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Functions performed in the public interest.
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2.— (1) The Minister has, in the public interest, the functions provided for under this Act because, after consulting the Governor and the Regulatory Authority, the Minister is of the opinion that—
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(a) there is a serious threat to the stability of credit institutions in the State generally, or would be such a threat if those functions were not performed,
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(b) the performance of those functions is necessary, in the public interest, for maintaining the stability of the financial system in the State, and
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(c) the performance of those functions is necessary to remedy a serious disturbance in the economy of the State.
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(2) The Minister may continue to consult with the Governor and the Regulatory Authority in the continuing performance of the Minister’s functions under this Act.
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(3) Nothing in this Act prevents the performance by the Central Bank or the Regulatory Authority of its functions in relation to any credit institution.
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