Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Amendments Nos. 155 and 156 were also made on Committee Stage in the Seanad. Amendment No. 155 amends subsection (2) by deleting the existing paragraph (b) which states that the Bank may only approve stabilisation support caused by a short-term, non-recurring event. Instead, amendment No. 156 sets out when ReBo may recommend to the Bank that a credit union should be stabilised. During the period of restructuring, a credit union may not be assessed for stabilisation support unless ReBo makes a recommendation to the Bank that the credit union should be stabilised. A credit union must not be part of the restructuring proposal or must have reserves greater than 7.5% before ReBo can make that recommendation. This will ensure that the restructuring process and the stabilisation process are aligned.

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