(1) The 2015 Regulations are amended as follows.

(2) In regulation 2 (interpretation), in paragraph (1) -

(a) after the definition of "credit union" insert -

""deposit" means -

(a) a deposit within the meaning of point (3) of Article 2(1) of the deposit guarantee schemes directive (including a share treated as a deposit by virtue of Article 2(3) of the directive); or

(c) a share in a credit union other than -

(i) a deferred share within the meaning given by section 31A of the Credit Unions Act 1979; or

(ii) a deferred share issued by a society registered under the Credit Unions (Northern Ireland) Order 1985 or a society registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 as a credit union.";

(b) after the definition of "deposit guarantee schemes directive" insert -

""eligible deposit" has the meaning given in section 70A(7) of the Banking Act 2009".

(3) In regulation 6 (time limit for determining that a compensation scheme member is unable to repay deposits), in paragraph (1), for the words from "make" to the end substitute -