86.— (1) Section 4 of the Landlord and Tenant (Amendment) Act 1980 is amended—

(a) in subsection (1) by inserting “or the Central Bank of Ireland, as the case may be,” after “State authority”, and

(b) by inserting the following after subsection (1)—

“(1A) Subject to subsections (1B) and (1C), this Act shall not bind the Central Bank of Ireland (in this subsection and subsections (1B) and (1C) referred to as ‘the Bank’) in its capacity as lessor or immediate lessor of any premises.

(1B) Where the Bank acquires the interest of the lessor or immediate lessor of any premises after the coming into operation of section 86 of the Central Bank (Supervision and Enforcement) Act 2013 and the Bank did not have any previous interest in the premises as lessor or immediate lessor, section 13 shall apply as if the expressions ‘at any time’ and ‘at that time’ in subsection (1) thereof were references to the relevant date and Part II shall have effect accordingly, save that a tenant of the Bank whose tenancy of the premises is renewed under that Part as applied by this section shall not be entitled to a further renewal of that tenancy.

(1C) In a case to which subsection (1B) applies, subsection (1A) shall not apply so as to disqualify any person for payment of compensation for improvements in respect of such improvements as may have been carried out before the relevant date.”.

(2) The amendments made by subsection (1) shall not apply to leases granted before the coming into operation of this section.