The Principal Act is amended by the insertion of the following Part after Part IX -

"Part X Personal Retirement Savings Accounts

Interpretation (Part X).

91.

(1) In this Part, unless the context otherwise requires -

'administrator' means a person to whom a PRSA provider delegates in pursuance of this Part its administrative functions in relation to a PRSA;

'applicant' means a person who applies for approval of a PRSA product under section 94;

'Central Bank' means the Central Bank of Ireland;

'charges' includes -

(a) fees, levies or penalties imposed by the PRSA provider;

(b) fees, levies or penalties imposed or made on or in relation to any pooled fund held for the purposes of a PRSA and on or in relation to any pooled fund held within such a pooled fund;

(c) the net proceeds of the process commonly known as stocklending (involving the sale of assets with an agreement for repurchase) of the assets held (including those held within any pooled fund and any pooled fund held within such a pooled fund) for the purposes of a PRSA that do not accrue to the PRSA contributor;

(d) the proceeds of any rounding of unit prices of the pooled funds held for the purposes of a PRSA and on any pooled fund held within those pooled funds that do not accrue to the PRSA contributor;