3.— (1) In this section “relevant institution” has the same meaning as in the Act of 2010.

(2) Subject to subsection (3), while the Act of 2010 is in operation, an authorised credit institution that is a relevant institution within the meaning of that Act shall be taken not to be an authorised credit institution.

(3) If an order under section 55 of the Act of 2010 is in operation the effect of which is that the relevant institution is taken not to be a relevant institution for the purposes of every provision of that Act, that relevant institution shall, for the purposes of subsection (2), be taken not to be a relevant institution.