48.— (1) An education and training board may, in relation to monies standing to the credit of the board—

(a) make a deposit within the meaning of Part 3 of the National Treasury Management Agency (Amendment) Act 2000, on such terms and conditions (including terms and conditions relating to the payment of interest) as it may agree with—

(i) the Minister for Finance, or

(ii) in circumstances where the function conferred on the Minister for Finance by section 20(1) of that Act stands delegated to the National Treasury Management Agency by virtue of an order under section 23 of that Act, the National Treasury Management Agency,

or

(b) deposit any such monies with a credit institution on such terms and conditions (including terms and conditions relating to the payment of interest) as it may agree with the credit institution concerned subject to any directions given by the Minister for Finance.

(2) In this section “credit institution” means a credit institution within the meaning of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 (S.I. No. 395 of 1992), authorised and approved by—

(a) the Central Bank of Ireland, or

(b) the competent authority (within the meaning of those Regulations) of a Member State of the European Union other than the State.