Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I seek clarification. I am sure that I am wrong, but the subsection states:

the relevant credit institution is subject, in the state or territory where its head office is located [we are referring to the foreign country], to regulatory or administrative provisions relating to authorisation to carry on banking business in that state [which is the foreign state] or territory and supervision corresponding to those in the State,

Should the supervision not correspond with this State's or is that not what we are doing in subsection 3(a)? Does the Minister understand what I am trying to say? It seems to read as if the institution needs authorisation to carry out banking business in the state or territory and must have supervision corresponding to those in that state, but the word "state" appears three times in this subsection. Since two are clearly references to the foreign state, is the third reference to this State?

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