(5)

\n

Substitute “may decide to direct and direct the credit union to change its name to a name approved by the Bank” for “may direct the credit union to change its name to a name approved by the Bank”.

\n

4

\n

Section 14

\n

Insert after subsection (3): “(3A) Before sending a copy of the amended rules to the Bank under subsection (2) the credit union is required to satisfy itself that the amendment is not contrary to the financial services legislation.”.

\n

5

\n

Section 14

\n

Substitute for subsections (4) and (5): “(4) On being satisfied that an amendment of a credit union’s rules sent to it under subsection (2) is not contrary to the financial services legislation, the Bank shall issue to the credit union, within 3 months of its receipt of the amendment, an acknowledgement of registration which, unless the contrary is proved, shall be sufficient evidence that the amendment is duly registered.

\n
(5)If the Bank is not satisfied that an amendment of a credit union’s rules sent to it under subsection (2) is not contrary to the financial services legislation, it shall refuse to register the amendment, in which case it shall give the credit union a notice of its refusal to register the amendment. The notice shall include a statement setting out the grounds for the refusal.”.
\n

6

\n

Section 17

\n

After subsection (3) insert: “(3A) Subject to the rules of the credit union concerned, a member who held common bond of that credit union shall not cease to be a member solely because that member no longer holds the common bond of that credit union.”.

\n

7

\n

Section 17(4)

\n

Substitute: “(4) If a member of a credit union ceases to have the common bond required of members of that credit union, any such member (referred to as a non-qualifying member) shall be left out of account in determining for any purpose whether a common bond exists between the members of the credit union.”.

\n

8

\n

Section 17(6)

\n

Substitute: “(6) Notwithstanding anything in subsection (5), a member of a credit union who is not of full age may not be a member of the board of directors or of a principal Committee or an office manager of the credit union.”.

\n

9

\n

Section 28(5)

\n

Substitute “(other than the reserves required to be held under section 45)” for “(other than the statutory reserve)”.

\n

10

\n

Section 30(5)(a)

\n

Substitute “requirements to hold reserves in accordance with section 45” for “requirement for the statutory reserve”.

\n

11

\n

Section 31(3)

\n

Substitute “rate of interest offered” for “rate of interest payable”.

\n

12

\n

Section 31(4)

\n

Delete.

\n

13

\n

Section 32(3)

\n

Substitute: “(3)(a) If a member of a credit union seeks to withdraw savings in the credit union at a time when the member has an outstanding liability (including a contingent liability) to the credit union, whether as borrower, guarantor or otherwise, that withdrawal shall only be permitted— (i) if the savings are not attached savings; or (ii) where the savings are attached savings, if the withdrawal of such attached savings is approved by a majority of the members of the board of directors voting at a meeting of the board; but no approval may be given under subparagraph (ii) if, were the withdrawal to be approved, the value of the member’s attached savings immediately after the withdrawal would be less than 25 per cent of the member’s outstanding liability. (b) Any savings that existed in the credit union immediately before the commencement of this provision (inserted by the Credit Union and Co-operation with Overseas Regulators Act 2012) that were not withdrawable under this subsection immediately before that commencement shall be treated as attached savings after that commencement. (c) Where the outstanding liability reduces below the level of attached savings, the amount of the attached savings shall not be greater than the outstanding balance of the loan. (d) In this subsection— ‘attached savings’ means a share in, or deposit with, a credit union which is pledged in writing by a member as security for a loan at the time of the issuing of the loan to the member or guaranteed by the member; ‘savings’ means a share in, or deposit with, the credit union.”.

\n

14

\n

Section 36(3)

\n

Substitute: “(3) Subject to subsection (5), a loan to an officer is required to be approved by not less than two-thirds of the members of a special committee voting by secret ballot at a meeting at which the application for the loan is considered.”.

\n

15

\n

Section 36(4)

\n

Substitute: “(4) The special committee referred to in subsection (3) shall consist of— (a) a majority of the board of directors, and (b) at least one member of the credit committee, but shall not include the applicant for the loan.”.

\n

16

\n

Section 36(5)

\n

Substitute: “(5) Notwithstanding subsection (3), a loan to an officer which does not exceed the value of the officer’s attached savings may be approved as mentioned in paragraph (b) or (c) of subsection (2).”.

\n

17

\n

Section 36(6)

\n

Delete.

\n

18

\n

Section 37(2)(b)

\n

Delete.

\n

19

\n

Section 37(3)

\n

Substitute: “(3) For the purposes of the consideration of an appeal under this section, the appellate body shall not be regarded as quorate unless there are present a majority of the directors referred to in subsection (2)(a).”.

\n

20 Section 37A(2) Substitute: “(2) A notice under subsection (1) may be in a form that, when endorsed by the member on accepting a loan offered by the credit union, constitutes a credit agreement for the purposes of— (a) sections 37B and 37C, or (b) where the loan is for an amount between €200 and €75,000, the European Communities (Consumer Credit Agreements) Regulations 2010 ( S.I. No. 281 of 2010 ).”.

