National Asset Management Agency Act 2009
Number 34 of 2009
NATIONAL ASSET MANAGEMENT AGENCY ACT 2009
REVISED
Updated to 25 May 2018
This Revised Act is an administrative consolidation of the National Asset Management Agency Act 2009. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.
All Acts up to and including Data Protection Act 2018 (25/2018), enacted 24 May 2018, and all statutory instruments up to and including Data Protection Act 2018 (Establishment Day) Order 2018 (S.I. No. 175 of 2018), made 24 May 2018, were considered in the preparation of this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to
revisedacts@lawreform.ie.
Number 34 of 2009
NATIONAL ASSET MANAGEMENT AGENCY ACT 2009
REVISED
Updated to 25 May 2018
ARRANGEMENT OF SECTIONS
Preliminary
Section
1. Short title, commencement and collective citation.
3. Regulatory functions not affected.
6. Expenses of Minister and NTMA.
National Asset Management Agency
Establishment, Functions and Powers
13. Minister’s powers to issue guidelines to NAMA.
14. Minister’s powers of direction.
15. No shadow or de facto directorship.
Membership of Board and Related Matters
20. Term of office of appointed members.
21. Remuneration, etc., of appointed members.
22. How appointed members cease to hold office.
23. How ex-officio members cease to be Board members.
24. Filling of casual vacancies, etc.
25. Nomination and remuneration, etc., of Chairperson.
28. Resolutions by circulation of copies.
31. Register of Board members’ interests.
32. Audit committee, credit committee, finance committee and risk-management committee.
34. Indemnification of members of Board and officers of NAMA, etc.
36. Application of certain provisions of this Chapter to directors of NAMA group entities.
Chief Executive Officer
37. Appointment of first Chief Executive Officer.
38. Chief Executive Officer’s functions.
39. Resignation of Chief Executive Officer.
40. Removal of Chief Executive Officer from office.
NAMA’s Relationship with NTMA
41. NTMA to provide resources to NAMA.
42. NTMA to provide staff to NAMA.
43. Suspension of officers of NAMA.
Contracted Service Providers
44. Power to engage service providers, etc.
45. Professional standards and audit.
Finance, Planning, Accountability and Reporting
46. Financing arrangements, expenses and advances from Central Fund.
47. Financing arrangements — Minister may issue debt securities.
48. Financing arrangements — NAMA, etc., may issue debt securities.
49. Financing arrangements — NAMA, etc., may issue subordinated debt securities.
50. Financing arrangements — limits on borrowings.
51. Application of Borrowing Powers of Certain Bodies Act 1996.
52. Financing arrangements — treasury services.
56. Other reports to Minister.
57. Audit of accounts by Comptroller and Auditor General.
58. Accountability to Committee of Public Accounts.
59. Appearances before another Oireachtas Committee.
60. Repayment to Central Fund to redeem debt.
Designation of Credit Institutions as Participating Institutions and Designation of Eligible Bank Assets
