Section 2, definition of "Bank"

Delete "and Financial Services Authority".

Section 35(2)

Substitute:

"(2) A credit union shall not make a loan to a member—

(a) for a period exceeding 5 years if, were the loan to be made, the total gross amount outstanding in relation to all loans with greater than 5 years to the final repayment date would exceed—

(i) 30 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(ii) if the Bank so approves in writing, 40 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(b) for a period exceeding 10 years if, were the loan to be made, the total gross amount outstanding in relation to all loans with greater than 10 years to the final repayment date would exceed—

(i) 10 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(ii) if the Bank so approves in writing, 15 per cent of the total gross loan book balance outstanding at that time in relation to all loans made by the credit union, or

(c) in the circumstances specified in subsection (3).

(2A) The Bank may impose on an approval, for the purposes of paragraph (a)(ii) or (b)(ii) of subsection (2), any condition that the Bank considers appropriate.

(2B) In subsection (2), ‘ final repayment date ' for a loan means—