11.—(1) On an application under section 27(5) of the Act for the suspension of the operation of any restriction or direction or any variation of a restriction or direction which is the subject of an appeal, the Tribunal may determine it on the basis of written representations if the parties and, in the case of an appeal under section 27(2) of the Act, the institution concerned so agree in writing or may direct the parties and, in the case of an appeal under section 27(2) of the Act, the institution concerned to appear before it.
(2) The Tribunal shall notify its determination and the reasons for it to the Bank and to the party who made the application for interim relief and may do so to any other party to the appeal or to any person to whom notice of the appeal has been given under regulation 5(2).