(1) For the purposes of these Regulations, a compensation event has occurred in relation to a credit institution if -
(a) the Bank has determined that, for the time being, the credit institution appears to be unable, for reasons directly related to its financial circumstances, to repay a deposit or deposits and to have no current prospect of being able to do so,
(b) a court has appointed a liquidator or examiner of the credit institution,
(c) a judicial authority has made, for reasons directly related to the credit institution's financial circumstances, any other ruling that has the effect of suspending depositors' ability to make claims against it, or
(d) the Special Liquidation Order has been made in respect of the credit institution under the Irish Bank Resolution Corporation Act 2013.
(2) If the Bank becomes satisfied that a credit institution has failed to repay a deposit that is due and payable, the Bank shall make a determination referred to in paragraph (1) (a) as soon as