Part 4 of the Principal Act is hereby amended by the substitution for section 110 of the following section:
"110. Securitisation of assets.
(1) In this section -
'initial period' in relation to any one originator or original lender means the 3 month period commencing on the day on which any qualifying assets were first acquired from that originator or original lender, as the case may be;
'original lender' means any government, public or local authority, company or other body corporate;
'originator' means an original lender who is not resident in the State;
'qualified company' has the same meaning as in section 446;
'qualifying asset' in relation to a company means -
(a) in a case where the company is a qualified company, an asset of an originator which the qualified company acquired directly or indirectly from the originator other than an asset which was created, acquired or held by or in connection with a branch or agency through which the originator carries on a trade in the State, a
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