National Asset Management Agency Act 2009

35.

Codes of practice.

35.— (1) Within 3 months after the establishment day, NAMA shall prepare codes of practice for approval by the Minister in relation to the following matters:

( a) the conduct of officers of NAMA;

( b) servicing standards for acquired bank assets;

( c) risk management, including with regard to debtors;

( d) disposal of bank assets;

( e) the manner in which NAMA is to take account of the commercial interests of credit institutions that are not participating institutions;

( f) any other matter in relation to which the Minister directs NAMA to prepare a code of practice.

(2) A code of practice referred to in subsection (1) (a) shall set out—

( a) what constitutes misconduct in office for the purposes of section 43 ,

( b) the procedures for the investigation of an officer of NAMA suspected of misconduct, and

( c) the procedures for the suspension of such an officer from his or her duties for misconduct in office.

(3) After a code of practice is approved by the Minister, every person to whom it applies shall have regard to and be guided by that code in the performance of his or her functions and in relation to any other matters to which the code relates.

(4) If in the opinion of the Minister adequate provision has not been made in a code of practice drawn up by NAMA under subsection (1) , the Minister may—

( a) direct NAMA to modify the code of practice, or

( b) substitute his or her own code of practice.

(5) NAMA shall publish a code of practice, issued under this section as approved by the Minister, on the NAMA website.