84.—(1) The F266[Bank] shall administer the system of regulation and supervision of credit unions provided for by or under this Act with a view to—

(a) the protection by each credit union of the funds of its members, and

(b) the maintenance of the financial stability and well-being of credit unions generally.

(2) The F266[Bank] shall have power to do anything which, in F266[its] opinion, is necessary to facilitate the exercise of F266[its] functions or is incidental to or consequential on their exercise; and, in the exercise of any such power, the F266[Bank] may consult the Advisory Committee and such other bodies as appear to F266[it] to be expert or knowledgeable in matters relating to credit unions.

(3) Neither the registration of a credit union nor the imposition of any prudential, supervisory or reporting requirements or conditions by the F266[Bank] shall constitute a warranty as to the solvency of the credit union to which registration is given; and neither the State nor the F266[Bank] shall be liable in respect of any losses incurred through the insolvency or default of a society which is registered as a credit union.