Credit Union Act 1997

Confidentiality of information.

71

71. (1) Subject to subsection (2), during his term of office or at any time thereafter, an officer F125 [ ] of a credit union shall not disclose or permit to be disclosed any information which concerns an account or transaction of a member with, or any other business of, the credit union.

(2) Subsection (1) does not apply to a disclosure of information—

( a) if or to the extent that it is necessary for the proper conduct of the business of the credit union; or

( b) which is required by a court in connection with any proceedings; or

( c) which is made with the consent of the person to whom the information relates and, where not the same person, of the person from whom the information was obtained; or

( d) which, in a case where the credit union is acting or has acted as agent for a person, is made to that person in respect of that capacity; or

( e) where the information is in the form of a summary or collection of information and is so framed as not to enable information relating to a particular member to be ascertained from it; or

( f) which, in the opinion of the F126 [ Bank ], is necessary for the protection of the funds of shareholders in or depositors with the credit union or to safeguard the interests of the credit union; or

F127 [ ( g ) which is made to the Bank for the purposes of its functions in relation to credit unions; or

( h ) which is made to the Credit Union Restructuring Board for the purposes of its functions under the Credit Union and Co-operation with Overseas Regulators Act 2012. ]

(3) As soon as practicable after the beginning of his term of office or, in the case of any person whose term of office began before the commencement of this section, after that commencement, every officer F128 [ ] of a credit union shall, in such manner as the F126 [ Bank ] may determine—

( a) be informed by the credit union of his obligations under this section; and

( b) in writing acknowledge that he has been so informed and understands his obligations.

(4) Any reference in the preceding provisions of this section to a term of office means—

( a) in relation to an officer who is an employee, the period of his employment; and

( b) in relation to a voluntary assistant, the period during which he is engaged in the operation of the credit union.

(5) A person who contravenes subsection (1) shall be guilty of an offence.

(6) In any proceedings for an offence under this section, the onus of proving that any of the paragraphs of subsection (2) excludes a disclosure from subsection (1) shall lie on the person who made or permitted the disclosure.

Annotations

Amendments:

F125

Deleted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 58, S.I. No. 393 of 2013.

F126

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 39, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26.

F127

Substituted and inserted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 59, S.I. No. 557 of 2012.

F128

Deleted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 60, S.I. No. 393 of 2013.

Editorial Notes:

E54

Previous affecting provision: subs. (2)(g) amended (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 39, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.