Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

I move amendment No. 6:

In page 12, line 16, to delete “is amended, in subsection (1)” and substitute “is amended”.

Amendments Nos. 6 to 10, inclusive, are proposed to clarify that a credit institution captures a company that lends money to the public and that it is a company that is colloquially understood as a bank. The definition used in this section has wide applicability across the entire Act. The purpose of these amendments is to clarify the policy decision that underlines certain prohibitions and-or requirements that are associated with companies that undertake regulated activities. For example, if a company is engaged in lending money to the public, it cannot be registered as a simplified private limited company provided for in Volume 1 of the Companies Act.