(1) An authorised credit institution shall not take deposits unless it is a member of a scheme maintained in the State pursuant to Regulation 7(1).

(2) Where a credit institution does not comply with the obligations incumbent on it as a member of a deposit guarantee scheme, that credit institution or the designated authority, where it becomes aware of the non-compliance, shall without delay notify the competent authority and, in cooperation with the designated authority, the competent authority, upon notification being made to it under this paragraph, shall promptly take all appropriate measures including the imposition of penalties to ensure that the credit institution complies with its obligations.

(3) Where the measures taken under paragraph (2) fail to secure compliance on the part of the credit institution concerned, the designated authority may, subject to national law and the express consent of the competent authority, give not less than one month's notice in writing to the credit institution concerned of its intention to exclude the credit institution from membership of the deposit guarantee scheme.