(1) This section applies to the following directions:

(a) a direction given under section 20 or 21,

(b) a direction given by the Central Bank under section 11 or 21 of the Central Bank Act, 1971, section 26 of the Trustee Savings Banks Act, 1989, section 27(3) of the Investor Compensation Act, 1998, or section 40(2) of the Building Societies Act, 1989.

(2) Unless the Authority has given a notice to the institution under subsection (3), a direction to which this section applies does not have effect with respect to a designated or formerly designated credit institution, its parent entity or any other company related to the institution as regards -

(a) any cover assets that are comprised in a cover assets pool maintained by the institution,

(b) any asset covered securities issued by the institution, or

(c) any cover assets hedge contracts entered into by the institution,