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.