29A.— (1) The Bank may exempt a person F69[for the purposes of paragraph (e) of the definition of "retail credit firm" in section 28(1) if,] in the opinion of the Bank—

F69[(a) the total amount or value of the relevant activities that are to be carried out by the person is such that it is reasonable to assume that the borrower or hirer, as the case may be, will be in a position to negotiate on equal terms or to obtain appropriate legal and financial advice, or]

(b) the person is one who, under section 8 (2) of the Central Bank Act 1971, is exempted, or is a member of a class of persons that is exempted, from being required to hold a banking licence, or

(c) the person is one who F69[carries out relevant activities] solely for charitable or public purposes and at a rate of interest or on other terms more favourable than those that are currently available commercially,

and the exemption would not be inconsistent with the proper and F69[orderly regulation of relevant activities] and the protection of customers of retail credit firms.

(2) The Bank may also exempt the persons belonging to a specified class of persons F70[for the purposes of paragraph (e) of the definition of "retail credit firm" in section 28(1) if,] in the opinion of the Bank—

F70[(a) the total amount or value of the relevant activities that are to be carried out by those persons is such that it is reasonable to assume that the borrowers or hirers, as the case may be, will be in a position to negotiate on equal terms or to obtain appropriate legal and financial advice, or]

(b) the persons are ones who, under section 8 (2) of the Central Bank Act 1971, are exempted, or belong to a class of persons that is exempted, from being required to hold a banking licence, or

(c) the persons are ones who F70[carry out relevant activities] solely for charitable or public purposes and at a rate of interest or on other terms more favourable than those that are currently available commercially,

and the exemption would not be inconsistent with the proper and F70[orderly regulation of relevant activities] and the protection of customers of retail credit firms.

(3) The power to exempt a person, or the persons belonging to a specified class, F71[for the purposes of paragraph (e) of the definition of "retail credit firm" in section 28(1)] may be exercised by the Bank either on its own initiative or on an application made by or on behalf of the person, or the persons or any of the persons belonging to that class.

(4) An exemption granted under this section is subject to such conditions as the Bank thinks fit to impose.

(5) The Bank may at any time by notice in writing—

(a) impose additional conditions on a person to whom, or on the persons belonging to a class in respect of which, an exemption has been granted under this section, or

(b) vary or revoke a condition imposed under subsection (4) or this subsection.

(6) The Bank shall revoke an exemption granted under this section if it is satisfied—

(a) that the circumstances relevant to the exemption have changed and are now such that the exemption would no longer be granted, or

(b) that a condition of the exemption is not being, or has not been, substantially complied with.

(7) The Bank shall publish in Iris Oifigiúil a notice of every exemption granted, and every revocation made, under this section.

(8) Failure to comply with subsection (7) does not affect the validity of an exemption granted, or a revocation made, under this section.

(9) F72[An exemption granted under this section shall apply to a person who, or a person belonging to a class of persons that, is exempted under this section, so long as the person]—

(a) does not carry on any kind of regulated business other than that to which the exemption relates, and

(b) complies with all conditions subject to which the exemption is granted.]

F73[(10) For the purposes of subsection (1)(a) and subsection (2)(a), “the total amount or value of the relevant activities that are to be carried out” means—

(a) in relation to the provision of credit, the total amount or value of credit that is to be provided, together with any interest payable in respect of the credit,

(b) in relation to a consumer-hire agreement, the sum of the instalments and any other amounts payable under the agreement, and

(c) in relation to a hire-purchase agreement, the hire-purchase price (within the meaning of section 65 of the Act of 1995).]