Seán Fleming (Laois-Offaly, Fianna Fail)
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I move amendment No. 4:

In page 7, to delete line 30 and substitute the following:

“ “(ga) a proposed total cost of credit is excessive,”,

(iii) in paragraph (h), by the substitution of “previous licence,” for “previous licence.”, and

(iv) by the insertion of the following paragraphs after paragraph (h):

“(i) the applicant has failed to satisfy the Bank that the applicant is, or will be, able to comply with any requirement imposed on the holder of a licence by, or under, this Part or any other provision of financial services legislation,

(j) the applicant has failed to satisfy the Bank that the applicant conducts or will conduct the applicant’s business in such a manner as to ensure the protection of the applicant’s customers, or

(k) the applicant has failed to satisfy the Bank that the applicant complies with any other requirement, compliance with which is considered necessary by the Bank in order to ensure—

(i) the proper and orderly regulation and supervision of the provision of high cost credit, or

(ii) the protection of the applicant’s customers.”,

(h) by the substitution of the following subsection for subsection (11):

“(11) The Bank may—

(a) suspend or revoke a high cost credit provider’s licence, or

(b) vary the terms or conditions of a high cost credit provider’s licence, where the Bank is satisfied that, since becoming the holder of a high cost credit provider’s licence—

(i) the high cost credit provider, or any business with which the high cost credit provider is connected, has been convicted of an offence for contravening section 98,

(ii) the high cost credit provider has become the holder of a licence referred to in subsection (10)(c),

(iii) the high cost credit provider has failed to comply with any of the terms or conditions of the licence, or

(iv) the high cost credit provider has failed to comply with or is failing to comply with any condition or requirement imposed by, or under, this Act or any other financial services legislation.”,”.