National Asset Management Agency Act 2009

50.

Financing arrangements — limits on borrowings.

50.— (1) NAMA may, from time to time, exercise its power to borrow, with or without the guarantee of the Minister, such sums of money as are required for the performance of its functions under this Act.

(2) The Minister may guarantee the repayment by NAMA or a NAMA group entity of the principal of any sum borrowed by NAMA or the NAMA group entity or the payment of interest on that sum or the repayment of both principal and interest.

(3) The aggregate of the principal of all sums outstanding for purposes other than the provision of consideration for the acquisition of bank assets shall not exceed €5,000,000,000 or such other amount that the Minister specifies by order for the purposes of this subsection.

(4) The aggregate of the principal of all debt securities issued to enable the provision of consideration for the acquisition of bank assets shall not exceed €54,000,000,000 or such other amount as the Minister may specify by order for the purposes of this subsection.

(5) Where the Minister proposes to make an order under subsection (3) or (4)

( a) he or she shall cause a draft of the proposed order to be laid before Dáil Éireann, and

( b) he or she shall not make the order unless and until a resolution approving of the draft has been passed by Dáil Éireann.

(6) Within 30 working days after any issue of debt securities under section 47 , 48 or 49 , the Minister shall lay before each House of the Oireachtas a statement giving details of the securities.