The Act of 1942 is amended by the insertion of the following Part after section 33BH (inserted by section 68):

"Part IIID Panel for purposes of certain decisions

33BI. Panel for purposes of certain decisions

(1) The Minister may establish a panel from which appointments may be made by the Bank -

(a) for the purposes of any provision of this Act, or any other enactment, requiring appointments to be made from a panel established under this section, or

(b) (in accordance with any agreement between the Minister and the Bank) for any other purpose involving the conduct of an inquiry, or the taking of a decision, on behalf of the Bank, the Governor or the Head of Financial Regulation.

(2) The members of a panel established under this section shall be appointed by the Minister following a process conducted by the Bank after consulting the Minister.

(3) The Minister shall not appoint a person to a panel established under this section unless the Minister, after consulting the Bank, is satisfied that the person has the skill, experience and knowledge necessary for the proper, effective and efficient performance of the functions that the person may be appointed by the Bank to perform in accordance with subsection (1).

(4) Appointment as a member of a panel established under this section shall be for a period specified by the Minister and on such other terms as the Minister considers appropriate.