(1) Subject to such terms and conditions as may be specified by the Bank, nothing in section 7 of the Act of 1971 shall prohibit the establishment of a representative office in the State of a credit institution that is authorised in any state other than a Member State of the European Economic Area.

(2) Every representative office to which subsection (1) relates shall comply with each and every term or condition specified by the Bank under that subsection in the interests of the proper and orderly regulation of banking.

(3) Where the Bank is satisfied that the terms or conditions specified by the Bank under subsection (1) are not being complied with, it may direct the representative office to close and the office shall comply with any such direction within such period as may be specified by the Bank.

(4) A representative office shall transact no banking business in the State other than the provision of advice and information on the services provided from outside the State by the credit institution concerned.