(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.
(3) In this article "relevant event", in relation to a UK deposit-taker, means an event of one of the following kinds - (a) as a result of a transfer effected by an instrument or order made under or
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