Delete “and Financial Services Authority”.

Delete.

Delete “and the Regulatory Authority”, substitute “and the Central Bank”.

Delete “or the Regulatory Authority”.

Delete.

Delete “or the Regulatory Authority”.

Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.

Delete “and Financial Services Authority”.

Substitute:

“(e) in relation to functions that, under the Companies Acts, are to be performed by the Central Bank of Ireland—

(i) the Head of Financial Regulation (within the meaning given by the Central Bank Act 1942), or

(ii) a person appointed by some other person to whom the Head of Financial Regulation has delegated responsibility for appointing persons for the purposes of this section;”.

Substitute:

“(8A) A document purporting to be a copy of, or an extract from, a document kept by the Central Bank of Ireland and certified by—

(a) the Head of Financial Regulation of the Central Bank of Ireland, or

(b) a person authorised by the Head of Financial Regulation,

to be a true copy of, or an extract from, the document so kept is, without proof of the official position of the person purporting to so certify, admissible in evidence in all legal proceedings as of equal validity with the document so kept.”.

Delete “and Financial Services Authority”.

Delete.

Delete “and Financial Services Authority”.

Delete “a member of the Irish Financial Services Regulatory Authority,”.

Delete “Every regulation”, substitute “Subject to section 24B(5), every regulation”.

After paragraph (h), insert:

“(ha) shall promote the interests of consumers of financial services by—

(i) providing information in relation to financial services, including information in relation to the costs to consumers, and the risks and benefits associated with the provision of those services, and

(ii) promoting the development of financial education and capability,”.

After section 8, insert:

“Supplementary powers of Agency with respect to carrying out certain responsibilities.

8A.—(1) To enable the Agency to perform the functions set out in section 8(3)(ha), the Agency may—

(a) undertake studies, analyses and surveys with respect to the provision of relevant financial services to consumers,

(b) collect and compile information for that purpose, and

(c) publish the results of any such studies, analyses or surveys.

(2) In undertaking such a study, analysis or survey, the Agency—

(a) may, by notice in writing, require any person who, in the opinion of the Agency has information, or has control of a record or other thing, that is relevant to the study, analysis or survey to provide the information, record or thing to the Agency, and

(b) may, by the same or another notice in writing, require the person to attend before an officer or employee of the Agency for that purpose.

(3) A person commits an offence if the person—

(a) intentionally prevents the Agency from exercising a power conferred by subsection (1),

(b) intentionally obstructs or hinders the Agency in the exercise of such a power,

(c) without reasonable excuse, fails to comply with a requirement made to the person in accordance with subsection (2), or

(d) in purporting to comply with a requirement made under subsection (2) to provide information, provides the Agency with information that the person knows, or ought reasonably to know, is false or misleading in a material respect.

(4) A person who is convicted of an offence under this section is liable—

(a) on conviction on indictment, to a fine not exceeding €30,000 or to imprisonment for a term not exceeding five years, or to both, or

(b) on summary conviction, to a fine not exceeding €3,000 or to imprisonment for a term not exceeding 12 months, or to both.

(5) Summary proceedings for an offence under this section may be brought and prosecuted by the Agency, but not to the exclusion of any other person who is authorised to bring and prosecute summary offences.”.

Substitute:

“(i) the Central Bank of Ireland;”.

After section 24, insert:

“Annual estimate of income for certain purposes.

24A.—At least one month before the start of each financial year the Agency shall prepare, and shall submit to the Minister and the Minister for Finance, a statement of the expenditure required during the financial year for the purposes of the functions referred to in section 8(3)(ha).

Power to impose levies.

24B.—(1) The Agency may make regulations prescribing levies to be paid by persons who are subject to regulation under the designated enactments and designated statutory instruments (within the respective meanings given by the Central Bank Act 1942).

(2) A levy prescribed under subsection (1) shall relate only to the Agency’s performance of its functions referred to in section 8(3)(ha).

(3) In particular, regulations under subsection (1) may provide for any of the following matters:

(a) the activities, services or other matters for which specified kinds of levies are payable;

(b) the persons, or classes of persons, who are required to pay specified kinds of levies;

(c) the amounts of specified kinds of levies;

(d) the periods for which, or the dates by which, specified levies are to be paid to the Agency;

(e) penalties that are payable by a person who fails to pay a levy on time;

(f) the keeping of records, and the making of returns to the Agency, by persons who are liable to pay a specified levy;

(g) the collection and recovery of levies.

(4) Regulations made under this section do not take effect until approved by the Minister with the consent of the Minister for Finance.

(5) Section 3(2) does not apply to regulations made under subsection (1).

(6) The Agency may refund the whole or a part of a levy paid or payable under regulations in force under this section.

(7) The Agency may amend or revoke a regulation made under this section.

(8) An amendment or revocation of regulations made under this section does not take effect until approved by the Minister with the consent of the Minister for Finance.

(9) The Agency may, by proceedings in a court of competent jurisdiction, recover as a debt an amount of levy payable under regulations in force under this section.

Surplus or deficiency in certain income of Agency during financial year.

24C.—(1) If the total sum received by the Agency on account of levies prescribed under section 24B during a financial year is greater than the Agency’s expenditure on the performance of its functions referred to in section 8(3)(ha) during that financial year, the Agency—

(a) shall apply the surplus to the performance of those functions and the exercise of those powers in the following financial year, and

(b) shall reduce the levies prescribed in relation to the latter financial year accordingly.

