(1) Upon the establishment of the deposit protection account, the deposit standing maintained with the Bank immediately before the coming into operation of this section by each holder of a licence and calculated in accordance with section 13 of the Act of 1971 shall be transferred to that account in respect of that holder and, accordingly, that section shall cease to have effect upon such coming into operation.
(2) The amount of a deposit maintained by a holder of a licence in the Bank pursuant to section 7 of the Act of 1971 (in this section referred to as the deposit) shall, subject to subsection (5), be 0.2 per cent., or such other proportion as may be specified by regulations under section 72(2), of the total -
(a) Irish pound deposits (including deposits on current accounts but, subject to paragraph (b), excluding interbank deposits and deposits represented by negotiable certificates of deposit), and
(b) such other deposits as may be specified by regulations under section 72(