Designation of Participating Institutions
62. Applications for designation as participating institution.
63. Effect of application for designation, etc.
64. Information, etc., to be provided in support of application for designation.
65. Capacity of applicant credit institutions, etc.
67. Designation of participating institutions.
68. Obligations of participating institutions.
Designation of Eligible Bank Assets
70. Meaning of “associated debtor” in this Act.
71. Dealings by participating institutions with eligible bank assets.
Valuation Methodology
73. Determination of acquisition values — valuation dates, etc.
74. Determination of acquisition values — guidelines, etc.
76. Determination of long-term economic values.
78. Regulations in relation to certain reports.
79. Regulations in relation to determination of values.
Acquisition of Bank Assets and Related Matters
Acquisition of Bank Assets
81. Production of documentation, books and records for inspection.
82. Provision of information and explanations, etc.
83. Obligations to co-operate and act in good faith, etc.
84. Decision about acquisition of eligible bank assets.
85. NAMA to identify eligible bank assets for acquisition.
86. NAMA may specify general terms and conditions of acquisition.
87. NAMA to prepare acquisition schedule.
88. Errors or omissions in proposed acquisition schedules.
89. Amendment of acquisition schedule.
90. Effect of service of acquisition schedule.
91. Effect of service of acquisition schedule in relation to foreign bank assets.
94. Dealings with bank assets after service of acquisition schedule until date of acquisition.
95. Books, records and title documents of participating institutions.
96. Notice to debtors, etc., of acquisition of bank assets.
97. NAMA to notify participating institutions of completion of acquisition process.
98. Dispute over acquisition value.
Effects of Acquisition of Bank Assets
99. NAMA to have rights of creditors after acquisition of bank assets.
100. Exercise of certain rights of set-off.
101. Enforcement of certain representations, etc.
102. Acquisition of bank assets not to affect conditions, etc.
103. Acquisition of bank assets not to give rise to cause of action, etc.
104. NAMA to be notified of certain matters.
105. Acquisition of bank assets not to render NAMA liable for wrongs by participating institutions.
106. Rights of others not affected by acquisition of bank assets, etc.
107. NAMA not required to register certain instruments, etc.
108. NAMA, etc., may give certificates in relation to bank assets held.
109. NAMA, etc., may give certain directions in relation to bank assets.
110. Effect of acquisition of bank assets on certain other rights.
111. Minister’s power to modify application of section 110.
Review of Decisions Relating to Acquisition
Expert Reviewer
112. Appointment and functions of expert reviewer.
113. Procedure of expert reviewer.
114. Objections to proposed acquisition of bank assets.
115. Materials, etc., to be made available to expert reviewer.
116. Opinion of expert reviewer.
117. Confirmation by Minister of acquisition, etc.
Review of Valuations
119. Appointment of valuation panel.
120. Procedure of valuation panel.
121. Objection to value placed on bank assets acquired from participating institution.
122. Dispute over total portfolio acquisition value.
123. Material, etc., to be made available to valuation panel.
124. Review by valuation panel.
125. Minister’s determination.
127. Costs of review of valuations.
Relationship between NAMA and Participating Institutions
129. Participating institutions to act in utmost good faith.
130. Breach of statutory requirements.
131. Servicing of acquired bank assets by participating institutions.
132. Other servicing arrangements.
133. NAMA may give directions about certain bank assets not acquired.
134. Additional payment on servicing of acquired bank assets.
135. Participating institutions to indemnify NAMA.
136. Participating institutions to be agent of subsidiaries, etc.
Powers of NAMA in Relation to Assets
Definitions
General Powers of NAMA in Relation to Assets
138. Interpretation (Chapter 2).
139. NAMA’s powers to dispose of bank assets.
140. Power to discharge prior charge.
141. Power of entry to protect value or condition of land or buildings.
142. Certain instruments by NAMA to be taken to be deeds.
143. Overreaching for protection of purchasers.
144. Effect of certain assurances of land.
145. Certain receivers not obliged to sell property, etc.
146. Powers of NAMA to enforce securities, etc.
Statutory Receivers
147. NAMA’s power to appoint statutory receivers.
148. Powers of statutory receivers.
149. Statutory receiver to be agent of chargor, etc.
151. Statutory receiver not obliged to sell property, etc.
Vesting Orders
154. Prior chargee’s right to payment.
156. Title of purchaser not impeachable.
Compulsory Acquisition of Land
158. NAMA’s powers to acquire land compulsorily.
159. Application to Court for acquisition order.
160. Initial notice of acquisition.
161. Maps, plans and books to be deposited.
162. Consideration by Court of objections.
165. NAMA’s power to take possession.
166. Determination of compensation.
167. Court may make compulsory transfer order.
168. NAMA to inform Revenue Commissioners if certain liabilities exist.
169. Form and effect of compulsory transfer order.
170. Effect of compulsory acquisition without compulsory transfer order.
General Powers in Relation to Land
172. Limitations on certain dealings in land, etc.
Powers in Relation to Development of Land
174. Interpretation (Chapter 7).
177. NAMA to have certain contractual rights of land developers.
178. Designs and planning documents for land development.
179. Limitation of right to renewal of certain business tenancies.
Legal Proceedings
Interpretation
180. Interpretation (Part 10).
Legal Proceedings Commenced on or after 30 July 2009
182. Damages to be only remedy for certain claims.
Legal Proceedings Generally
184. Conduct of legal proceedings in relation to acquired bank assets.
186. Effect of acquisition of bank assets on legal proceedings — NAMA, etc., may enforce judgment.
190. Evidence — amount of debt due.
191. Evidence — application of Bankers’ Books Evidence Act 1879.
192. Limitation of power to grant injunctive relief.
193. Limitation of judicial review.
194. Limitation of certain rights of appeal to the Supreme Court.
195. Lites pendentes to have no effect, etc.
Use of Information
197. Deemed consent to disclosure of information.
200. Obligation to provide information, etc., to NAMA, etc., extends to provision to advisers.
201. Operation of Data Protection Acts 1988 and 2003.
202. Disclosure of confidential information.
203. Obligation to pass certain information to law-enforcement authorities.
204. Provision of information to Revenue Commissioners.
205. Disclosure by regulatory authorities.
Conduct of Participating Institutions
206. Directions in relation to conduct of participating institutions.
207. Reporting by participating institutions.
209. Compliance with directions.
210. Guidelines regarding lending practices.
Miscellaneous
211. Avoidance of certain transactions.
212. Provision of tax information to NAMA.
213. NAMA, etc., not to make payments in certain circumstances.
214. NAMA exempt from certain taxes.
216. NAMA, etc., not to be taken to be carrying on banking business, etc.
217. Application of laws in relation to netting agreements, etc.
218. Certain bank assets not invalidated.
219. Nothing done under Act to be reorganisation or winding-up measure.
