Credit Union and Co-operation with Overseas Regulators Act 2012

57.

Credit Union Fund.

57.— (1) A fund, to be known as the Credit Union Fund, is established.

(2) The purpose of the Credit Union Fund is—

( a) to provide a source of financial support for the restructuring of credit unions under this Part,

( b) to provide stabilisation support in accordance with Part 4 ,

( c) to meet the expenses of ReBo in discharging its functions under this Act,

( d) to provide for the costs referred to in section 60(2) , and

( e) to provide for the expenses referred to in section 67 .

(3) The Minister may contribute to the Credit Union Fund such sums as the Minister considers appropriate from the Central Fund or the growing produce of the Central Fund.

(4) The Minister is entitled to be reimbursed from the Credit Union Fund for all contributions under subsection (3). All sums paid out of the Credit Union Fund in repayment of a contribution under this subsection shall be paid into or disposed of for the benefit of the Exchequer.

(5) The Minister may, following receipt of a recommendation from ReBo by virtue of section 45(5)(a) , provide financial support from the Credit Union Fund, on such terms and conditions that the Minister considers appropriate, to a credit union or group of credit unions for the purposes of restructuring under this Part. The provision of financial support by the Minister may be conditional on the Bank confirming the amalgamation or transfer under section 131(6)( a) of the Principal Act.

(6) Where requested by the Bank under section 65(5) , the Minister may provide stabilisation support from the Credit Union Fund on such terms and conditions as the Minister considers appropriate. The provision of stabilisation support by the Minister shall be conditional on the Bank approving the provision of stabilisation support under section 65(6) .

(7) The terms and conditions referred to in subsections (5) and (6) may include the recoupment of moneys over time from the credit union in respect of the stabilisation support provided, including the cost of providing that support but conditions under subsection (6) shall not include any of the matters to which section 65(6) relates .

(8) Financial support under subsection (5) or (6) may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance.

(9) Moneys recouped from a credit union in respect of financial support provided out of the Credit Union Fund to it under this Part shall be paid into that Fund.