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

This amendment inserts a new paragraph (d) into section 87(2) of the 1997 Act which allows the Central Bank to impose a regulatory direction on a credit union under section 87 where that credit union fails to comply with the terms and conditions of any stabilisation support given to the credit union under the Bill. If it does not comply with terms and conditions after funding has been provided, this gives the Central Bank the power to act. This is necessary to ensure that conditions imposed in return for financial support to keep the credit union afloat are enforceable. It is a bit like the powers of the troika being imposed on us. We are now giving the powers to the Central Bank for the purposes of ensuring that, if it gives out money, the terms and conditions are adhered to.