Finance (Provision of Access to Cash Infrastructure) Act 2025
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Designated entities | ||
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10. (1) Where, at the end of a quarter (in this section referred to as “the first-mentioned quarter”), a credit institution meets the conditions set out in subsection (3)— | ||
(a) at the end of the first-mentioned quarter, and | ||
(b) at the end of the quarter immediately preceding the first-mentioned quarter, | ||
the Bank shall notify the credit institution, as soon as practicable after the end of the first-mentioned quarter, that it is a designated entity for the purposes of this Act with effect from the date of the notification. | ||
(2) For the purposes of subsection (1), on the commencement of this section— | ||
(a) the quarter in which this section comes into operation shall be deemed to be the first-mentioned quarter, and | ||
(b) the quarter immediately preceding the quarter referred to in paragraph (a) shall be deemed to be the quarter immediately preceding the first-mentioned quarter. | ||
(3) The conditions referred to in subsection (1) are that the credit institution holds— | ||
(a) a percentage share of current accounts in the State that is not less than the amount prescribed by order under subsection (5)(a) of the total number of such accounts held by credit institutions (in this section referred to as “the current account prescribed share”), and | ||
(b) a percentage share of household deposits in the State that is not less than the amount prescribed by order under subsection (5)(b) of the total number of such deposits held by credit institutions (in this section referred to as “the household deposit prescribed share”). | ||
(4) Where 2 or more credit institutions are part of the same group of companies (within the meaning given to that term by section 8 of the Companies Act 2014 ) and each such credit institution does not exceed the current account prescribed share or the household deposit prescribed share, as the case may be, their respective percentage shares of current accounts in the State and household deposits shall each be considered in aggregate, and if the aggregated share in each case exceeds the current account prescribed share and the household deposit prescribed share, then the credit institution with the larger or largest percentage share of household deposits shall be deemed to be a designated entity. | ||
(5) The Minister shall, following consultation with the Bank and taking account of the number of credit institutions in the State and their proportionate share of current accounts in the State and household deposits and the need to ensure that the objective of a fair distribution amongst those credit institutions of the obligations imposed by virtue of sections 5 and 7 in respect of access to cash infrastructure is met, by order prescribe— | ||
(a) a share of at least 5 per cent and not greater than 15 per cent of the total number of current accounts in the State of a credit institution, and | ||
(b) a share of at least 5 per cent and not greater than 15 per cent of the total value of household deposits of a credit institution. | ||
(6) Where, at the end of a quarter, a designated entity no longer meets either or both of the conditions set out in subsection (3), the Bank shall notify the credit institution concerned that it is no longer a designated entity with effect from the date of notification. | ||
(7) The Bank shall maintain and publish on a website maintained by it or on its behalf a list of designated entities and shall update the list accordingly. | ||
(8) (a) The Bank shall notify the Minister of any matters, including market developments, that in its opinion may result in the current account prescribed share or household deposit prescribed share, or both, as the case may be, no longer meeting the objective set out in subsection (5) and may make such recommendations, as it considers appropriate, for amendment of the current account prescribed share or household deposit prescribed share, or both, as the case may be. | ||
(b) The Bank shall include in a notification under paragraph (a) such information as it considers appropriate and shall provide such information as the Minister may, in writing, request. | ||
(9) (a) The Minister may, following consultation with the Bank and such other persons as the Minister considers appropriate, and having regard to any matters notified by the Bank under subsection (8), by order, amend the current account prescribed share or the household deposit prescribed share, or both, as the case may be. | ||
(b) An order made under this subsection shall come into operation from the beginning of the next quarter after the order is made. | ||
(c) Subsections (5) and (8) shall apply to an order made under this subsection as those subsections apply to an order made under subsection (5). |