11.—(1) A UK deposit-taker is not a ring-fenced body if—
(a)it carries out the regulated activity of effecting or carrying out contracts of insurance as principal in accordance with a permission under Part 4A of the 2000 Act;
(b)it is a registered society, a Northern Ireland industrial and provident society or a Northern Ireland credit union;
(c)it complies with the condition set out in paragraph (2) (the “relevant event condition”); or
(d)it complies with the condition set out in article 12 (the “core deposit level condition”).
(2) In relation to a UK deposit-taker, the relevant event condition is—
(a)that the UK deposit-taker would not be a ring-fenced body but for the occurrence of a relevant event; and
(b)not more than four years have passed since the date of that relevant event.
(3) In this article “relevant event”, in relation to a UK deposit-taker, means an event of one of the following kinds—
(a)as a result of a transfer effected by an instrument or order made under or in accordance with any provision of the Banking Act 2009(1) the UK deposit-taker or a member of its group—
(i)acquires property, rights or liabilities from another institution, or
(ii)acquires securities issued by another institution;
(b)any other power conferred by or as a result of Part 1 of the Banking Act 2009 is exercised in relation to the UK deposit-taker.