Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

It will be an amendment to section 48(1) of the Principal Act of 1997 and it states: "Subject to the following provisions of this Part, a credit union may provide, as principle 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." The amendments are listed in the Schedule to the Bill and this general provision is at page 82. Underneath this provision, one can see the consequentials. While I believe it should work, I will re-examine it to ascertain whether the bank should be empowered under the regulatory provision and whether this should be more precise. However, I do not think so. For example, section 48(2) of the 1997 Act will now include the provision that "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". While I will look at this again, I think it is okay and does what is necessary.