(1) The administrator must take the following steps relating to the constitution of an asset pool -

(a) as soon as reasonably practicable after the reconciliation under regulation 13, or

(b) where regulation 13(4) or 13(13) applies, as soon as reasonably practicable after appointment.

(2) The administrator must -

(a) take reasonable steps to identify any relevant funds held as funds in the institution's own accounts, and

(b) transfer those funds into an appropriate relevant funds account.

(3) The administrator must, where relevant funds are held in the asset pool in the form of liquid assets -

(a) liquidate those assets, and

(b) deposit the cash proceeds in an appropriate relevant funds account.

(4) But paragraph (3) does not apply where the administrator thinks that Objective 1 would be better achieved by continuing, during any period, to hold the relevant funds in the form of liquid assets.