(1) A trustee shall either have its registered office in the State or have established a place of business in the State if its registered office is in another Member State.
(a) be a credit institution authorised in the State with paid-up share capital which is not less than the limit specified in the Bank's Licensing Requirements, or
(b) be a branch, established in the State, of a credit institution with a paid-up share capital which is not less than the limit specified in the Bank's Licensing Requirements, or
(c) be a company incorporated in the State which -
(i) is wholly owned by a credit institution, provided the liabilities of the trustee are guaranteed by the said credit institution and the said credit institution has a paid-up share capital which is not less than the limit specified in the Bank's Licensing Requirements, or
(ii) is wholly owned by an institution in a non-Member State which is deemed by the Bank to be the equivalent of a credit instituti