(1) This Act applies to any bond or any contract of suretyship or guarantee which is given, or is entered into, as surety or guarantor by a licensee in the course of his banking business, or which is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both a requirement of a licensee, and made solely for the purposes of securing financial facilities to be made available by that licensee.

(2) In this section -

"banking business" has the meaning assigned to it by section 2 (as amended by section 70 of the Central Bank Act, 1997) of the Central Bank Act, 1971;

"licensee" means the holder of a licence granted under section 9 of the Central Bank Act, 1971.