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.