Amendments Nos. 108 to 114 are related and may be taken together by agreement.
SECTION 86.
I move amendment No. 108:
In page 67, lines 36 to 44, to delete subsection (1) and substitute the following:
"(1) If the Registrar considers it necessary to do so in the case of any body (whether a credit union, a group or association of credit unions or otherwise) he may give the body directions in writing relating to the content or form (or both)——
(a) of any advertisement or other means of soliciting deposits or subscriptions for shares in any one or more credit unions or credit unions generally; or
(b) of any advertisement relating to any service provided or business undertaken by any one or more credit unions or credit unions generally;
and the Registrar may also give directions in writing requiring any such body to withdraw or amend an advertisement.".
At present section 86 enables the registrar to control advertising by credit unions in a manner similar to the powers of the Director of Consumer Affairs over other financial institutions under the consumer credit legislation. When drafting the 1995 legislation the Director of Consumer Affairs was informed that the Credit Union Bill would have such control powers. He was satisfied with this commitment that credit unions would be subject to similar advertising controls as other financial institutions.
Since publication of the Bill it has come to our notice that the Irish League of Credit Unions, on behalf of individual credit unions, occasionally promotes the advantages of credit union services, particularly in respect of savings and loans. Having regard to the fact that this Bill allows credit unions to expand their range of future services, no doubt the league will wish to engage in a further promotional exercise on behalf of credit unions. The purpose of this series of amendments is to have the registrar's powers cover groups or associations of credit unions as well as individual credit unions when they advertise their services. It would be an unfortunate loophole if the league could not be required by the registrar of friendly societies to comply with standard advertising criteria applying to other financial institutions. The purpose of these criteria is to provide the consumer with reasonable information as to the merits of savings and other products offered by institutions.
Amendment agreed to.
I move amendment No. 109:
In page 68, subsection (2)(a), line 3, to delete "credit union" and substitute "body concerned".
Amendment agreed to.
I move amendment No. 110:
In page 68, subsection (2)(b), line 5, to delete "credit union" and substitute "body concerned".
Amendment agreed to.
I move amendment No. 111:
In page 68, subsection (2)(c), line 7, to delete "credit union" and substitute "body concerned".
Amendment agreed to.
I move amendment No. 112:
In page 68, subsection (2)(d), line 10, to delete "credit union" and substitute "body concerned".
Amendment agreed to.
I move amendment No. 113:
In page 68, subsection (2)(e), line 12, to delete "credit union" and substitute "body concerned".
Amendment agreed to.
I move amendment No. 114:
In page 68, subsection (5), line 28, after "credit union" to insert "or other body".
Amendment agreed to.
Section 86, as amended, agreed to.
Sections 87 and 88 agreed to.