(1) All such things as are necessary or expedient to be done for the purposes of the State's performing its functions under the Agreement, and in particular, the functions specified in subsection (2), may be done by the Minister and there is conferred, by virtue of this section, on the Minister all the powers necessary in that behalf.

(2) The functions referred to in subsection (1) are -

(a) the transfer of contributions raised in accordance with the BRR Regulations and the SRM Regulation to the Single Resolution Fund, and

(b) the allocation, during the transitional period, to the State's compartment within that Fund of the contributions so raised.