(1) A UK deposit-taker is not a ring-fenced body if -

(a) it carries out the regulated activity of effecting or carrying out contracts of insurance as principal in accordance with a permission under Part 4A of the 2000 Act;

(b) it is a registered society, a Northern Ireland industrial and provident society or a Northern Ireland credit union;

(c) it complies with the condition set out in paragraph (2) (the "relevant event condition"); or

(d) it complies with the condition set out in article 12 (the "core deposit level condition").

(2) In relation to a UK deposit-taker, the relevant event condition is -

(a) that the UK deposit-taker would not be a ring-fenced body but for the occurrence of a relevant event; and

(b) not more than four years have passed since the date of that relevant event.