Heather Humphreys (Cavan-Monaghan, Fine Gael)
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I move amendment No. 30:

In page 128, between lines 38 and 39, to insert the following:

“Amendment of Schedule 5 to Principal Act

52. Schedule 5 to the Principal Act is amended by the substitution of the following paragraph for paragraph 5:“5. A company or undertaking engaged in the business of accepting deposits or other repayable funds from the public and granting credit for its own account.”.”.

I am proposing this technical amendment for consistency. It arises from changes made last year to the Companies Act 2014. The amendment inserts a new section into the Bill.

The definition of a credit institution in section 275 of the Companies Act 2014 was amended by means of the Companies (Accounting) Act 2017 in order to align it more closely with the definition included in EU law. The definition included in section 275 in respect of one aspect in paragraph (c) is now different from what is included in paragraph 5 of Schedule 5 of the Companies Act 2014. Therefore, the purpose of the amendment is to reflect the changes made in section 275 in order that the definitions will be consistent in both places in the 2014 Act.