(1) Regulation 3(1) of the Principal Regulations is amended -
(a) by substituting for the definition of "authorisation" the following:
"'authorised', in relation to a credit institution, means -
(a) in the case of a bank, licensed under section 9 of the Central Bank Act 1971 (No. 24 of 1971),
(b) in the case of a building society, authorised or deemed to be authorised under section 17 of the Building Societies Act 1989 (No. 17 of 1989), and
(c) in the case of a credit union, registered within the meaning of the Credit Union Act 1997 (No. 15 of 1997), or being deemed to be so registered by virtue of section 5(3) of that Act;",
(b) by deleting the definition of "building society",
(c) by substituting for the definition of "Community" the following:
"'compensation event' has the meaning given by Regulation 8A(1);",
(d) in the definition of "connected person", by substituting "an authorised or formerly authorised credit institution" for "a credit institution authorised or formerly aut