Seanad debates
Thursday, 27 March 2003
Central Bank and Financial Services Authority of Ireland Bill 2002: Second Stage.
Under the new section 33J to be inserted in the principal Act, the regulatory authority will have the power to impose levies on regulated institutions to provide it with sufficient funds to perform its functions. The new section 33J(5) provides that the levies collected from credit unions shall not exceed the total amount of the costs incurred in performing the 25 functions and exercising the powers of the bank under the Credit Union Act 1997. Is it intended to allow the levies imposed on other sectors to exceed the costs of regulating them? Assuming it is not, all financial services providers should be treated equally in the legislation.
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