Credit Union Act 1997

Functions of the F184[Bank].

84

84.(1) The F184[Bank] shall administer the system of regulation and supervision of credit unions provided for by or under this Act with a view to—

(a) the protection by each credit union of the funds of its members, and

(b) the maintenance of the financial stability and well-being of credit unions generally.

(2) The F184[Bank] shall have power to do anything which, in F184[its] opinion, is necessary to facilitate the exercise of F184[its] functions or is incidental to or consequential on their exercise; and, in the exercise of any such power, the F184[Bank] may consult the Advisory Committee and such other bodies as appear to F184[it] to be expert or knowledgeable in matters relating to credit unions.

(3) Neither the registration of a credit union nor the imposition of any prudential, supervisory or reporting requirements or conditions by the F184[Bank] shall constitute a warranty as to the solvency of the credit union to which registration is given; and neither the State nor the F184[Bank] shall be liable in respect of any losses incurred through the insolvency or default of a society which is registered as a credit union.

Annotations

Amendments:

F184

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 24 item 50, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26.