Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

I move amendment No. 21:

In page 12, between lines 30 and 31, to insert the following: “Amendment of section 36 of Principal Act (approval of loans)

17.Section 36 of the Principal Act is amended—

(a) in subsection (2)—

(i) by the substitution of “A loan must be approved” for “Subject to subsections (3) and (5), a loan must be approved”,

(ii) in paragraph (c), by the substitution of “credit officer; or” for “credit officer.”, and

(iii) by the insertion of the following paragraph after paragraph (c):

“(d) in accordance with a loan approval process which satisfies the conditions specified in subsection (2A).”,

(b) by the insertion of the following subsection after subsection (2):

“(2A) The conditions referred to in paragraph (d) of subsection (2) are as follows:

(a) the loan approval process has been approved by the board of directors;

(b) the final stage of the loan approval process is the approval of the loan application in a manner specified in paragraph (a), (b) or (c) of subsection (2).”,

and

(c) by the deletion of subsections (3), (4) and (5).”.