Brian Lenihan Jnr (Dublin West, Fianna Fail)

Amendments Nos. 1, 2, 7 and 8 are minor technical amendments introduced on Committee Stage in the Seanad for clarification purposes. Amendments Nos. 1 and 2 clarify the definition of "development" and remove any doubt that land and development loans given by participating institutions in respect of developments outside the State are eligible for transfer. Amendment No. 7 was introduced to clarify that the undertaking required of applicant institutions is to obtain consents in accordance with any applicable law which may have particular relevance to subsidiaries incorporated in foreign jurisdictions. Amendment No. 8 clarifies that where a subsidiary is bound by a foreign law which would prevent it from complying with an obligation under this legislation, it is not required to act illegally in order to comply with the obligation.

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