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Lending and borrowing by trustee savings bank.
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15.—(1) The rates of interest charged by a trustee savings bank on loans provided by it and paid by it on deposits accepted by it shall be fixed in such manner and by reference to such matters as the Central Bank may determine.
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(2) (a) A trustee savings bank may borrow money including, with the consent of the Central Bank, money in a currency other than the currency of the State.
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(b) The Central Bank may if it so thinks fit specify in a direction given to a trustee savings bank—
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(i) the maximum liability which may be incurred by the bank in respect of borrowings by it and interest on such borrowings, and
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(ii) the maximum liability which may be incurred by the bank in relation to any one person in respect of borrowings by it and interest on such borrowings, and
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(iii) the terms and conditions upon which the bank may borrow money (including terms or conditions specifying or providing for the determination of the rate of interest payable on moneys borrowed by it and the security to be provided by it in respect of its borrowings).
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(3) A trustee savings bank shall not carry on any business other than the taking of deposits and any other business carried on by a former bank without the consent of the Central Bank.
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(4) A person who contravenes subsection (3) or fails or refuses to comply with a direction under subsection (2) shall be guilty of an offence.
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