Credit Union and Co-operation with Overseas Regulators Act 2012

44.

Restructuring functions of ReBo.

44.— (1) In addition to the making of a recommendation under section 65, ReBo shall facilitate and oversee the restructuring of credit unions in accordance with this Part to support the financial stability and long term sustainability of credit unions generally, and for that purpose its functions shall include—

( a) analysing and examining information provided to it by the Bank, credit unions or by any other person,

( b) developing provisional proposals and plans with credit unions for the restructuring of the credit union sector,

( c) engaging with credit unions to facilitate agreement on restructuring proposals,

( d) assisting credit unions in the preparation of restructuring plans,

( e) considering and assessing restructuring plans submitted to it by or on behalf of credit unions including any funding requirements under the plan including requiring credit unions to engage third parties to verify information and provide a report to ReBo,

( f) approving, approving with conditions or rejecting those restructuring plans,

( g) recommending the restructuring plans to the Minister and advising the Bank of its recommendations,

( h) overseeing the implementation of restructuring plans, including the provision of post-restructuring support.

(2) Subject to this Part, ReBo may do anything which it considers necessary or expedient to enable it to perform its functions including making arrangements with any other person or body for the use by it of premises or equipment belonging to that person or other body or for the use by ReBo of the services of officers or servants of that person or other body.