(1) In this Part, a reference to a State competent authority is a reference to one of the following competent authorities:
(a) the Central Bank of Ireland;
(c) such other competent authority as is prescribed.
(2) The Minister may prescribe a competent authority as a State competent authority for the purposes of subsection (1)(c) only if -
(a) the Minister is satisfied that the competent authority is appropriate, having regard to the functions of State competent authorities under this Part, and
(b) the competent authority is a Minister of the Government or an officer of a particular class or description of a Department of State or is a body (not being a company) by or under an enactment.