\n

21 Section 37B(2) Substitute: “(2) For the purposes of this section, a contract of guarantee— (a) includes, where the member is not of full age, an indemnity provided by a parent or guardian of the member or by another person approved by the board of directors, and (b) may form part of the relevant agreement or may be in a separate document.”.

\n

22 Section 37C(2) Substitute: “(2) The credit union shall also ensure that the agreement specifies a cooling-off period under which the member has a right to withdraw from the agreement without penalty if the member gives to the credit union a written notice to that effect within 14 days after— (a) the day on which the credit agreement was concluded, or (b) the day on which the member receives contractual terms and conditions and information in accordance with sections 37C and 37D if that date is later than the date referred to in paragraph (a).”.

\n

23 Section 37C(3) Delete.

\n

24 Section 37C Insert after subsection (4): “(5) This section does not apply to credit agreements covered by the European Communities (Consumer Credit Agreements) Regulations 2010.”.

\n

25 Section 37D Insert after subsection (2): “(3) This section does not apply to credit agreements covered by the European Communities (Consumer Credit Agreements) Regulations 2010.”.

\n

26 Section 37E Substitute: “37E.—(1) For the purposes of sections 37C and 37D ‘annual percentage rate of charge’, in relation to a credit agreement entered into between a credit union and a member, means the annual percentage rate of charge as defined under Regulation 6 of the European Communities (Consumer Credit Agreements) Regulations 2010.

\n
(2)The annual percentage rate of charge specified in a credit agreement shall be in accordance with Part 5 of the European Communities (Consumer Credit Agreements) Regulations 2010.”.
\n

27 Section 37F Delete.

\n

28

\n

Section 38(2)

\n

Substitute: “(2) If a credit union knowingly charges or accepts interest on a loan at a rate greater than that permitted under this section— (a) all the interest agreed to be paid by the member shall be deemed to have been waived by the credit union; and (b) any interest paid on the loan shall be recoverable summarily by the member (or his personal representative) as a simple contract debt.”.

\n

29

\n

Section 41(5)

\n

Substitute: “(5) If the Bank is of the opinion that any building or other land held by a credit union is not in the best interest of the credit union, it may decide to direct and direct the credit union to dispose of its interest in it.”.

\n

30

\n

Section 41(6)

\n

Delete.

\n

31

\n

Section 44(4)

\n

Substitute “reserves required to be held under section 45” for “statutory reserve”.

\n

32

\n

Section 46

\n

Delete.

\n

33

\n

Section 47(1)

\n

Delete “or voluntary assistants”.

\n

34

\n

Section 47(2)

\n

Delete.

\n

35

\n

Section 47(3)

\n

Delete.

\n

36

\n

Section 48(1)

\n

Substitute: “(1) Subject to the following provisions of this Part, a credit union may provide, as principal or agent, additional services of a description that appears to the credit union and to the Bank, to be of mutual benefit to its members.”.

\n

37

\n

Section 48(2)

\n

Substitute: “(2) In this section and the following provisions of this Part ‘additional services’, in relation to a credit union, means any services other than those— (a) for which provision is made by the preceding provisions of this Part, or (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, and regulations made by the Bank for the purposes of paragraph (b) may make the exclusion of any services from being additional services conditional on compliance with such conditions as may be prescribed by the Bank.”.

\n

38

\n

Section 48(4)(a)

\n

Substitute: “(a) the credit union must adopt a decision to provide additional services of that description by a resolution passed by not less than two-thirds of the members present and voting at an annual general meeting or at a special general meeting called for the purpose of considering the resolution, or the credit union must adopt a decision to provide additional services of that description by a resolution of the board of directors;”.

\n

39

\n

Section 48(7)

\n

Substitute: “(7) The Bank may specify in writing such requirements as it considers necessary for credit unions providing additional services; and different requirements may be so specified in relation to different descriptions of additional services and apply to different classes of credit unions.”.

\n

40

\n

Section 48(8)

\n

Substitute: “(8) A credit union shall not be able or, as the case may be, shall cease to be able to provide additional services of a description to which requirements under subsection (7) apply if— (a) the credit union does not satisfy those requirements, or (b) within the period of 12 months beginning on the date on which approval for the provision of the services is given under section 49, the credit union does not begin to provide those services; but, if a credit union ceases to comply with any of those requirements, the cessation shall not, of itself, impose an obligation on the credit union to dispose of any property or right acquired in connection with the provision of the additional services concerned.”.

\n

41

\n

Section 49(2)(b)

\n

Delete “or voluntary assistants”.

\n

42

\n

Section 49(7)(f)

\n

Delete “or voluntary assistants”.

