(1) Every designated credit institution is required to appoint a qualified person to be a cover-assets monitor in respect of the institution.
(2) A designated credit institution that is both a designated mortgage credit institution and a designated public credit institution may appoint a separate cover-assets monitor in respect of each cover assets pool maintained by it or may appoint a single cover-assets monitor in respect of both of the pools so maintained.
(3) An appointment under this section does not take effect until the Authority has approved it in writing.
(4) If the Authority refuses to approve such an appointment, the designated credit institution concerned shall, within such period as may be specified by the Authority (being not less than 7 days), appoint another qualified person to be a cover-assets monitor in respect of that institution.
(5) A designated credit institution that has appointed a cover-assets monitor under this section is responsible for paying any remunerat
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