(1) Where the Bank is of the opinion that -
(a) a person is an excluded depositor by virtue of -
(i) being a connected person to whom paragraph (c) or (d) of the definition of "excluded depositor" in Regulation 3 applies, or
(ii) being a trustee of a trust for the benefit of a connected person to whom paragraph (e) of that definition applies, or
(b) a person is a person to whom Regulation 16(1) (h) applies,
then, subject to paragraph (2) (b), the Bank shall notify the person in writing of that opinion and the reasons for it, and the steps that the person may take under paragraph (2).
(1A) Notwithstanding any legal or contractual restriction, other than section 33AK(1A) of the Central Bank Act 1942 (No. 22 of 1942), the Bank and any entity listed in paragraph (1B) may disclose to each other any information, or any book, record, report, certificate or other document, that either one obtains in connection with a person believed to be a depositor of IBRC, any deposit held by that pers