S.I. No. 546/2006 - Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2006

S.I. No. 546 of 2006

REGULATIONS

entitled

Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2006

I, BRIAN COWEN, Minister for Finance, in exercise of the powers conferred on me by section 182(1)(i) of the Credit Union Act 1997 (No. 15 of 1997) (as amended by Item 121 of Part 24 of Schedule 1 to the Central Bank and Financial Services Authority of Ireland Act 2003 (No. 12 of 2003)) and after consulting the Central Bank and Financial Services Authority of Ireland and the Advisory Committee referred to in section 180 of the Credit Union Act 1997 (as amended by Item 119 of Part 24 of Schedule 1 to the said Act of 2003) and the Irish League of Credit Unions, hereby make the following Regulations:

1.      These Regulations may be cited as the Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2006.

2.      The Credit Union Act 1997 (No. 15 of 1997) is amended -

(a)          in section 21(3) (as amended by section 6 of the Euro Changeover (Amounts) Act 2001 (No. 16 of 2001)) by substituting “€23,000” for “€13,000” in both places where it occurs, and

(b)    in section 23(2) (as amended by section 6 of the Euro Changeover (Amounts) Act 2001 (No. 16 of 2001)) by substituting “€15,000” for “€6,400”.

EXPLANATORY NOTE

(This note is not a legal part of the Instrument and does not purport to be a legal interpretation)

These regulations increase the limits provided for in Section 21(3) and Section 23(2) of the Credit Union Act, 1997 .