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

These are minor technical amendments which allow regulations to set limits in the form of a monetary amount as well as a percentage. In the context of these minor amendments, the 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 bank may make regulations in relation to savings limits and the amount of savings, or category of savings, a member can hold, the ratio of deposits to shares that credit unions may hold and any other requirements or limits the bank considers appropriate.