(2) If the sum received by the Agency on account of levies prescribed under section 24B during a financial year is less than the Agency’s expenditure on the performance of its functions referred to in section 8(3)(ha) during that financial year, the Agency may prescribe levies in relation to the following financial year sufficient to—

(a) make good the deficiency, and

(b) ensure that the sum received by the Agency on account of such levies during the following financial year fully covers the performance of those functions during both those financial years.

Arrangements in relation to collection of levies.

24D.—(1) The Agency may enter into an arrangement with a prescribed body in relation to the collection of a levy.

(2) An arrangement referred to in subsection (1) is to be for the purpose of enabling the Agency or prescribed body to collect the relevant levy from each person or body obliged to pay it and pay the collected levy to the entity entitled to receive it.

(3) An arrangement referred to in subsection (1) shall provide for the costs associated with the collection of the levy concerned to be met by the entity entitled to receive the levy.

(4) Nothing in this section affects any other power of the Agency to enter into an arrangement for the collection of levies.

(5) In this section—

‘levy’ means a levy imposed under section 24B or any other enactment;

‘prescribed body’ means the following:

(a) the Pensions Board;

(b) the Financial Services Ombudsman;

(c) the Central Bank of Ireland;

(d) any other body prescribed by the Minister by regulations made for the purposes of this section.

Accounting for levies.

24E.—In its annual report and annual accounts, the Agency shall include statements of—

(a) the amounts collected by way of levies under section 24B, and

(b) how those amounts were expended.”.

Delete “the Governor and the Regulatory Authority”, substitute “the Central Bank and the Governor”.

Delete “or the Regulatory Authority”.

Delete “and the Regulatory Authority”.

Delete “and Financial Services Authority”.

Substitute:

“(2) A credit union shall not make a loan to a member—

(a) for a period exceeding 5 years if, were the loan to be made, the total gross amount outstanding in relation to all loans with greater than 5 years to the final repayment date would exceed—

(i) 30 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(ii) if the Bank so approves in writing, 40 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(b) for a period exceeding 10 years if, were the loan to be made, the total gross amount outstanding in relation to all loans with greater than 10 years to the final repayment date would exceed—

(i) 10 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(ii) if the Bank so approves in writing, 15 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(c) in the circumstances specified in subsection (3).

(2A) The Bank may impose on an approval, for the purposes of paragraph (a)(ii) or (b)(ii) of subsection (2), any condition that the Bank considers appropriate.

(2B) In subsection (2), ‘ final repayment date ’ for a loan means—

(a) the date on which the loan is due to expire, as indicated on the relevant credit agreement in accordance with section 37C(1)(j), or

(b) any subsequent date agreed between the credit union and the member to whom the loan has been made.

(2C) Where the Bank considers it necessary for the adequate protection of the savings of members of a particular credit union, a class of credit unions or all credit unions, the Bank may by written notice impose on the credit union, the class of credit unions or all credit unions such requirements as the Bank considers appropriate in relation to any one or more of the following matters:

(a) lending practices;

(b) reporting loans to the Bank;

(c) the holding of provisions, reserves or capital against loans or specified classes or types of loans;

(d) the holding of liquid assets as a specified percentage based on the percentage of the total gross loan book balance outstanding for a period exceeding 5 years;

(e) systems, controls and reporting arrangements in relation to any of the matters set out in paragraphs (a) to (d).

(2D) In exercising the power conferred on it by subsection (2C), the Bank shall have regard to the lending framework provided for in subsection (2).

(2E) A notice under subsection (2C) may describe a class of credit unions, or a class or type of loans, by reference to any common characteristic of the credit unions or loans concerned.

(2F) A credit union shall ensure that it has appropriate processes, procedures, systems, controls and reporting arrangements to monitor compliance with the requirements of this section and any requirement imposed under this section.”.

Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.

Delete “Irish Financial Services Regulatory Authority”, substitute “Central Bank of Ireland”.

Delete.

Substitute:

“(I) with a financial institution authorised by the Central Bank of Ireland;”.

Substitute:

“(i) with a financial institution authorised by the Central Bank of Ireland,”.

After “employees” insert “, or other suitably qualified persons”.

Insert after subsection (3):

“(4) In this section “suitably qualified person” means a person (other than an employee of the Bank) who, in the opinion of the Bank, has the qualifications and experience necessary to exercise the powers conferred on authorised officers by the Insurance Acts.”.

Delete “the Governor, the Central Bank or the Regulatory Authority”, substitute “the Governor or the Central Bank”.

Delete “and Financial Services Authority”.

Delete.

Delete “director”, substitute “member of the Commission”.

Delete.

Delete “and the Regulatory Authority”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “NAMA, the Governor and the Regulatory Authority”, substitute “NAMA and the Governor”.

Substitute:

“(e) the Central Bank,”.

Substitute:

“(v) the Central Bank,”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

Delete “Regulatory Authority” (twice occurring), for each substitute “Central Bank”.

Delete “Regulatory Authority”, substitute “Central Bank”.

In the English text, delete “Central Bank and Financial Services Authority of Ireland”, substitute “Central Bank of Ireland”.

In the English text, delete “Irish Financial Services Regulatory Authority”.

Delete “the chief executive of the National Consumer Agency and the Consumer Director of the Irish Financial Services Regulatory Authority”, substitute “and the chief executive of the National Consumer Agency”.