3.— (1) The Minister may from time to time specify a relationship framework in writing to govern the relationship between the Minister or the Minister’s nominee and Anglo Irish Bank, and may from time to time amend or revoke any such relationship framework. The relationship framework shall recognise the separation of Anglo Irish Bank from the Minister or the Minister’s nominee and limit intervention by the Minister or the Minister’s nominee in the conduct of Anglo Irish Bank’s business to that necessary to protect the public interest. The relationship framework shall at all times comply with regulatory requirements.

(2) Anglo Irish Bank and any nominee of the Minister shall act in accordance with any relationship framework specified under subsection (1).

(3) The Minister may give a direction in writing to Anglo Irish Bank requiring it to do or refrain from doing anything the doing or refraining from doing of which is, in the opinion of the Minister, necessary or expedient in the public interest, subject to regulatory requirements.

(4) The Minister may authorise the Minister’s nominee to give a direction under subsection (3), and a direction given by a nominee under such an authority has the same effect as a direction by the Minister.

(5) Anglo Irish Bank shall comply with a direction under subsection (3).