18E.—(1) Subject to subsection (2), the Bank may establish an advisory group or groups to advise it on the performance of its functions and the exercise of its powers and shall in particular establish the following:

(a) an advisory group to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services;

(b) an advisory group to advise the Bank, where the Bank so requests, on the performance of its functions and the exercise of its powers in relation to credit unions.

(2) The Bank shall not establish an advisory group in relation to the Governor’s ESCB-related functions.

(3) Subject to subsection (4), an advisory group established under subsection (1) shall be made up of persons who have expertise, knowledge or experience relevant to the functions of the advisory group concerned, and may include members of the Commission, officers of the Bank or employees of the Bank.

(4) The advisory group (in this section called "the consumer advisory group") established to advise the Bank on the performance of its functions and the exercise of its powers in relation to consumers of financial services shall not include members of the Commission, officers of the Bank or employees of the Bank.

(5) The consumer advisory group shall advise the Bank on the exercise of the Bank’s powers and the performance of the Bank’s functions in relation to the consumers of financial services and in particular in relation to—

(a) the effects of the Bank’s Strategic Plans on consumers of financial services,

(b) initiatives aimed at further enhancing the protection of consumers of financial services, and

(c) if the Bank so requests, documents, consultation papers or other materials prepared by the Bank.

(6) The period for which a member of the consumer advisory group is appointed may be up to 3 years. A member is eligible for re-appointment.

(7) The Bank shall determine the manner in which, and the reasons for which, a member of an advisory group may be removed from membership of the advisory group.

(8) The Bank shall provide an advisory group with such administrative services and funds as the Bank believes necessary to carry out its functions. ]