(1) Subject to paragraph (2), where the Bank is of the opinion that a person has failed or is failing to comply with any condition or requirement imposed by this Part or by the terms of a contract, the Bank may apply to the court for an order enforcing the obligations of that person under this Part or under the terms of such a contract.

(2) Where the Bank is of the opinion that a counterparty has failed or is failing to comply with a condition or requirement imposed by this Part the Bank may give -

(a) a direction under Regulation 9, or

(b) a contravention notice under Regulation 10.