(1) The Treasury may designate a bank only if it is -

(a) an institution that is a bank for the purposes of Part 1 of the Banking Act 2009 [2009 c. 1.], or

(b) a finance provider that is a member of a banking group as defined in section 1164 of the Companies Act 2006 [Section 1164 was amended by paragraph 12 of Schedule 18 to the Financial Services Act 2012 (c. 21).].

(2) The Treasury must revoke the designation of a bank that no longer falls within paragraph (1)(a) or (b).

(3) In considering whether to designate a bank or revoke the designation of a bank, the Treasury must have regard to -

(a) the value of current lending by the bank to small and medium sized businesses;

(b) such value as a proportion of the total value of current lending to small and medium sized businesses;

(c) the importance to the economy in Northern Ireland of the bank's current lending to small and medium sized businesses.

(4) In considering whether to designate a bank or to revoke the designation of a bank, the Treasury may also have regard to such other matters as they consider appropriate.