(1) Where, after consulting with the Bank and with such Ministers of the Government (if any) as he considers it appropriate to consult with in the circumstances, the Minister is of the opinion that -
(a) a class of business which involves or includes the maintaining of deposits or savings by persons with a member of the class who is not required to be the holder of a licence granted under section 9 of the Act of 1971, but whose business (in so far as it relates to deposits or savings maintained by persons with him) is similar to the business of such a holder or a building society duly incorporated in the State, and
(b) a system of deposit or savings protection, similar to the deposit protection provided by this Chapter in respect of persons maintaining deposits with the holders of licences so granted, would be in the public interest to be provided in respect of the class,
then the Minister may by regulation require the Bank to establish and maintain in the general fund an account