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

I move amendment No. 98:

In page 38, before section 53, to insert the following new section:54.—Section 76 of the Central Bank Act 1989 is amended by inserting the following after subsection (2):

“(3) An application under subsection (2) shall be on notice to the Bank and the Bank shall be entitled to appear, be heard and adduce evidence at the hearing of the application.
(4) Notice of the application shall be served upon the Bank at least 14 days before the date of hearing of the application.
(5) An affidavit giving the names and addresses of, and the places and dates of service on, all persons who have been served with the notice of application, grounding affidavit and exhibits (if any) shall be filed by the applicant at least 4 days before the application is heard. If any person who ought under this section to have been served has not been so served, the affidavit shall state that fact and the reason for it.
(6) In this section ‘the Court’ means the High Court.”.”.

These amendments provide for the Central Bank to be a notice party where a financial service provider applies to the court to grant retrospective approval for a transaction.