S.I. No. 86/2003 - European Communities (Licensing and Supervision of Credit Institutions) (Amendment) Regulations 2003

1. These Regulations may be cited as the European Communities (Licensing and Supervision of Credit Institutions) (Amendment) Regulations 2003.

2. Regulation 14(13) of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (

S.I. No. 395 of 1992

) is amended in subparagraph (a by substituting “section 38” for “section 28”.

GIVEN under my Official Seal,

5 March, 2003.

Charlie McCreevy, T.D.

MINISTER FOR FINANCE

Explanatory Note

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

The amendment at Regulation 2 is required due to an error made in the original Regulations. The correct reference in Regulation 14(13)(a) of the 1992 Regulations

should

have been “section 38”, as

section 38

of the

Central Bank Act 1989

is the section which confers powers on the Central Bank of Ireland to issue directions to credit institutions.

1

O.J. No. L386 od December, 1989, Page 1

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by

section 3

of the

European Communities Act 1972

(No. 27 of 1972) and for the purpose of giving further effect to Council Directive 89/646/EEC

1

of 15 December 1989, hereby make the following regulations