Noel Treacy (Galway East, Fianna Fail)

I move amendment No. 2:

In page 12, lines 10 to 12, to delete all words from and including "under" in line 10 down to and including "1942" in line 12.

As the Minister of State, Deputy Michael Ahern, mentioned on Committee Stage, it is the intention that the Central Bank and Financial Services Authority of Ireland, which is defined in section 6 of the Bill and is referred to throughout Part 2 as "the Bank", will designate its functions in Part 2 to one of its constituent bodies — the Irish Financial Services Regulatory Authority, known by its initials as IFSRA.

As currently worded, the annual report referred to in section 10(7) is that required pursuant to section 6 paragraph (i). This is the report of the Central Bank and Financial Services Authority. However, since it is IFSRA that will be required to present the annual report in this case, it is preferable that the text be amended for accuracy. This text now reads the same as section 3(6) of the Unit Trusts Act 1990. I would be grateful if the House accepted this amendment.

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