National Asset Management Agency Act 2009

68.

Obligations of participating institutions.

68.— (1) A participating institution shall—

( a) when making a report, or providing information, books, records or an explanation, whether or not in answer to a request from NAMA or the Minister, make full disclosure in utmost good faith of matters relevant to the making of a decision by NAMA whether or not to acquire a bank asset or the determination of its acquisition value,

( b) co-operate promptly and fully (including by way of supplying information, books, records and explanations to NAMA in response to any request by NAMA) with NAMA in its due diligence processes in relation to bank assets being considered for acquisition,

( c) provide such services (including relevant services within the meaning given by section 128 ) as NAMA directs in connection with an acquired bank asset, in accordance with any terms and conditions that NAMA specifies,

( d) comply with any direction given by the Minister or NAMA in relation to the performance of the participating institution’s obligations under this Act,

( e) comply with such monitoring of lending and balance sheet management as the Minister in consultation with the F14 [ Central Bank ] directs, and

( f) comply with any other requirement that the Minister specifies to achieve an effective acquisition of bank assets by NAMA.

(2) A participating institution shall provide such information, explanations, books, documents and records as the Minister requires to perform his or her functions under this Act.

(3) A participating institution shall be taken to have consented to any disclosure of information under section 205 .

Annotations:

Amendments:

F14

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(11) and sch. 2 part 11 item 8, S.I. No. 469 of 2010.