Michael Noonan (Limerick City, Fine Gael)
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I move amendment No. 72:

In page 32, before section 41, to insert the following new section: 41.—(1) Before making regulations under section 40, the Bank—

(a) shall consult with the Minister and for that purpose shall provide to the Minister a draft of the proposed regulations,
(b) in the case of regulations under section 40(2)(b), shall also consult with the Minister for Enterprise, Jobs and Innovation and for that purpose shall provide to that Minister a draft of the proposed regulations, and
(c) may consult with such other persons as the Bank considers appropriate to consult in the circumstances.

(2) (a) This subsection applies to credit unions acting under an authorisation from the Bank under Part II of the Credit Union Act 1997.

(b) Before making regulations under section 40 in respect of credit unions to which this subsection applies, the Bank shall also consult with—

(i) the Credit Union Advisory Committee (within the meaning of the Credit Union Act 1997), and
(ii) any other body that appears to the Bank to have expertise or knowledge of credit unions.”.

This amendment relates to the consultation requirements on Central Bank regulations, including provision for consultation with credit unions in line with the equivalent arrangements in credit union legislation