3.— The Minister may make regulations to prescribe a person (including a body corporate that is incorporated after the coming into operation of this Act) for the purposes of paragraph (d) of the definition of “relevant institution” in section 2 (1) if—

( a) in the case of a body, it has its registered office, chief office or principal place of business in the State,

( b) in the case of an individual, his or her ordinary residence is in the State,

( c) all or any of a relevant institution’s assets or liabilities are transferred, after the coming into operation of this section, to the person under this Act, the Companies Acts, F6 [ the Central Bank Act 1971 or the Building Societies Act 1989 ] , and

( d) the Minister is of the opinion that it is necessary or desirable for the purposes of this Act that the person be so prescribed.