(1) The Bank is the competent authority in the State for the purposes of the Directive and these Regulations and shall have all the powers necessary for the performance of its functions.
(2) The Bank may arrange for its functions as a competent authority to be performed by any constituent part of the Bank or by any officer or employee of the Bank. Nothing in these Regulations precludes the Bank from being assisted in, or advised on, the discharge of those functions by any such constituent part, officer or employee.