National Asset Management Agency Act 2009

12.

Powers of NAMA.

12.— (1) NAMA has all powers necessary or expedient for, or incidental to, the achievement of its purposes and performance of its functions.

(2) Without prejudice to the generality of subsection (1) , NAMA may—

( a) provide equity capital and credit facilities on such terms and conditions as NAMA thinks fit,

( b) borrow on any terms and conditions that NAMA thinks fit,

( c) secure the payment of money in any manner, including on the assets of NAMA or on any particular property and rights, present or future, of NAMA,

( d) initiate or participate in any enforcement, restructuring, reorganisation, scheme of arrangement or other compromise,

( e) enter into contract options and other derivative financial instruments (including instruments expressed in currencies other than the currency of the State), whose purposes include—

(i) eliminating or reducing the risk of loss arising from changes in interest rates, currency exchange rates or other factors of a similar nature, or

(ii) eliminating or reducing the costs of raising funds or borrowing or the cost of other transactions carried out in the ordinary course of business,

( f) guarantee, with or without security, the indebtedness and performance of obligations of others (whether or not NAMA receives any consideration for, or direct or indirect advantage from, the giving of the guarantee),

( g) draw, accept and negotiate negotiable instruments,

( h) distribute assets in specie to the Minister,

( i) accept any security, guarantee, indemnity or surety,

( j) enter into contracts of insurance, and insure and self-insure, in relation to any of its activities and property,

( k) enforce any security, guarantee or indemnity,

( l) compromise any claim,

( m) open and maintain bank accounts, including accounts in currencies other than the currency of the State, and carry out necessary banking transactions,

( n) form a NAMA group entity for the purpose of performing any of its functions,

( o) give security for any debt, obligation or liability of a NAMA group entity,

( p) enter into a partnership or joint venture for the purpose of performing any of its functions,

( q) establish a trust or participate in a trust as trustee or beneficiary,

( r) borrow, lend or transfer debt securities, including, (but not limited to) equity and debt instruments,

( s) acquire and dispose of property,

( t) purchase, by agreement, bank assets that are not eligible bank assets where in NAMA’s opinion it is necessary to do so in the interests of the proper performance of its functions,

( u) invest its funds as the Board determines,

( v) vest property in any other person on behalf of, or for the benefit of, NAMA with or without declaring a trust in NAMA’s favour,

( w) sell or dispose of the whole or any part of the property or investments of NAMA, either together or in portions, for such consideration and on such terms as the Board thinks fit,

( x) discharge any debt, obligation or liability,

( y) purchase, hold and sell any licence,

( z) make any planning application in relation to land, and intervene in any planning application made by another person,

( aa) make any application to develop minerals on land,

( ab) undertake development for the purpose of realising the full value of any asset,

( ac) carry on any business that NAMA considers can be conveniently carried on in connection with any of its functions or is calculated directly or indirectly to enhance the value of or facilitate the realisation of or render profitable any of NAMA’s property or rights,

( ad) benefit from any carbon credits acquired by it, and

( ae) do all such other things as the Board considers incidental to, or conducive to the achievement of, any of NAMA’s purposes under this Act.

(3) A reference in another provision of this Act to a power or the exercise of a power conferred by this section does not limit by implication the operation of this section unless the contrary intention is expressed.

(4) NAMA may exercise any of its powers or carry out any of its functions—

( a) within, or anywhere outside, the State,

( b) alone or in conjunction with others, and

( c) by or through an agent, NAMA group entity, contractor, factor, or trustee.

(5) NAMA may use its seal outside the State.

(6) NAMA may exercise any of its powers for the benefit of a NAMA group entity.

(7) Nothing in this Act authorises NAMA, when exercising any of its powers or carrying out any of its functions in any place, to act otherwise than in compliance with the law of that place.

(8) In exercise of its powers under paragraphs (s) , (z) , (ab) and (ac) of subsection (2) , NAMA shall have regard to proper planning and sustainable development as expressed in Government policy and in any relevant F9 [ regional spatial and economic strategy (within the meaning of the Planning and Development Act 2000 , including any regional planning guidelines to which section 21(4) of that Act relates) ] and development plans (within the meaning of that Act).

Annotations:

Amendments:

F9

Substituted (1.06.2014) by Local Government Reform Act 2014 (1/2014), s. 5(8) and sch. 2 pt. 6, S.I. No. 214 of 2014.