(1) For the purposes of this Act, mortgage credit is any kind of financial obligation in respect of money borrowed or raised that is secured by a mortgage, charge or other security on residential property or commercial property, but only if the property is located in the State or any other EEA country, a category A country or a category B country.
(2) For the purposes of this Act, mortgage credit also includes any kind of credit for the time being designated by order made under subsection (3) (a).
(3) The Minister may, by order notified in Iris Oifigiúil -
(a) designate credit of a specified kind to be mortgage credit for the purposes of this Act, or
(b) declare a credit of a specified kind to be no longer mortgage credit for those purposes.
(4) [deleted]
(5) The Minister may specify in an order made under subsection (3) (a) requirements as to the total prudent market value of relevant mortgage credit assets that can be included in a cover assets pool, expressed as a percentage of the
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