This is, of course, only a permissive section and I agree entirely with the Minister when he said in reply to a question today that section 7 of the 1942 Act operates on the basis that deposits can be received from the various bodies, if and when the Board of the Central Bank think fit. At the same time I think it desirable to have something clearer in this legislation. It would be better to have "bank" clearly defined as being an institution licensed under the Central Bank Act, rather than have the phrase "credit institution" defined. It may be well beyond the capacity of ordinary Deputies to define it without having an intimate knowledge of the type of institutions that carry on business in that respect, and I think it is a pity the Minister has not done so.
Private Members' Business. - Central Bank Bill, 1963—Committee and Final Stages.
Sections 1 and 2 agreed to.
SECTION 3.
Question proposed: "That section 3 stand part of the Bill."
Question put and agreed to.
Section 4 agreed to.
Title agreed to.
Bill reported without amendment.
Agreed to take remaining Stages today.
Bill received for final consideration and passed.