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

A number of minor technical amendments were made to section 8 which allow the regulations to set limits in the form of a monetary amount as well as a percentage. This section gives effect to recommendation 10.3.27 of the report of the Commission on Credit Unions. It repeals section 27 of the principal Act and replaces it with a provision allowing credit unions to raise funds by issuing shares to members or by accepting deposits. The Central Bank may make regulations in regard to setting limits on the amount of savings or category of savings a member can hold, the ratio of deposits to shares the credit union may hold and any other requirement or limit on the bank consistent with that.

Amendments Nos. 23 and 25 are minor technical amendments which allow the regulations to set limits in the form of a monetary amount as well as a percentage.

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