Credit Union and Co-operation with Overseas Regulators Act 2012

59.

Credit union levy.

59.— (1) A credit union shall contribute to the Credit Union Fund in accordance with any regulations made under this section. Such contribution is, in this Part, referred to as the “credit union levy”.

(2) The Minister may make regulations prescribing the rate of contribution, or a method of calculating the rate of contribution, to the Credit Union Fund by a credit union under this section for the purpose of reimbursing the Minister for the provision of financial support under section 57(5) which is not recouped, or which, in the opinion of the Minister, is not recoupable in full, in accordance with the terms and conditions of that financial support, from the credit union to which such financial support was provided.

(3) The Minister shall make regulations prescribing the rate of contribution, or a method of calculating the rate of contribution, to the Credit Union Fund by a credit union under this section for the purpose of providing funding for the provision of stabilisation support under section 57(6) .

(4) In making regulations under subsection (2) the Minister shall have regard to—

( a) the need for the Credit Union Fund to grow, over time, to a size commensurate to the costs that might be, or that have been, incurred in providing financial support for the restructuring of credit unions under this Part or providing stabilisation support under Part 4 , and

( b) the need for the rate of contribution by a credit union, or category of credit unions, to be consistent with maintaining the financial viability and sustaining the commercial position of such credit unions.

(5) Regulations under subsection (2) may prescribe different rates, or different methods of calculating rates, of contribution for different credit unions, or different category of credit unions, including according to—

( a) the nature, scale and complexity of the business of each such credit union or category of credit union, and the level of risk associated with each such credit union, or category of credit unions concerned,

( b) the capacity of credit unions or categories of credit union to make the proposed contribution, and

( c) the extent to which a credit union or credit unions have or may benefit from the provision of financial support from theCredit Union Fund.

(6) Before making regulations under this section, the Minister—

( a) shall consult with the Bank, the Credit Union Advisory Committee and ReBo, and

( b) may consult with any other body appearing to the Minister to have expertise or knowledge of credit unions and with such other persons as the Minister considers appropriate. A draft of the proposed regulations may be provided as part of any such consultation.

(7) Every credit union levy collected shall be paid into the Credit Union Fund.

(8) The Minister may recover as a simple contract debt in any court of competent jurisdiction, from a person by whom the fee is payable, any amount due and owing to the Minister in respect of a levy charged under this section.

Annotations:

Editorial Notes:

E11

Power pursuant to subs. (3) exercised (22.10.2018) by Credit Union Fund (Stabilisation) Levy Regulations 2018 (S.I. No. 441 of 2018).

E12

Power pursuant to section exercised (5.12.2017) by Credit Union Fund (Stabilisation) Levy Regulations 2017 (S.I. No. 561 of 2017).

E13

Power pursuant to section exercised (22.11.2016) by Credit Union Fund (Stabilisation) Levy Regulations 2016 (S.I. No. 583 of 2016).

E14

Power pursuant to section exercised (24.11.2015) by Credit Union Fund (Stabilisation) Levy Regulations 2015 (S.I. No. 530 of 2015).

E15

Power pursuant to section exercised (26.11.2014) by Credit Union Fund (Stabilisation) Levy Regulations 2014 (S.I. No. 533 of 2014).