(1) The obligations of a designated or formerly designated credit institution -
(a) arising under or in respect of an asset covered security issued by the institution,
(b) arising under or in respect of any cover assets hedge contract entered into by the institution,
(c) towards the cover-assets monitor appointed in respect of the institution,
(d) towards any manager appointed to manage affairs of the institution, or
(e) towards the NTMA under Part 6,
continue to have effect in relation to the institution, and be enforceable, despite the institution, or its parent entity or a company related to the institution, becoming subject to an insolvency process.
(2) If a designated or formerly designated credit institution, or where the institution has a parent entity or a company is related to the institution, the parent entity or related company, becomes subject to an insolvency process, the obligation of the institution to appoint and maintain a cover-assets monitor, and the powers of the Au
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