Section 123B of the Principal Act is amended -

(a) in subsection (1) by substituting the following for the definition of "account holder":

"'account holder', in relation to a basic payment account, means the person in whose name the account is held;",

(b) in subsection (1) by substituting the following for the definition of "basic payment account":

"'basic payment account' means a card account -

(a) which is issued only to an account holder who in the period of financial exclusion -

(i) did not hold a card account, or

(ii) held a card account but no account holder-initiated transactions occurred on that account in the period of financial exclusion,

(b) where, in respect of every 2 consecutive quarters, all amounts paid into the card account, other than amounts paid to the account holder by electronic funds transfer under the Social Welfare Acts, do not exceed €4,500 (in this section referred to as the 'threshold amount') in each quarter, and

(c) which is a standard bank account with one of the following banks:

(i) Allied Irish Banks plc;

(ii) the Governor and Company of the Bank of Ireland;

(iii) permanent tsb plc;",