8In the case of a transfer effected by section 3(3) above, the transferee shall be treated for the purposes of sub-paragraph (1) of paragraph 1 of Schedule 2 to the [1979 c. 37.] Banking Act 1979 (requirement of high reputation and standing in the financial community as one of the criteria for recognition as a bank)—
(a)as enjoying at the vesting day (and as continuing to enjoy, until it has carried on a deposit-taking business long enough to have earned a reputation and standing of its own) the reputation and standing enjoyed by the transferor immediately before the vesting day ; and
(b)as having enjoyed, during any earlier period, the reputation and standing enjoyed by the transferor during that period ;
and accordingly sub-paragraphs (2) to (4) of that paragraph shall not apply in relation to the transferee's application for recognition.