(1) Notwithstanding section 33AK of the Act of 1942, the Bank and the authorities described in paragraph (2) may exchange information, subject to the conditions set out in paragraph (3).

(2) The authorities referred to in paragraph (1) are the authorities responsible in the State for the oversight of -

(a) persons involved in the liquidation, examinership, receivership or bankruptcy of institutions,

(b) contractual or institutional protection schemes, as referred to in Article 113(7) of theCapital Requirements Regulation, or

(c) auditors of institutions, insurance undertakings and financial institutions.

(3) The Bank and an authority described in paragraph (2) may only exchange information where the following conditions are satisfied:

(a) the information is exchanged for the purpose of an oversight function referred to in paragraph (2);

(b) the information received is subject to professional secrecy requirements at least equivalent to those referred to in Article 53(1) of theCapital Requirements Directive;