\n

43

\n

Section 49(8)

\n

Delete.

\n

44

\n

Section 56(6)

\n

Substitute: “(6) A vacancy arising from the removal of a director under this section shall be filled in accordance with section 53(15).”.

\n

45

\n

Section 57(2)

\n

Substitute: “(2) In the event that the number of directors of a credit union falls to less than half the number specified in the registered rules, the secretary of the credit union shall forthwith notify the Bank and the board oversight committee of the credit union.”.

\n

46

\n

Section 57(4)

\n

Substitute: “(4) Where any of the following events occurs— (a) the secretary of the credit union has given notice under section 53(17) that all the directors of the credit union intend to resign on the same date, (b) all the directors have been removed or suspended in accordance with section 96(1), or (c) there is no board of directors, then the board oversight committee shall convene a special general meeting of the credit union, within one month of the occurrence of the event in question, to elect a board of directors.”.

\n

47 Sections 58 to 62 Delete.

\n

48

\n

Section 63(1)

\n

Substitute: “(1) At a meeting of the board of directors of a credit union— (a) which is held immediately after the organisation meeting, an annual general meeting or special general meeting at which an election is held for members of the board of directors, and (b) which is chaired by a member of the board oversight committee, the board of directors shall elect by secret ballot directors to fill such of the principal posts in the credit union as are then vacant; and, for the purposes of this section, the principal posts in a credit union are the posts of chair, vice-chair and secretary.”.

\n

49

\n

Section 63(2)

\n

Delete.

\n

50

\n

Section 63(5)

\n

Substitute: “(5) The chair or secretary of a credit union shall notify the Bank in writing of the election, appointment, retirement, removal or resignation from office of chair, vice-chair, director, secretary, or committee member and the notification shall— (a) be made within 14 days of the election, appointment, retirement, removal or resignation, and (b) state the full name and address of the officer concerned.”.

\n

51

\n

Section 63(6)

\n

Delete.

\n

52

\n

Section 64

\n

Delete.

\n

53

\n

Section 67(1)

\n

Substitute: “(1) Without prejudice to section 56A, the board of directors shall appoint— (a) a credit committee, which shall decide on applications for credit; (b) a credit control committee, which shall seek to ensure the repayment of loans by members of the credit union in accordance with their loan agreements; and (c) a membership committee which shall consider applications for membership of the credit union; and the Third Schedule shall apply to the committees.”.

\n

54

\n

Section 68(1)

\n

Substitute: “(1) A credit union shall not pay any remuneration, directly or indirectly, to— (a) a director of the credit union, or (b) a member of the board oversight committee or a principal Committee of the credit union, for any service performed by that person in that capacity.”.

\n

55

\n

Section 68(3)

\n

Delete “or voluntary assistant”.

\n

56

\n

Section 68(4)

\n

Delete.

\n

57

\n

Section 70(2)

\n

Substitute: “(2) The documents to which subsection (1) applies are any of the following, so far as not required by law to be under the seal of a credit union— (a) a conveyance or transfer of property of any description by a credit union; and (b) any other document which does not fall within section 55(1)(o)(vi) but by which a credit union enters into an obligation of any description.”.

\n

58

\n

Section 71(1)

\n

Delete “or voluntary assistant”.

\n

59

\n

Section 71(2)

\n

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 and Co-operation with Overseas Regulators Act 2012.”.

\n

60

\n

Section 71(3)

\n

Delete “or voluntary assistant”.

\n

61

\n

Section 72(1)

\n

Substitute: “(1) A person who has been adjudicated bankrupt and whose bankruptcy still subsists or who has been convicted of an offence in relation to a credit union or an offence involving fraud or dishonesty shall not— (a) sign an application form for the registration of a society as a credit union, (b) be qualified to be appointed or to act as an officer, auditor, receiver or liquidator of a credit union, (c) directly or indirectly take part in or be concerned in the management or operation of a credit union, or (d) permit his or her name to be put forward for election or appointment to any of the positions referred to in paragraph (b).”.

\n

62

\n

Section 72(2)

\n

Substitute: “(2) If a person who is a member of— (a) the board of directors, (b) the board oversight committee, or (c) a principal Committee, of a credit union is adjudicated bankrupt or convicted of such an offence as is referred to in subsection (1), then such person shall forthwith cease to hold office and the vacancy thereby created shall be deemed to be a casual vacancy and be filled accordingly.”.

\n

63

\n

Section 73

\n

Delete.

\n

64

\n

Section 74(1)

\n

Delete “or voluntary assistant”.

\n

65

\n

Section 74(2)(b)

\n

Delete “or voluntary assistant”.

\n

66

\n

Section 74(3)

\n

Delete “or voluntary assistant” in both places where it occurs.

