(1) As soon as practicable after the cover-assets monitor appointed in respect of a designated credit institution has become aware, or has formed a reasonable suspicion, that the institution has contravened or failed to comply with a provision of this Act that relates to the responsibilities of the monitor, the monitor is required to provide the Authority with a written report of the matter.

(2) The cover-assets monitor appointed in respect of a designated credit institution is also required to provide the Authority with such reports, and provide such information, as the Authority notifies to the monitor in writing from time to time with respect to -

(a) whether or not the institution is, in the opinion of the monitor, complying with the provisions of this Act that relate to the responsibilities of the monitor, and

(b) if in the monitor's opinion the institution is not fully complying with any of those provisions, the extent of the non-compliance.

The reports and information are to be given to the Authority at such times or at such intervals as the Authority notifies in writing to the monitor.