Credit Union and Co-operation with Overseas Regulators Act 2012

47.

ReBo levy.

47.— (1) For the purpose of financing the performance by ReBo of its functions under this Part and subject to subsection (6), ReBo shall, with the consent of the Minister and in accordance with any directions that the Minister may give for the purposes of this section, make regulations prescribing—

( a) the levy to be paid to it by credit unions (in this section referred to as the “ReBo levy”), and

( b) when the levy falls due to be paid by credit unions,

and different rates of levies may be imposed on different categories of credit unions, including the imposition of a levy of zero per cent on a category of credit unions.

(2) Without prejudice to the generality of subsection (1), the power to make regulations under that subsection includes the power to provide for exemptions from the payment of the ReBo levy, or waiving, remitting or refunding that levy (in whole or in part), in different circumstances or classes of circumstances or in different cases or classes of cases.

(3) The total amount of the ReBo levy charged annually under this Part shall, as nearly as may be, taking one year with another, be equal to half the total expenditure incurred by ReBo annually in the performance of its functions.

(4) The ReBo levy received from each credit union shall be paid into the Credit Union Fund.

(5) ReBo may recover as a simple contract debt in any court of competent jurisdiction, from a person by whom the fee is payable, any amount due and owing to ReBo in respect of a levy charged under this section.

(6) Before making regulations under this section, the Board of ReBo—

( a) shall consult with the Minister and the Credit Union Advisory Committee, and

( b) may consult with any other body appearing to the Board to have expertise or knowledge of credit unions and with such other persons as the Board considers appropriate.

Annotations

Editorial Notes:

E7

Power pursuant to section exercised (26.06.2017) by Credit Union Fund (ReBo Levy) Regulations 2017 (S.I. No. 283 of 2017), in effect as per reg. 1(2).

E8

Power pursuant to section exercised (30.11.2016) by Credit Union Fund (ReBo Levy) Regulations 2016 (S.I. No. 585 of 2016), in effect as per reg. 1(2).

E9

Power pursuant to section exercised (9.12.2015) by Credit Union Fund (ReBo Levy) Regulations 2015 (S.I. No. 557 of 2015), in effect as per reg. 1(2).

E10

Power pursuant to section exercised (19.12.2014) by Credit Union Fund (ReBo Levy) Regulations 2014 (S.I. No. 581 of 2014), in effect as per reg. 1(2).