\n

67

\n

Section 74(4)

\n

Substitute: “(4) If any person fails to comply with a requirement under subsection (1), the Circuit Court, on the application to it of the credit union, may make an order requiring that person to comply with the requirement.”.

\n

68

\n

Section 75(1)(f)

\n

Substitute: “(f) the membership numbers, names and addresses of the officers of the credit union (excluding any person who is an officer solely by virtue of being an employee or a voluntary assistant), with the offices held by them respectively, the dates on which they assumed office and, where applicable, on which they ceased to hold office.”.

\n

69

\n

Section 75(5)

\n

Substitute: “(5) The Bank or a person acting on its behalf may at all reasonable hours inspect any particulars in any register or duplicate register kept under this section.”.

\n

70

\n

Section 75(8)

\n

Delete.

\n

71

\n

Section 76(7)(c)

\n

Substitute: “(c) by the members or officers (other than any person who is an officer solely by virtue of being a voluntary assistant) or former members or officers (other than any person who was an officer solely by virtue of being a former voluntary assistant) of the credit union.”.

\n

72

\n

Section 78(3)

\n

Substitute “the Bank may call or require the calling by the credit union of such a meeting” for “the Bank may call or direct the calling of such a meeting”.

\n

73

\n

Section 79(1)

\n

Substitute: “(1) The board of directors or the board oversight committee of a credit union may, whenever they think fit, convene a special general meeting of the credit union.”.

\n

74

\n

Section 79(2)

\n

Delete.

\n

75

\n

Section 82(5)(a)

\n

Substitute: “(a) of excluding the right to demand a poll at a general meeting (or an adjourned meeting) on any question, other than the election of the chair of the meeting (or the adjourned meeting); or”.

\n

76

\n

Section 85(5)

\n

Substitute “subject to regulations made under section 27(2)” for “subject to subsections (2) and (3) of section 27”.

\n

77

\n

Section 87(1)

\n

Substitute “the Bank may decide to give and give the credit union such regulatory directions as it thinks proper” for “the Bank may give the credit union such regulatory directions as it thinks proper”.

\n

78

\n

Section 87(1)(d)

\n

Delete.

\n

79

\n

Section 87(2)

\n

Substitute “The Bank may also decide to give and give regulatory directions” for “The Bank may also give regulatory directions”.

\n

80

\n

Section 87(2)(b)

\n

Delete “an offence under section 27(2) or section 33(6) or”.

\n

81

\n

Section 87(2)(c)

\n

Substitute: “(c) that, since the registration of the credit union, the factors taken into account in granting registration have so changed that, if the society were now applying for registration, it would be refused; or (d) that the credit union has failed to comply with any terms and conditions imposed by the Bank under section 65

\n
(6)of the Credit Union and Co-operation with Overseas Regulators Act 2012 relating to the provision of stabilisation support under this Act.”.
\n

82

\n

Section 88(1)

\n

Substitute: “(1) When the Bank gives any regulatory directions to a credit union,— (a) it shall serve the directions at the registered office of the credit union or cause the directions to be so served, and (b) the secretary of the credit union concerned shall, as soon as practicable, notify every member of the board of directors and every member of the board oversight committee of that credit union of the giving of those directions, but a failure to notify in accordance with paragraph (b) shall not affect the validity of the directions.”.

\n

83

\n

Section 88(6)(a)

\n

Substitute: “(a) on summary conviction, to a class C fine; and”.

\n

84

\n

Section 91(1)(b)

\n

Delete “voluntary assistant,”.

\n

85

\n

Section 91(4)

\n

Delete “voluntary assistant,”.

\n

86

\n

Section 91(8)(b)

\n

Substitute: “(b) by the officers or former officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant or former voluntary assistant) of the credit union or any of them;”.

\n

87

\n

Section 92(6)(c)

\n

Substitute: “(c) the Bank may appoint a person to be chair of the meeting but, if it does not do so, the members present at the meeting shall appoint the chair; and”.

\n

88

\n

Section 92(8)(b)

\n

Substitute: “(b) by the members or former members or the officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant) of the credit union or any of them;”.

\n

89

\n

Section 93(2)(a)

\n

Delete “, voluntary assistants”.

\n

90

\n

Section 94(5)

\n

Delete “, voluntary assistants”.

\n

91

\n

Section 95(4)

\n

Substitute: “(4) Notwithstanding anything in section 68, all expenses of and incidental to the appointment of a person under this section shall be defrayed out of the funds of the credit union, or by the members or former members or the officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant) of the credit union in such proportions as the Bank shall direct.”.

\n

92

\n

Section 95(5)

\n

Delete “, voluntary assistant”.

\n

93

\n

Section 96

\n

Substitute “board oversight committee” for “Supervisory Committee” in each place where it occurs.

\n

94

\n

Section 96(4)

\n

Substitute “or auditor of a credit union” for “auditor or voluntary assistant of a credit union”.

