(1) Subject to section 5 of the Act of 1964, the Bank shall, as expeditiously as possible and having regard to the time limits specified in paragraph 7 of Article 10a, or paragraph 7 of Article 25a, of the Directive, cause to be paid out of the Fund to the Compensation Body sums providing for -

(a) compensation referred to in paragraph 1 of Article 10a, or paragraph 1 of Article 25a, of the Directive to injured parties resident in the State at least up to the minimum required by the MTPL insurance obligation, and

(b) compensation payments for motor claims in accordance with the Act of 1964.

(2) Subject to section 5 of the Act of 1964, the Bank shall, as expeditiously as possible, and having regard to the time limits specified in section 10(4), cause to be paid out of the Fund to the Compensation Body sums providing for -