Sean Barrett (Independent) | Oireachtas source

I move amendment No. 2:

In page 6, between lines 30 and 31, to insert the following:“(c) the formation of a separate loan fund has received authorisation under the Central Bank and Financial Services Act 2003,”.

We seek to have the creation of a separate loan fund at the discretion of the Central Bank. The registrar does not wish to see separate loan funds being created and the purpose of this section is to shut it down. We are affording friendly societies that wish to use this way of creating loan funds the possibility to expand under the regulation of the Central Bank.