National Asset Management Agency Act 2009

11.

Functions of NAMA.

11.— (1) In order to achieve its purposes, NAMA shall perform the following functions:

( a) acquire, in accordance with Part 6 , such eligible bank assets from participating institutions as it considers necessary or desirable for achieving its purposes;

( b) hold, manage and realise acquired bank assets (including the collection of interest, principal and capital due, the taking or taking over of collateral where necessary and the provision of funds where appropriate);

( c) perform such other functions, related to the management or realisation of acquired bank assets, as the Minister directs pursuant to section 14 ;

( d) take all steps necessary or expedient to protect, enhance or realise the value of acquired bank assets, including—

(i) the disposal of loans or portfolios of loans in the market for the best achievable price,

(ii) the securitisation or refinancing of portfolios of loans, and

(iii) holding, refinancing, realising and disposing of any relevant security.

F8 [ (1A) NAMA has such other functions as are conferred on it by or under the Irish Bank Resolution Corporation Act 2013. ]

(2) In the exercise of its functions NAMA shall have regard to the need to avoid undue concentrations or distortions in the market for development land.

(3) The Minister may confer on NAMA, by order, such additional functions connected with the functions for the time being of NAMA as he or she thinks necessary for the achievement of its purposes, subject to such conditions (if any) as may be specified in the order.

(4) An order under this section may contain such incidental, supplemental and consequential provisions as are, in the opinion of the Minister, necessary to give full effect to the order.

(5) An order under subsection (3) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(6) NAMA shall act in a transparent manner in carrying out its functions under this Act to the extent that to do so is consistent with the proper and efficient and effective discharge of those functions.

Annotations:

Amendments:

F8

Inserted (7.03.2013) by Irish Bank Resolution Corporation Act 2013 (2/2013), s. 15(c), commenced on enactment.

Editorial Notes:

E6

Power pursuant to subs. (3) exercised (22.10.2010) by National Asset Management Agency (Conferral of Additional Function) Order 2010 (S.I. No. 505 of 2010).