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Obligations of designated credit institution to continue despite insolvency process.
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84.—(1) The obligations of a designated or formerly designated credit institution—
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(a) arising under or in respect of an asset covered security issued by the institution,
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(b) arising under or in respect of any cover assets hedge contract entered into by the institution,
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(c) towards the cover-assets monitor appointed in respect of the institution,
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(d) towards any manager appointed to manage affairs of the institution, or
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(e) towards the NTMA under Part 6,
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continue to have effect in relation to the institution, and be enforceable, despite the institution, or its parent entity or a company related to the institution, becoming subject to an insolvency process.
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(2) If a designated or formerly designated credit institution, or where the institution has a parent entity or a company is related to the institution, the parent entity or related company, becomes subject to an insolvency process, the obligation of the institution to appoint and maintain a cover-assets monitor, and the powers of the Authority and the NTMA arising under this Act with respect to the appointment of a manager, continue to have effect until—
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(a) the claims of all preferred creditors have been fully satisfied, and
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(b) the functions of each cover-assets monitor and manager appointed in respect of the institution have been fully discharged.
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