National Asset Management Agency Act 2009

PART 6

Acquisition of Bank Assets and Related Matters

Annotations:

Modifications (not altering text):

C5

Additional functions conferred on NAMA (22.10.2010) by National Asset Management Agency (Conferral of Additional Function) Order 2010 (S.I. No. 505 of 2010).

2. NAMA has, in addition to its functions set out in the National Asset Management Agency Act 2009 (No. 34 of 2009), the additional function of taking, in accordance with Part 6 of that Act, all necessary steps to acquire, as expeditiously as possible, such eligible bank assets from such participating institutions as it considers necessary or desirable for achieving the purposes of the Act, subject to such amended or varied terms or conditions as it thinks fit.

Chapter 1

Acquisition of Bank Assets

80.

Applicant credit institutions and participating institutions to provide information about eligible bank assets.

80.— (1) NAMA may direct an applicant credit institution or a participating institution to provide NAMA with information, in the form directed by NAMA, about each of its bank assets, and (in the case of an applicant credit institution) each bank asset of each of its subsidiaries, that may be an eligible bank asset. In the case of a participating institution, such a direction has effect as a direction to provide that information about the bank assets of the participating institution and each of its subsidiaries that is also a participating institution.

(2) In particular, NAMA may require the provision of information about the debtors, associated debtors, guarantors and sureties concerned and the enforceability and marketability of the security associated with each such bank asset.

(3) When an applicant credit institution or participating institution provides information about bank assets under subsection (1) or (2) , it shall, if it is of the opinion that a bank asset is not an eligible bank asset, state that fact, that it objects to the acquisition of the bank asset, and the reason for the opinion. If an applicant credit institution or a participating institution wishes to object to the proposed acquisition of a bank asset, it shall do so in that way and the objection shall be dealt with in accordance with Chapter 1 of Part 7 .

(4) In a direction under subsection (1) , NAMA may require that the information concerned is to be provided in a particular specified manner or form, including by way of tranches described by reference to debtors, associated debtors, security or in any other way.

(5) NAMA may direct an applicant credit institution or a participating institution that any information provided by the applicant credit institution, any of its subsidiaries or the participating institution under subsection (1) or (2) is to be certified as accurate and complete jointly by the chief executive officer and chief financial officer of the applicant credit institution or participating institution.

(6) An applicant credit institution or participating institution shall, on request by NAMA, provide NAMA with a report or a certificate or both, in the form directed by NAMA, about—

( a) any of its bank assets, or those of a subsidiary, that may be eligible bank assets, or

( b) any information relevant to the determination of the terms of acquisition (including the acquisition value) of any such bank asset.

(7) An applicant credit institution or a participating institution shall, in a report or certificate under subsection (5) or (6) , disclose in utmost good faith all matters and circumstances in relation to each bank asset concerned that might materially affect, or might reasonably be expected to materially affect, NAMA’s decision to acquire the bank asset or the determination of its acquisition value.

(8) Notwithstanding any legal or contractual restriction, NAMA and a NAMA group entity may disclose to each other any information, or any report, certificate or other document, that either one obtains in connection with the performance of any of its functions.