(1) The designated authority shall check that branches established in the State by a credit institution which has its head office outside the Union have protection equivalent to that prescribed in these Regulations.

(2) Where the protection referred to in paragraph (1) is not equivalent, the designated authority may, subject to section 9A of the Act of 1971, require that such branches shall join the deposit guarantee scheme and contribute to the Fund, in respect of covered deposits held at the branch which are not covered by a scheme in a third country, such amounts in accordance with Regulation 20(3), as may be determined by the designated authority from time to time.

(3) When performing the check under paragraph (1) the designated authority shall at least check that depositors benefit from the same coverage level and scope of protection as provided for in these Regulations.