National Asset Management Agency Act 2009

202.

Disclosure of confidential information.

202.— (1) In this Act “confidential information” means—

( a) information relating to the commercial or business interests of a participating institution or of a person who is or has been in a relationship with a participating institution,

( b) information that is subject at law or in equity to a duty of confidentiality,

( c) information that, if it were contained in a document, would have the result that a person could not be compelled to disclose the document in evidence,

( d) information the disclosure of which would tend to place NAMA, a NAMA group entity or the NTMA at a commercial disadvantage, or

( e) information about proposals of a commercial nature and tenders submitted to NAMA, a NAMA group entity or the NTMA.

(2) Except as otherwise provided or authorised by this section or another enactment, a person shall not, unless authorised by NAMA, a NAMA group entity or the NTMA or authorised or obliged by law to do so, disclose information that he or she knows is confidential information, or use, to the direct or indirect advantage of himself or herself or of another person (other than NAMA, a NAMA group entity or the NTMA), confidential information that he or she obtained—

( a) while a member of the Board,

( b) while an officer of NAMA or a staff member of the NTMA or otherwise performing duties on behalf of NAMA or the NTMA,

( c) as a result of a disclosure to him or her permitted by subsection (5) (d) or section 199 (3) , or

( d) in the course of the provision (including the provision by another person) of a service to NAMA or the NTMA.

(3) A reference in subsection (2) to the disclosure or use of information includes the disclosure or use of a document containing the information.

(4) For the purposes of this section, it shall be presumed, unless the contrary is shown, that a person knew that information was confidential information, if that person reasonably ought to have known that it was confidential information.

(5) Nothing in subsection (2) prevents the disclosure of information—

( a) to NAMA or a NAMA group entity, the NTMA or the Minister,

( b) in the course of giving evidence before a court or tribunal having the power to examine witnesses on oath,

( c) in the course of giving evidence before a House of the Oireachtas or a Committee of either or both such Houses, or

( d) to an agent of NAMA, a NAMA group entity, the NTMA or the Minister.

(6) Notwithstanding subsection (2) , it is not an offence for a person, acting in good faith, to disclose confidential information to—

( a) the Garda Síochána,

( b) the Revenue Commissioners,

( c) the Director of Corporate Enforcement,

( d) the Competition Authority,

F18 [ ( e ) the Central Bank, ]

( f) any other body (whether within the State or not) responsible for the detection or investigation of criminal offences, or

( g) any other body (whether within the State or not) responsible for the detection or investigation of contraventions of law (whether of the State or not) relating to taxation, companies, the regulation of financial services, or competition,

where that information gives rise to a reasonable suspicion that a participating institution, an employee or agent of a participating institution, a debtor in respect of a bank asset acquired by NAMA or a NAMA group entity or an employee or agent of such a debtor may have—

(i) committed a criminal offence, or

(ii) contravened a law relating to taxation, companies, the regulation of financial services, or competition.

Annotations:

Amendments:

F18

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(11) and sch. 2 part 11 item 10, S.I. No. 469 of 2010.