(1) Where -

(a) in any year, the Bank stands appointed as the Registrar of Beneficial Ownership of Irish Collective Asset-management Vehicles, Credit Unions and Unit Trusts (in this subsection referred to as the "Registrar") under Regulation 18 of the modified Regulations, and

(b) either -

(i) the Bank reasonably apprehends that it will be unable to defray all of the expenses of the Bank, arising in that year, associated with its functions as the Registrar from moneys received by it by way of the levies referred to in Regulation 31A(3) of the modified Regulations (in this subsection referred to as the "dedicated levies"), or