26.—(1) Where an instrument to which this section applies is tendered by or on behalf of any person for collection to the holder of a licence F105[or authorisation under section 9A] with whom the person maintains an account (not being the holder on whom the instrument is drawn), the holder shall accept the instrument for collection and shall credit any proceeds of collection to the account aforesaid.

(2) Any charge imposed by the holder of a licence F105[or authorisation under section 9A] on another holder or a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1965 F106[or a building society authorised under the Building Societies Act, 1989], in relation to the collection of an instrument to which this section applies and the crediting of any proceeds of collection pursuant to subsection (1) of this section shall be subject to the approval of the Bank.

(3) Any terms or conditions upon or subject to which a holder of a licence F105[or authorisation under section 9A] acts as banker for another holder of a licence F105[or authorisation under section 9A] or a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1965 F106[or a building society authorised under the Building Societies Act, 1989], shall be subject to the approval of the Bank.

(4) In considering whether to grant or withhold an approval under subsection (2) or (3) of this section, the Bank shall have regard to the desirability of ensuring fair competition between holders of licences F105[or authorisations under section 9A].

(5) Nothing in this section shall be construed as conferring any title to an instrument to which this section applies on a person by or on whose behalf the instrument is tendered pursuant to subsection (1) of this section.

(6) This section applies to the following instruments, namely—

(a) bills of exchange (which expression has the same meaning in this subsection as in the Bills of Exchange Act, 1882) drawn on a holder of a licence F105[ or authorisation under section 9A] payable on demand;

(b) any document issued by a person who maintains an account with a holder of a licence F105[or authorisation under section 9A] or the Bank which, though not a bill of exchange, is intended to enable a person to obtain payment from that holder or the Bank of the sum mentioned in the document;

(c) any draft payable on demand drawn by a holder of a licence F105[or authorisation under section 9A] upon himself, whether payable at the head office or some other office of his bank;

(d) any document issued by a public officer which is intended to enable a person to obtain payment from a Minister of State of the sum mentioned in the document;

(e) any document issued by a person who maintains an account with a trustee savings bank certified under the Trustee Savings Banks Acts, 1863 to 1965, which is intended to enable a person to obtain payment from the bank of the sum mentioned in the document.

F107[(f) any document issued by a person who maintains an account with a building society, authorised under the Building Societies Act, 1989, which is intended to enable a person to obtain payment from the building society of the sum mentioned in the document.]

F108[(7) The Minister may, after consultation with the Bank and where he or she is of the opinion that the proper and orderly regulation of financial markets so requires, by order—

(a) in the case of either or both subsections (2) and (3) of this section, apply those subsections or restrict their application to any class of persons, and

(b) in the case of subsection (6) of this section, amend that subsection by the addition thereto or deletion therefrom, of any instrument specified in that subsection,

and, in the case of each subsection, whether or not previously affected by virtue of this subsection.]

F109[(8) In this section “holder of a licence” shall be deemed to include a credit institution within the meaning of Regulation 2 of the F110[European Union (Capital Requirements) Regulations 2014 (S.I. No. 158 of 2014)].

(9) Where the Minister is of the opinion, after consulting the Bank and such other Ministers (if any) as he considers it appropriate to consult with, that there are adequate supervisory and inspection provisions contained in any enactment relating to a financial institution or a class or type of institution to which the provisions of this Chapter would apply, then the Minister may by order specify the enactment concerned and, where necessary in the context of that enactment, the institution or class or type of institution to which the order relates and, accordingly, those provisions shall not apply to an institution to which the order relates.

(10) The Minister may, after consulting the Bank and such other Ministers (if any) as he considers it appropriate to consult with, by order, revoke an order, under subsection (9).]