Section 12 deals with the appointment of the chief executive officer to the new supervisory authority and sets out in summary what will be his or her functions. These are to carry on, manage and, in general, control the administration and business of the supervisory authority as well as performing any other functions that are determined by the board. The chief executive officer will hold office on terms and conditions approved by the Minister, with the consent of the Minister for Finance. If the chief executive officer is to be removed, it is the board of directors which will take this decision.