Section 1 of the Act of 2009 is amended -

(a) by inserting before the definition of "Bank" the following:

"'authorised', in relation to a credit institution, means -

(a) in the case of a bank, a bank authorised, or deemed to be authorised, by the European Central Bank on application therefor under section 9 of the Central Bank Act 1971,

(b) in the case of a building society, a building society authorised, or deemed to be authorised, by the European Central Bank on application therefor under section 17 of the Building Societies Act 1989, or

(c) in the case of a credit union, a credit union registered within the meaning of the Credit Union Act 1997 or deemed to be so registered by virtue of section 5(3) of that Act;",

(b) by inserting after the definition of "Bank" the following:

"'compensation event', in relation to a credit institution, means the occurrence of one or more of the following:

(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 in the State has appointed a liquidator or examiner to the credit institution;