\n

95

\n

Section 108(5)(b)

\n

Substitute: “(b) shall at all reasonable times be open to inspection by the members of the board of directors and the board oversight committee.”.

\n

96

\n

Section 108(7)

\n

Substitute: “(7) Where the accounting records of the credit union are kept at a place other than the registered office of the credit union, the chair shall have responsibility for ensuring that a written record of their location is kept.”.

\n

97

\n

Section 109(2)(b)

\n

Substitute: “(b) the information obtained by or furnished to the Bank is sufficiently accurate for the purposes for which it is obtained or furnished and is available as and when required by the Bank.”.

\n

98

\n

Section 110(1)

\n

Substitute for (d) and (e): “(d) all income and charges relating to the financial year to which the accounts relate shall be taken into account without regard to the date of receipt or payment; (e) in determining the aggregate amount of any item the amount of each individual asset or liability that falls to be taken into account shall be determined separately; and (f) in determining how amounts are presented within items in the income and expenditure account and balance sheet, the directors of a credit union shall have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.”.

\n

99

\n

Section 111(1)

\n

Substitute “as the Bank may prescribe” for “as the Bank may direct”.

\n

100

\n

Section 111(4)(c)

\n

Substitute: “(c) it has been signed by the manager of the credit union, by a member of the board oversight committee acting on behalf of that committee and by a member of the board of directors acting on behalf of the board.”.

\n

101

\n

Section 111(5)

\n

Substitute: “(5) If, in relation to any income and expenditure account or balance sheet of a credit union for a financial year, a member of the board of directors fails to take all reasonable steps to secure compliance with the provision of subsection (1) which is applicable in that case, the member shall be guilty of an offence and liable on summary conviction to a class C fine unless the member proves that there were reasonable grounds for the member to believe that a competent and reliable person was charged with the duty of seeing that the relevant provision was complied with, and was in a position to discharge that duty.”.

\n

102

\n

Section 114(1)

\n

Substitute: “(1) A person shall not be qualified for election as auditor of a credit union unless the person— (a) is a member of a recognised accountancy body within the meaning of the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010 ( S.I. No. 220 of 2010 ) and holds a valid practicing certificate, or (b) is otherwise for the time being authorised by the Irish Auditing and Accounting Supervisory Authority under any provision of the Companies Acts to be appointed as a public auditor.”.

\n

103

\n

Section 114(2)(a)

\n

Delete “or voluntary assistant”.

\n

104

\n

Section 114(2)(b)

\n

Substitute: “(b) a parent, spouse or civil partner, brother, sister or child of an officer of the credit union; or”.

\n

105

\n

Section 114(2)(c)

\n

Delete “or voluntary assistant”.

\n

106

\n

Section 120(2)

\n

Substitute: “(2) Before signing the auditor’s report, the auditor of a credit union shall meet with and report to the directors of the credit union and the members of the board oversight committee on the annual accounts and any matter relating to those accounts which the auditor considers should be drawn to their attention.”.

\n

107

\n

Section 120(6)

\n

Delete “and voluntary assistants”.

\n

108

\n

Section 123(1)

\n

Delete “or voluntary assistant”.

\n

109

\n

Section 123(3)

\n

Delete “or voluntary assistant” in both places where it occurs.

\n

110

\n

Section 130(1)

\n

Substitute: “(1) A credit union which proposes— (a) to amalgamate with one or more other credit unions, (b) to transfer its engagements to another credit union, or (c) to undertake to fulfil the engagements of another credit union, shall, subject to subsection (2), cause to be sent to every member entitled to notice of a general meeting of the credit union and to the auditor of the credit union a statement, in such form as the Bank may specify in writing, showing the matters specified in subsection (3), together with a copy of the annual accounts for each credit union concerned for the most recent financial year.”.

\n

111

\n

Section 130(2)

\n

Substitute for paragraphs (a) and (b): “(a) a notice of the resolution passed by the board of directors, (b) a statement, in such form as the Bank may prescribe, showing the matters specified in subsection (3), and (c) a copy of the annual accounts for each credit union concerned for the most recent financial year.”.

\n

112

\n

Section 130(4)

\n

Substitute “subsection (1) or (2)” for “subsection (1)”.

\n

113

\n

Section 134(5)

\n

Substitute: “(5) Where a credit union is wound up by virtue of this section, sections 293 to 299 of the Companies Act 1963 and sections 202 to 204 of the Companies Act 1990 , in so far as they relate to the liabilities of directors and officers (within the meaning of those Acts) of a company being wound up, shall apply with any necessary modifications in relation to the officers of the credit union to whom paragraph (a) of the definition of ‘officer’ in section 2 applies.”.

