The Act of 1971 is hereby amended -

(a) by the deletion of subsection (1) (as amended by the European Communities (Deposit Guarantee Schemes) Regulations, 1995 (S.I. No. 168 of 1995)) of section 7 and the substitution therefor of the following subsection:

"(1) Subject to the provisions of this Act, a person, other than the Bank, shall not, in or outside the State, carry on banking business or hold himself out or represent himself as a banker or as carrying on banking business or on behalf of any other person accept deposits or other repayable funds from the public, unless he is the holder of a licence.",

(b) by the substitution in section 2 (as amended by section 29 of the Act of 1989) for the definition of "banking business" of the following definition:

"'banking business' means -

(a) the business of accepting, on own account, sums of money from the public in the form of deposits or other repayable funds whether or not involving the issue of securities or other obligations, howsoever described, or

(b) the business aforesaid and any other business normally carried on by a bank, which may include the granting of credits on own account;

but excluding -