(1) The following assets (other than such assets that comprise any pool hedge collateral) are substitution assets for the purposes of this Act -
(a) exposures to credit institutions that qualify for credit quality step 1 or credit quality step 2, where those exposures are in the form of short-term deposits referred to in point (c)(i) of Article 129(1) of Regulation (EU) No 575/2013;
(b) exposures to credit institutions that qualify for credit quality step 3, where those exposures are in the form of short-term deposits referred to in point (c)(i) of Article 129(1) of Regulation (EU) No 575/2013;
(c) any specified kind of property that is for the time being designated by an order made under subsection (3)(a) to be a substitution asset.
(2) The regulations must provide for a financial institution or class of financial institutions to be designated as an eligible financial institution for the purposes of subsection (1).
(3) The Minister may, by order notified in Iris Oifigiúil -
(a) desig
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