(1) The Authority may request the NTMA to attempt to locate persons who are suitably qualified for appointment to manage asset covered securities business activities, or specified asset covered securities business activities, of a designated credit institution or a formerly designated credit institution in any of the following circumstances:

(a) if the institution has become insolvent or potentially insolvent;

(b) if as a result of becoming aware of information provided to the Authority, it is of the opinion that a manager should be appointed in respect of the institution in order to safeguard the interests of -

(i) holders of asset covered securities issued by the institution, or

(ii) persons who have rights under cover assets hedge contracts entered into by the institution, or

(iii) other creditors of the institution;

(ba) the institution has been determined to be failing or likely to fail pursuant to Article 32(1) of Directive 2014/59/EU;