S.I. No. 41/2013 - European Union (Licensing and Supervision) (Amendment) Regulations 2013.

1. These Regulations may be cited as the European Union (Licensing and Supervision) (Amendment) Regulations 2013.

2. The European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (

S.I. No. 395 of 1992

) are amended in Regulation 2(1) by substituting for the definition of “credit institution” (inserted by Regulation 80 of the European Communities (Electronic Money) Regulations, 2011 (

S.I. No. 183 of 2011

) the following

“‘credit institution’ means an undertaking, other than a credit union or friendly society, whose business it is to receive deposits or other repayable funds from the public and to grant credit on its own account;”.

GIVEN under my Official Seal,

4 February 2013.

MICHAEL NOONAN,

Minister for Finance.

EXPLANATORY NOTE

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

This Statutory Instrument corrects the definition of credit institution in the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. 295 of 1992) which was inserted by Regulation 80 of the European Communities (Electronic Money) Regulations, 2011 (

S.I. No. 183 of 2011

).

1 O.J. L 267, 10.10.2009, p.7.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

15

th February

, 2013.

I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by

section 3

of the

European Communities Act 1972

(No. 27 of 1972) (as amended by the

European Communities Act 2007

(No. 18 of 2007)), and for the purpose of giving further effect to Directive 2009/110/EU of the European Parliament and of the Council of 16 September 2009

1

, hereby make the following regulations