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

Amendment No. 152 sets out the Minister's powers to make regulations prescribing the rate of contribution or method of calculating the rate of contribution to the credit union fund by credit unions to provide the credit union fund with sufficient funds for the provision of stabilisation support.

Section 60(2) already provides that the Minister may make regulations prescribing the contribution to be made by credit unions to the credit union fund to recoup the cost of financial support provided for the purposes of restructuring. This amendment will provide a similar power in regard to stabilisation support to be provided from the credit union fund. This gives effect to recommendation 8.5.8 of the commission report which recommended that the necessary financing of the credit union fund for the purpose of stabilisation should be sourced from the credit union sector.