16.— If the Minister proposes to make regulations under section 15, he or she—

(a) shall consult with the Bank, in particular in relation to the matters set out in section 15 (3),

(b) shall have regard to any advice of the Bank in relation to those matters,

(c) shall consult with the Credit Union Advisory Committee (within the meaning of section 180 of the Credit Union Act 1997) where the proposed regulations relate to credit unions, and

(d) may have regard to such other matters as he or she or the Bank considers appropriate.