\n

114

\n

Section 135(7)

\n

Substitute: “(7) A credit union shall not be dissolved as mentioned in subsection (6) if— (a) within one month of the date of the advertisement referred to in that subsection, a member or other person interested in or having any claim on the funds of the credit union commences proceedings in the Court to set aside the dissolution of the credit union, (b) not less than 7 days before those proceedings are commenced, the person intending to institute them serves notice of intention on the Bank, and (c) the dissolution of the credit union is set aside accordingly, and, within 7 days from the making of any order setting the dissolution aside, the credit union shall send notice of the order to the Bank.”.

\n

115

\n

Section 135(8)

\n

Substitute: “(8) If the date of the meeting at which the special resolution referred to in subsection (1) is passed falls within one year after the credit union has changed its name, the former name, as well as the existing name, shall appear on all notices and advertisements relating to its dissolution under this section.”.

\n

116

\n

Section 136(2)(a)

\n

Substitute: “(a) is signed by the secretary or other officer (other than a person who is an officer solely by virtue of being a voluntary assistant) of the dissolving or transferor credit union approved by the Bank; and”.

\n

117

\n

Section 137(3)(c)

\n

Delete “and voluntary assistants”.

\n

118

\n

Section 149(5)

\n

Delete “voluntary assistants,”.

\n

119

\n

Section 150(1)

\n

Delete “, voluntary assistants”.

\n

120

\n

Section 150(3)

\n

Delete “, voluntary assistant” in both places where it occurs.

\n

121

\n

Section 150(4)

\n

Delete “, voluntary assistant”.

\n

122

\n

Section 153(5)

\n

Substitute: “(5) If the examiner without reasonable excuse fails to comply with subsection (4), the examiner shall be guilty of an offence and liable to a class C fine.”.

\n

123

\n

Section 163(2)(d)

\n

Delete.

\n

124

\n

Section 171(1)

\n

Delete.

\n

125

\n

Section 171(2)

\n

Substitute: “(2) A credit union or other person who is guilty of an offence under this Act, other than an offence for which a different penalty is expressly provided, shall be liable— (a) on summary conviction to a class C fine or to imprisonment for a term not exceeding 3 months or both; or (b) on conviction on indictment to a fine not exceeding €6,348.69 or to imprisonment for a term not exceeding 2 years or both.”.

\n

126

\n

Section 171(3)

\n

Substitute: “(3) If the contravention in respect of which a credit union or other person is convicted of an offence under any provision of this Act is continued after that conviction, that credit union or other person shall be guilty of a further offence for every day on which the contravention continues and for each such offence shall be liable on summary conviction to a class E fine or, on conviction on indictment, to a fine not exceeding €1,904.61.”.

\n

127

\n

Section 171(4)

\n

Substitute: “(4) Summary proceedings for an offence against a provision of this Act may be brought by the Bank.”.

\n

128

\n

Section 173(2)(a)

\n

Substitute: “(a) on summary conviction to a class C fine or to imprisonment for a term not exceeding one year or both; or”.

\n

129

\n

Section 177(1)

\n

Delete “or voluntary assistant”.

\n

130

\n

Section 177(2)

\n

Delete “or voluntary assistant”.

\n

131

\n

Section 178(1)

\n

Delete “or voluntary assistant” in both places where it occurs.

\n

132

\n

Section 178(2)

\n

Delete “or voluntary assistant”.

\n

133

\n

Section 180(6)

\n

Substitute: “(6) The Minister shall from time to time nominate one member of the Advisory Committee to act as its chair.”.

\n

134

\n

Section 182(1), paragraphs (a) to (f)

\n

Delete.

\n

135

\n

Section 182(1), paragraphs (h) and (i)

\n

Delete.

\n

136

\n

Section 182(1)(k)

\n

Delete.

\n

137

\n

Section 182(1)(m)

\n

Delete.

\n

138

\n

Section 182(1)(n)

\n

Substitute: “(n) prescribing any other matter which, under any provision of this Act, is to be prescribed except where it is provided that the matter is to be prescribed by the Bank.”.

\n

139

\n

Section 182(4)(a)

\n

Substitute: “(a) if the offence is tried summarily, a class C fine, or”.

\n

140

\n

Section 186(1)

\n

Substitute: “(1) A credit union shall maintain, in addition to the records required to be kept by a credit union by virtue of section 108, such other records as may be prescribed by the Bank.”.

\n

141

\n

Section 187(1)

\n

Substitute “specified by the Bank” for “specified by directions given by the Bank”.

\n

142 First Schedule, paragraph 6 Substitute: “6. The appointment and removal of the board of directors, the board oversight committee and any principal Committee and of other officers and their respective powers and remuneration.”.

\n

143 First Schedule, paragraph 7 Substitute: “7. Determination (subject to any requirements under section 27(2)) of the maximum amount of the interest in the shares of the credit union which may be held by any member.”.

\n

144 First Schedule Insert after paragraph 13: “14. Provision for dealing with directors and members of the board oversight committee who are more than 90 consecutive days in arrears under a debt obligation to the credit union up to and including the suspension or removal from the board of such directors.”.

