(1) A ring-fenced body ("A") is prohibited from entering into any transaction enabling it to use services provided through an inter-bank payment system unless -

(a) A is a direct participant in the system, or

(b) where A is not a direct participant in the system, at least one of the conditions set out in paragraph (2) is satisfied.

(2) The conditions set out in this paragraph are -

(a) the intermediary through which A accesses the services provided by the inter-bank payment system is another ring-fenced body which -

(i) is a direct participant in that payment system, and

(ii) is a member of the same group as A;

(b) A is not eligible to become a direct participant in the inter-bank payment system concerned under the rules governing that payment system;

(c) should the intermediary through which A accesses the services of the inter-bank payment system concerned cease to be able to provide access to those services, A would be able to make the payments it proposes to make through that inter-bank payment system -

(i) through another intermediary, or