National Asset Management Agency Act 2009

84.

Decision about acquisition of eligible bank assets.

84.— (1) NAMA may acquire an eligible bank asset of a participating institution if NAMA considers it necessary or desirable to do so having regard to the purposes of this Act and in particular the resources available to the Minister. NAMA is not obliged to acquire any particular, or any, eligible bank asset of such an institution on any grounds.

(2) For the avoidance of doubt, NAMA may acquire, from a participating institution, performing or non-performing eligible bank assets.

(3) For the avoidance of doubt, NAMA may, subject to Chapter 1 of Part 7 , take steps to acquire an eligible bank asset even though the participating institution concerned has indicated in information provided to NAMA under section 80 that it does not consider the bank asset to be an eligible bank asset and that it objects to its acquisition.

(4) Without prejudice to the generality of subsection (1) , NAMA may, in deciding whether to acquire a particular eligible bank asset, take into account—

( a) whether any security that is part of the bank asset is adequate,

( b) whether any security that is part of the bank asset has been perfected,

( c) the value of that security,

( d) whether the relevant credit facility documentation is defective or incomplete,

( e) whether the participating institution concerned or any other person has engaged in conduct concerning the bank asset that is or could be prejudicial to the position of NAMA,

( f) whether the participating institution has complied with its contractual and legal obligations and its obligations under this Act in relation to the bank asset, or its eligible bank assets generally,

( g) whether in NAMA’s opinion the participating institution has advanced a sufficient quantum of the credit facility concerned,

( h) the quality of the title to any property held as security that is part of the bank asset,

( i) any applicable legal, regulatory or planning requirement that has not been complied with in relation to development land held as security that is part of the bank asset,

( j) any association with another bank asset of a participating institution,

( k) the performance of the bank asset,

( l) any matter disclosed in any due diligence carried out by the participating institution or NAMA,

( m) the type of other eligible bank assets (whether of the participating institution or any other participating institution) that NAMA has acquired or proposes to acquire, and whether not acquiring the particular eligible bank asset concerned would contribute to the achievement of the purposes of this Act, and

( n) any other matter that NAMA considers relevant.

(5) Where NAMA determines that the long-term economic value of the property comprised in the security for a credit facility that is an eligible bank asset is less than the market value of the property, NAMA shall not acquire the bank asset.