On the appointment of a manager in respect of a designated or formerly designated credit institution, the manager becomes responsible -

(a) for managing the asset covered securities business of the institution, or such of those activities as are specified in the manager's notice of appointment or in a notice referred to in section 72(6),

(b) for performing the functions and obligations, and exercising the powers, of the institution in so far as they relate to those activities,

(c) for the initiation of proceedings in order to bring assets back into the cover pool of the institution, and

(d) for the transferral of the remaining assets to the insolvency estate of the institution which issued the asset covered securities after all liabilities in relation to those securities have been discharged.