Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I move amendment No. 37:

In page 41, to delete line 1 and substitute the following:

"distribution payable thereon;

'sub-participation transaction' means a transaction which involves the acquisition of an economic interest in a loan by the qualifying company in the ordinary course of a bona fide syndication of such loan to one or more lenders where the originator of the loan—

(a) is a financial institution (within the meaning of CRR) or credit institution (within the meaning of CRR)—

(i) regulated by a competent authority in a relevant Member State or the State, or

(ii) authorised by a third country authority, recognised by the European Commission as having supervisory and regulatory arrangements at least equivalent to those applied in a relevant Member State or the State, to carry out similar activities,

(b) remains a lender of record, and

(c) retains a material net economic interest in the credit risk of the loan of not less than 5 per cent.”.

See this speech in context