(1) Subject to subsections (2), (4) and (5), the enactments specified in column (2) of the First Schedule are hereby repealed to the extent specified in column (3) of the Schedule.

(2) Subject to subsection (3), Part III of the Building Societies Regulations, 1987 (S.I. No. 27 of 1987) as amended by the Building Societies Regulations (Amendment) Regulations, 1987 (S.I. No. 339 of 1987) shall continue in force, as if made by the Central Bank under section 11(2) and with the substitution of "Central Bank" for "Registrar", in relation to -

(a) loans made prior to the commencement of section 22 on the security of a mortgage of freehold or leasehold estate or interest in a house, and

(b) housing loans made on or after the said commencement.

(3) Rule I of the First Schedule to the said Regulations (redemption of loans) shall not apply to a housing loan, made on or after the commencement of section 22, in respect of which the mortgage or loan agreement provides that the rate of interest may not be changed or may only be changed at intervals of not less than one year.