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Amendment of section 5 of Principal Act.
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4.— Section 5 of the Principal Act is amended—
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(a) in subsection (1)—
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(i) by substituting “is any one of the following:” for “is—”,
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(ii) by substituting the following for paragraphs (a) to (f):
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“(a) central governments, central banks, public sector entities, regional governments or local authorities in the State or in any other EEA country,
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(b) central governments and central banks in Australia, Canada, Japan, New Zealand, the Swiss Confederation, the United States of America or a country specified in an order made under subsection (3),
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(c) public sector entities, regional governments and local authorities in Australia, Canada, Japan, New Zealand, the Swiss Confederation, the United States of America or a country specified in an order made under subsection (3),
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(d) (i) multilateral development banks which qualify as such for the purposes of the Codified Banking Directive, or
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(ii) international organisations which qualify as such for the purposes of the Codified Banking Directive,
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(e) central governments, central banks, public sector entities, regional governments or local authorities in a category B country, or
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(f) any other entity established in a country to which paragraph (a), (b) or (e) relates that is prescribed by order of the Minister for the purposes of this section.”,
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(b) in subsection (2), by inserting “an interest in” after “represents”,
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(c) by substituting the following for subsection (3):
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“(3) The Minister may, by order notified in Iris Oifigiúil, specify, for the purposes of paragraph (b) or (c) of subsection (1), a country other than—
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(a) a country referred to in the paragraph concerned, or
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(b) an EEA country.”,
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(d) by deleting subsections (4) and (5), and
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(e) by substituting the following for subsections (7) and (8):
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“(7) Subject to subsection (8), where, but for this subsection, a credit qualifies in part only as a public credit, a designated public credit institution may treat all of that credit as public credit for the purposes of this Act.
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(8) For the purposes of—
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(a) section 47(8) and (11),
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(b) any contractual undertaking referred to in section 47(13) of the institution, or
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(c) section 56(1),
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a designated public credit institution shall not treat, as public credit pursuant to subsection (7), any part of any credit which would not qualify as public credit but for that subsection.”.
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