(1) Where -
(a) a person maintaining deposits (including, if any, deposits on current accounts) with an authorised or formerly authorised credit institution in relation to which a compensation event has occurred does so as trustee, and
(b) any beneficiary of the trust concerned is beneficially entitled against the trustees to any identifiable part of that amount, either absolutely or jointly with a fixed number of other beneficiaries,
then, the amount the beneficiary is so entitled to shall be treated, but only for the purpose of calculating the amount of the beneficiary's or beneficiaries' eligible deposits (if any) -
(i) where the beneficiary is entitled absolutely, as if it were deposited in a separate account maintained by the beneficiary and legal ownership had passed to the beneficiary,
(ii) where the beneficiary is entitled jointly with a number of other beneficiaries, as if it were deposited in a separate account in the nature of a joint account maintained by the beneficia