National Asset Management Agency Act 2009

55.

Quarterly reports.

55.— (1) Every 3 months NAMA shall make a report (referred to in this Act as a “quarterly report”) to the Minister of its activities and the activities of each NAMA group entity.

(2) The first quarterly report shall be for the period ending on 31 March 2010 and shall be submitted to the Minister on or before 30 June 2010. Each subsequent quarterly report shall be for the period ending on a 30 June, 30 September, 31 December or 31 March, and shall be submitted to the Minister within 3 months after the end of the relevant quarter.

(3) The Minister shall cause copies of a quarterly report to be laid before each House of the Oireachtas, and shall send a copy of the report to a Committee (or a subcommittee of such a Committee) appointed by either House of the Oireachtas or jointly by both Houses of the Oireachtas (other than the Committee on Members’ Interests of Dáil Éireann or the Committee on Members’ Interests of Seanad Éireann) to examine matters relating to NAMA.

(4) A quarterly report shall be in the form, and shall include information regarding the matters, that the Minister directs.

(5) In a quarterly report, NAMA shall report on its compliance with—

( a) any guideline issued by the Minister under section 13 , and

( b) any direction given by the Minister under section 14 .

(6) A quarterly report shall include the following information for the relevant quarter:

( a) the number of all loans outstanding and the condition of those loans, categorised as between performing and non-performing loans;

( b) non-performing loans categorised as to the degree of default, distinguishing where default has occurred on capital payment as well as interest payments;

( c) the number of loans being foreclosed or otherwise enforced during the relevant quarter;

( d) the number of cases where liquidators and receivers have been appointed in the relevant quarter;

( e) a list of all legal proceedings (except any proceeding in relation to which a rule of law prohibits publication) commenced by NAMA and each NAMA group entity in relation to bank assets during the quarter, setting out for each proceeding—

(i) its title,

(ii) the parties to the proceeding, and

(iii) the reliefs sought by NAMA or the NAMA group entity concerned;

( f) a schedule of any finance raised by NAMA and each NAMA group entity in the relevant quarter;

( g) sums recovered from property sales in the relevant quarter;

( h) other income from interest-bearing loans owned by NAMA and each NAMA group entity;

( i) an abridged balance sheet of the assets and liabilities of NAMA and each NAMA group entity;

( j) a complete schedule of income and expenditure of NAMA and each NAMA group entity in the relevant quarter;

( k) an updated schedule of all information described in subsections (2) and (3) of section 54 ;

( l) any other matter directed by the Minister.