The Act of 1971 is hereby amended by the substitution of the following section for section 11:

"11.

(1) The Bank may -

(a) revoke a licence if the holder of the licence so requests,

(b) with the consent of the Minister, revoke a licence if the holder of the licence -

(i)

(I) has not commenced to carry on banking business within twelve months of the date on which the licence was granted, or

(II) has ceased to carry on banking business and has not carried it on during a period of more than six months immediately following the cesser,

(ii) being a company, is being wound up,

(iii) is a credit institution to which section 9(IA)(b) of this Act (as amended by the Central Bank Act, 1989) relates, which is being duly wound up or otherwise dissolved,

(iv) has obtained the licence through false statements or any other irregular means,

(v) becomes unable to meet his obligations to his creditors or suspends payments lawfully due by him or no longer possesses sufficient own funds (being own funds to which Council Directive 77/780/EEC of 12 December, 1977, relates) or can no longer be relied upon to fulfil his obligations towards his creditors, and in particular no longer provides security for the assets entrusted to him,