49.— (1) Before making regulations under section 48, the Bank—

(a) shall consult with the Minister and for that purpose shall provide to the Minister a draft of the proposed regulations,

(b) in the case of regulations under section 48(2)(b), shall also consult with the Minister for Enterprise, Jobs and Innovation and for that purpose shall provide to that Minister a draft of the proposed regulations, and

(c) may consult with such other persons as the Bank considers appropriate to consult in the circumstances.

(2) (a) This subsection applies to credit unions acting under an authorisation from the Bank under Part II of the Credit Union Act 1997.

(b) Before making regulations under section 48 in respect of credit unions to which this subsection applies, the Bank shall also consult with—

(i) the Credit Union Advisory Committee (within the meaning of the Credit Union Act 1997), and

(ii) any other body that appears to the Bank to have expertise or knowledge of credit unions.