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

Amendment No. 157 amends subsection (2) by deleting the existing paragraph (b) which states that the bank may only approve stabilisation support if the credit union concerned has a shortfall in reserves caused by a short-term, non-recurring event. Instead, amendment No. 158 sets out when ReBo may recommend to the bank that a credit union should be stabilised. During the period of restructuring a credit union may not be assessed for stabilisation support unless ReBo makes a recommendation to the bank that the credit union should be stabilised. A credit union must not be part of the restructuring proposal or must have reserves greater than 7.5% before ReBo may make this recommendation. This will ensure that the restructuring process and the stabilisation process are aligned. Amendment No. 159 updates the citation of the Central Bank Acts which are amended by Part 5 of this Bill and was already discussed with amendment No. 2 in section 1.