7. Provisions of this Part of this Act to apply to a holding company, &c. of a licensed bank

provides any service or performs any duty for or on behalf of such licensed bank subject to resolution, which are or are deemed to be significant to perform critical functions of such licensed bank; or

the suspension or discontinuation of such service or duty by such entities is or is likely to be detrimental to the interests of the depositors and creditors of such bank, or jeopardize the stability of the financial system of Sri Lanka, and in the event, there are no alternatives available for such licensed bank to ensure the continuity of such service or duty which is significant to perform critical functions, it shall be lawful for the Central Bank to apply the provisions of this Part of this Act to a company or entity specified in this subsection in the same manner as they apply to a licensed bank subject to resolution.