\n

145 Third Schedule, paragraph 1 Delete.

\n

146 Third Schedule, paragraph 6 Delete.

\n

SCHEDULE 2 Amendments to Certain Acts and Statutory Instruments

\n

Section 70

\n

.

\n

PART 1

\n

Amendments to Certain Acts Item

\n
(1)Number and year
\n
(2)Short title
\n
(3)Extent of repeal
\n
(4)1 No. 24 of 1971 Central Bank Act 1971 Section 17A 2 No. 3 of 1989 Insurance Act 1989 Sections 59 and 60 3 No. 17 of 1989 Building Societies Act 1989
\n

Section 41

\n

4 No. 21 of 1989 Trustee Savings Banks Act 1989 Section 24A 5 No. 24 of 1994 Investment Limited Partnerships Act 1994

\n

Section 25(2)

\n

6 No. 11 of 1995 Investment Intermediaries Act 1995 Sections 9(3), 64 and 65 7 No. 8 of 1997 Central Bank Act 1997 Sections 36G, 36H, 36I, 75 and 76 8 No. 47 of 2001 Asset Covered Securities Act 2001

\n

Section 70

\n

PART 2

\n

Amendments to Certain Statutory Instruments Item

\n
(1)Number and year
\n
(2)Citation
\n
(3)Extent of revocation
\n
(4)1 S.I. No. 13 of 2005 European Communities (Insurance Mediation) Regulations 2005 Regulations 28, 29, 30 and 31 2 S.I. No. 380 of 2006 European Communities (Reinsurance) Regulations 2006 Regulations 72, 73, 74 and 75 3 S.I. No. 60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Regulations 163, 164 and 165 4 S.I. No. 383 of 2009 European Communities (Payment Services) Regulations 2009 Regulations 99, 100, 101, 102 and 110 5 S.I. No. 183 of 2010 European Communities (Cross Border Payments) Regulations 2010 Regulations 6, 7, 8, 9, 10, 11 and 12 6 S.I. No. 183 of 2011 European Communities (Electronic Money) Regulations 2011 Regulations 62, 63, 64, 65 and 72 SCHEDULE 3 Amendments of Central Bank Acts
\n

Section 70

\n

.

\n

PART 1

\n

Amendments of Central Bank Act 1971 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 2(1)

\n

In paragraph (d) of the definition of “related body” delete “section 17A” and substitute “Part 5 of the Central Bank Reform Act 2010 ”.

\n

2

\n

Section 58(1)

\n

Delete “17A,”.

\n

PART 2

\n

Amendments of Central Bank Act 1997 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 28

\n

(a) Substitute the following for the definition of “authorisation”: “ ‘authorisation’ means an authorisation under this Part authorising a person to carry on a regulated business;”. (b) Delete the definition of “inspector”. (c) In the definition of “retail credit firm”— (i) substitute “paragraph (e)” for “paragraph (g)”, and (ii) substitute “section 2(1)” for “section 3”.

\n

2 Section 32A(5)(b) After “officer” insert “appointed under Part 5 of the Central Bank Reform Act 2010 ”.

\n

SCHEDULE 4 Amendments of Certain Other Acts

\n

Section 70

\n

.

\n

PART 1

\n

Amendments of Building Societies Act 1989 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 119(1)(a)

\n

(a) In subparagraph (v) substitute “section 41A” for “sections 41 or 41A”. (b) Delete subparagraph (vii).

\n

PART 2

\n

Amendment of Trustee Savings Banks Act 1989 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 62(1)

\n

Delete “24A,”.

\n

PART 3

\n

Amendment of Investment Limited Partnerships Act 1994 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 25(4)

\n

In paragraph (a) delete the definition of “appropriate person”.

\n

PART 4

\n

Amendments of Consumer Credit Act 1995 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1 Section 8G(1) (a) In the definition of “authorised officer” substitute “8M” for “8L”. (b) Delete the definition of “responsible authority”.
\n

2 Section 8M (a) In subsection (1) substitute “The Minister” for “A responsible authority”. (b) In subsection (3) substitute “The Minister” for “A responsible authority”. (c) In subsection (5)— (i) in paragraph (a) substitute “the Minister” for “the responsible authority concerned”, and (ii) in paragraph (c) substitute “the Minister” for “the responsible authority”.

\n

PART 5

\n

Amendments of Investment Intermediaries Act 1995 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 2(1)

\n

Substitute the following for the definition of “authorised officer”: “ ‘authorised officer’ means a person appointed to be an authorised officer under Part 5 of the Central Bank Reform Act 2010 ;”.

\n

2

\n

Section 20(6)

\n

Substitute “section 19 of this Act and Part 5 of the Central Bank Reform Act 2010 ” for “sections 19 and 65 of this Act”.

