PART 3Designation of banks and finance platforms
Criteria for the designation of a bank10.
(1)
The Treasury may designate a bank only if it is—
(a)
an institution that is a bank for the purposes of Part 1 of the Banking Act 20095, or
(b)
a finance provider that is a member of a banking group as defined in section 1164 of the Companies Act 20066.
(2)
The Treasury must revoke the designation of a bank that no longer falls within paragraph (1)(a) or (b).
(3)
In considering whether to designate a bank or revoke the designation of a bank, the Treasury must have regard to—
(a)
the value of current lending by the bank to small and medium sized businesses;
(b)
such value as a proportion of the total value of current lending to small and medium sized businesses;
(c)
the importance to the economy in Northern Ireland of the bank’s current lending to small and medium sized businesses.
(4)
In considering whether to designate a bank or to revoke the designation of a bank, the Treasury may also have regard to such other matters as they consider appropriate.