The Act of 2009 is amended by inserting after section 5 the following:

"5A. Order of payments

(1) On the occurrence of a compensation event giving rise to payments from the contributory fund, the payments shall be charged in the order set out in subsection (2).

(2) The order referred to in subsection (1) shall be the following:

(a) firstly, the contributory fund;

(b) where a shortfall exists in the contributory fund and a positive balance exists in the legacy fund, the legacy fund;

(c) where a shortfall exists after recourse has been had to the legacy and contributory funds, financing from any other source permitted under the Deposit Guarantee Regulations.

(3) A charge on the legacy fund, under this section, shall be apportioned proportionately between credit institutions on the basis of the covered deposits held by those respective institutions.

(4) Each credit institution authorised after the commencement of Part 3 of the Finance (Miscellaneous Provisions) Act 2015, subject to the requirements of the deposit guarantee scheme shall, where -

(a) the legacy fund is operational,

(b) a compensation event has occurred, and