\n

3

\n

Section 79(1)

\n

Substitute “21(10)” for “21(9)”.

\n

PART 6

\n

Amendments of Credit Union Act 1997 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 90

\n

Substitute the following for section 90: “90.—(1) In this section and section 91 ‘authorised officer’ means an authorised officer appointed under Part 5 of the Central Bank Reform Act 2010 .

\n
(2)The Bank may appoint an authorised officer to carry out an inspection and to provide a report of the inspection to the Bank.
\n
(3)An authorised officer may, for the purposes of carrying out an inspection, exercise any of the powers conferred on an authorised officer under Part 5 of the Central Bank Reform Act 2010 .”.
\n

2

\n

Section 91

\n

(a) Substitute the following for subsections (1) and (2): “(1) If required to do so by notice in writing served by the Bank at any time— (a) a credit union, (b) any person who is or has been an officer, member, agent or liquidator of a credit union, and (c) any other person who has in his or her possession or power any books or documents relating to a credit union, shall furnish to the Bank such books or documents which relate to the credit union and are in his possession or power and such information relating to the business of the credit union as may be specified in the notice and as may be reasonably required by the Bank in the exercise of its powers under this Act.

\n
(2)If required to do so by a notice in writing served on it by the Bank, a credit union shall furnish to the Bank a financial statement or periodic financial statements in such form and containing such information as may be specified in the notice and as may be reasonably required by the Bank in the exercise of the powers of the Bank under this Act.”. (b) Substitute the following for subsection (4): “(4) The Bank may take copies of or extracts from any item produced in compliance with a notice under subsection (1) or (2) and, if so required by the Bank, the person on whom a notice under subsection (1) was served or, in the case of a statement produced in compliance with a notice under subsection (2), a person who is or has been an officer, member, agent or liquidator of the credit union shall provide any explanation which may reasonably be required of an item so produced.”.
\n

PART 7

\n

Amendments of Investor Compensation Act 1998 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 9

\n

Substitute the following for section 9: “(1) In this section ‘Act of 2010’ means the Central Bank Reform Act 2010 .

\n
(2)Where the supervisory authority forms the view that an insurance intermediary may be unable to repay money belonging to a client of the insurance intermediary, the supervisory authority may appoint an authorised officer under Part 5 of the Act of 2010 to investigate whether the insurance intermediary is unable to repay money or otherwise discharge its obligations towards clients of the insurance intermediary and to make a report to the supervisory authority in respect of the insurance intermediary.
\n
(3)In relation to investment firms, an inspector appointed under the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ) shall, for the purposes of this section, have the powers conferred on an authorised officer appointed under Part 5 of the Act of 2010.
\n
(4)In relation to investment firms which are credit institutions, an inspector appointed under section 45 of the Building Societies Act 1989 shall, for the purposes of this section, have the powers conferred on an authorised officer appointed under Part 5 of the Act of 2010.
\n
(5)In relation to investment firms which are investment business firms, an inspector appointed under section 66 or 73 of the Investment Intermediaries Act 1995 shall, for the purposes of this section, have the powers conferred on an authorised officer appointed under Part 5 of the Act of 2010.”.
\n

2

\n

Section 33(2)

\n

(a) Substitute “Part 5 of the Central Bank Reform Act 2010 ” for “the Act of 1995 and the European Communities (Markets in Financial Instruments) Regulations 2007”. (b) Substitute “Part of that Act” for “Act and those Regulations”.

\n

PART 8

\n

Amendment of Asset Covered Securities Act 2001 Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1
\n

Section 98

\n

In paragraph (a) delete “or any person authorised by it to perform the relevant function on its behalf,”.

\n

SCHEDULE 5 Amendments to Certain Statutory Instruments

\n

Section 70

\n

.

\n

PART 1

\n

Amendments of European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 ) Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1 Regulation 25 In paragraph (1) substitute “competent authority (other than the Bank)” for “competent authority”.
\n

2 Regulation 26 In paragraph (1) substitute “competent authority (other than the Bank)” for “competent authority”.

\n

PART 2

\n

Amendment of European Communities (Insurance Mediation) Regulations 2005 ( S.I. No. 13 of 2005 ) Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1 Regulation 3(1) Delete the definition of “authorised officer”.
\n

PART 3

\n

Amendment of European Communities (Reinsurance) Regulations 2006 ( S.I. No. 380 of 2006 ) Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1 Regulation 3(1) Delete the definition of “authorised officer”.
\n

PART 4

\n

Amendments of European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ) Item

\n
(1)Provision affected
\n
(2)Amendment
\n
(3)1 Regulation 3(1) Substitute the following for the definition of “authorised officer”: “ ‘authorised officer’ means an authorised officer appointed under Part 5 of the Central Bank Reform Act 2010 ”.
\n

2 Regulation 6(7) Substitute “Part 5 of the

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