55.— (1) If the Minister, having consulted with the Governor, is of the opinion, in relation to a relevant institution, that the making of an order under this section is necessary to secure the achievement of any of the following purposes:

(a) to provide the assurance required to promote the financial stability of the relevant institution concerned;

(b) to remove or reduce the likelihood of a requirement for further State investment in that institution;

(c) to facilitate the return to normal operations of that institution;

(d) to facilitate the return to normal operations of the banking sector generally;

(e) to facilitate the acquisition of an interest in that institution by a person other than the State where the Minister is of the opinion that such an acquisition will contribute to the achievement of any of the purposes referred to in paragraphs (a) to (d),

the Minister may by order declare that the relevant institution shall be taken not to be a relevant institution during a period specified in the order to the extent specified in the order, but—

(i) only for the purposes of a specified provision or provisions of this Act,

(ii) only on fulfilment of one or more conditions specified in the order, and

(iii) only while specified circumstances relevant to that institution prevail.

(2) While an order under this section is in effect in relation to a relevant institution, the relevant institution shall, on fulfilment of the condition specified in the order, be taken not to be a relevant institution, but—

(a) only for the purposes of the specified provision or provisions of this Act, and

(b) only while the specified circumstances prevail.

(3) On the revocation of an order under this section, the relevant institution concerned again becomes a relevant institution for all the purposes of this Act.

(4) As soon as practicable after the Minister makes an order under this section, he or she shall lay a copy of the order before each House of the Oireachtas.