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

Amendment No. 10 inserts a new provision into section 7 to identify some of the types of conditions that the bank may impose on the registration of credit unions under subsection (1).

These include a condition that the credit union must notify the bank of significant events. There is also a condition to operate a more limited business as agreed with the bank and a condition to undertake a review of the credit union's business within 12 months of registration to ensure it is compliant with all requirements. Conditions such as these must be necessary to protect the savings of credit union members. Conditions may need to be imposed in the formative years of a new credit union, as the union may be required to build up the requirement risk management and compliance controls within the credit union. This amendment also provides that only these conditions that are necessary may be imposed as a condition of registration. Any condition imposed may be applicable by the credit union to the Irish Financial Services Appeals Tribunal. These conditions may only be imposed on new registrations, and there have been very few of these in recent years. Amendments Nos. 11 and 13 to 16, inclusive, are all consequential on amendment No. 10.