AI Summary of 10. Designated entities
This section outlines the criteria for a credit institution to be designated as such by the Bank at the end of a quarter, contingent upon meeting specific share thresholds in current accounts and household deposits. If a credit institution holds a share of at least the prescribed percentage, the Bank will formally notify them of their designated status.
Furthermore, should two or more institutions operate within the same corporate group and collectively surpass these thresholds, the institution with the highest household deposit share will be recognized as the designated entity. The Minister, in consultation with the Bank, can amend these thresholds based on market developments.
10. Designated entities
(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 -