A manager appointed in respect of a designated or formerly designated credit institution -

(a) shall, as soon as practicable after being appointed, assume control of all assets of the institution that relate to the institution's asset covered securities business activities, or such of those assets as relate to the asset covered securities business activities specified in the manager's notice of appointment,

(b) shall, subject to and in accordance with any direction given by the Authority, carry on the institution's asset covered securities business activities, or such part of that business as relates to the asset covered securities business activities specified in the manager's notice of appointment, in such manner as appears to the manager to be in the commercial interest of the holders of asset covered securities issued by the institution and of persons with whom the institution has entered into cover assets hedge contracts, and

(c) shall verify the continuous and sound management of the institutions covered bond programme during the period of the manager's appointment.