(1) This article applies to information ("transitional companies information") -

(a) disclosed before commencement to the Bank under section 449(1) of the Companies Act 1985, or under Article 442(1) of the Companies (Northern Ireland) Order 1986, in its capacity as a competent authority under section 449(3) of that Act or Article 442(3) of that Order (as the case may be); and

(b) which immediately before commencement was subject to any of the powers of disclosure conferred by subsection (2) or (3) of section 87 of the Banking Act 1987, as that section had effect by virtue of paragraph 59 of Schedule 5 to the 1998 Act.

(2) Subject to paragraphs (3) and (4), transitional companies information may be disclosed in accordance with section 349 of the Act and the Disclosure Regulations as if -

(a) it were confidential information within the meaning of section 348(2) of the Act; and

(b) the Bank were a primary recipient of the information.