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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: 

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(3)(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. 

Notice of the making of this Statutory Instrument was published in “Iris Oifigiuil” of 25th March, 2003.

[1] O.J. No. L386 of 30 December, 1989, Page 1