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

Under the previous wording of item 37, the Central Bank could exempt certain additional services which involved "no undue risk" to the credit union. Amendment No. 167 removes the reference to "undue risk" in respect of additional services that the Bank may exempt from the application requirements under Section 47 of the Credit Union Act, 1997. It was felt that this wording was too restrictive and could have limited the instances where the Bank could exempt certain services from additional requirements provided in that section. Following the amendment made in the Seanad, the Bank may exempt such services which would be for the mutual benefit of its members.

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