20.—A carrier’s licence granted under section 3 of the Act of 1986 (repealed by this Act) which is in force immediately before the repeal of this section shall continue in force for the period stated in the licence and be deemed to have been granted under any regulations in force and made under section 3 of the European Communities Act, 1972, under which a licence granted—

(a) entitles the holder to carry on a merchandise road transport business for reward in the State, and

(b) in the case of an international road freight carrier’s licence, qualifies the holder to carry on a merchandise road transport business for reward outside the State,

with such vehicles as may be specified in the licence.