220. Operation of certain provisions of Land Registration Rules 1972 to 2008.
221. Offence of lobbying NAMA, etc.
222. Protection from civil liability of persons who report certain misconduct.
223. Prohibition on penalisation.
225. Surcharge on participating institutions.
Review of NAMA
226. Triennial review of NAMA’s progress.
227. Review of achievement of NAMA’s purposes.
Amendment and Modification of other Enactments
228. Operation of certain provisions of Companies Act 1963.
229. Operation of certain provisions of Companies (Amendment) Act 1983.
230. Disapplication of section 7 of Official Languages Act 2003.
231. Amendment of Building Societies Act 1989.
232. Amendment of Central Bank Act 1942.
233. Amendment of Companies Act 1963.
234. Amendment of Companies (Amendment) Act 1990.
235. Amendment of Finance Act 1970.
236. Amendment of Landlord and Tenant (Amendment) Act 1980.
237. Amendment of National Treasury Management Agency Act 1990.
238. Amendment of Planning and Development Act 2000.
239. Amendment of Stamp Duties Consolidation Act 1999.
240. Amendment of Taxes Consolidation Act 1997.
241. Amendment of Value-Added Tax Act 1972.
Powers of Statutory Receivers
Redress for Contravention of section 223 (3)
Amendments of Other Acts
Amendment of Building Societies Act 1989
Amendment of Central Bank Act 1942
Amendment of Companies Act 1963
Amendments of Companies (Amendment) Act 1990
Amendment of Finance Act 1970
Amendments of Landlord and Tenant (Amendment) Act 1980
Amendments of National Treasury Management Agency Act 1990
Amendment of Planning and Development Act 2000
Amendment of Stamp Duties Consolidation Act 1999
Amendments of Taxes Consolidation Act 1997
Amendments of Value-Added Tax Act 1972
Acts Referred to
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Acquisition of Land (Assessment of Compensation) Act 1919 |
9 & 10 Geo. 5, c. 57 |
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1978,No. 2 |
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Bankers’ Books Evidence Act 1879 |
42 & 43 Vict., c. 11 |
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1988,No. 27 |
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Bills of Sale (Ireland) Acts 1879 and 1883 |
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1996,No. 22 |
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1989,No. 17 |
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Capital Gains Tax Acts |
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1942,No. 22 |
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1997,No. 8 |
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Central Bank Acts 1942 to 2001 |
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Central Bank and Financial Services Authority of Ireland Act 2003 |
2003,No. 12 |
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Central Bank and Financial Services Authority of Ireland Act 2004 |
2004,No. 21 |
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1956,No. 46 |
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1963,No. 33 |
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1990,No. 33 |
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Companies Acts |
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1982,No. 10 |
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1983,No. 13 |
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1990,No. 27 |
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2002,No. 14 |
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1993,No. 8 |
|
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Conveyancing Act 1634 |
10 Chas. 1 sess. 2, c. 3 |
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Conveyancing Act 1881 |
44 & 45 Vict., c. 41 |
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Corporation Tax Acts |
|
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1981,No. 11 |
|
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2008,No. 18 |
|
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Data Protection Acts 1988 and 2003 |
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1995,No. 22 |
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1972,No. 27 |
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1997,No. 2 |
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1976,No. 27 |
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1970,No. 14 |
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1979,No. 4 |
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1966,No. 21 |
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Income Tax Acts |
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1927,No. 16 |
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1937,No. 38 |
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Investment Funds, Companies and Miscellaneous Provisions Act 2005 |
2005, No. 12 |
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Investment Funds, Companies and Miscellaneous Provisions Act 2006 |
2006, No. 41 |
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2009,No. 27 |
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Lands Clauses Acts |
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Land Clauses Consolidation Act 1845 |
8 & 9 Vict., c. 18 |
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1980,No. 10 |
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2001,No. 37 |
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Markets in Financial Instruments and Miscellaneous Provisions Act 2007 |
2007,No. 37 |
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1990,No. 18 |
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1995,No. 25 |
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2003,No. 32 |
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1992,No. 1 |
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2000,No. 30 |
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Planning and Development Acts 2000 to 2007 |
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Prevention of Corruption Act 1906 |
6 Edw. 7, c. 34 |
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Prevention of Corruption Acts 1889 to 2001 |
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Public Bodies Corrupt Practices Act 1889 |
52 & 53 Vict., c. 69 |
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1967,No. 21 |
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2006,No. 12 |
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Registration of Deeds and Title Acts 1964 and 2006 |
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1964,No. 16 |
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2005, No. 10 |
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2005,No. 26 |
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1999,No. 31 |
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1947,No. 44 |
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Tax Acts |
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1997,No. 39 |
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1996,No. 6 |
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Unfair Dismissals Acts 1977 to 2005 |
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1972, No. 22 |
Number 34 of 2009
NATIONAL ASSET MANAGEMENT AGENCY ACT 2009
REVISED
Updated to 25 May 2018
AN ACT—
TO ADDRESS A SERIOUS THREAT TO THE ECONOMY AND TO THE SYSTEMIC STABILITY OF CREDIT INSTITUTIONS IN THE STATE GENERALLY BY PROVIDING, IN PARTICULAR, FOR THE ESTABLISHMENT OF A BODY TO BE KNOWN AS THE NATIONAL ASSET MANAGEMENT AGENCY FOR THE PURPOSES OF—
(A)THE ACQUISITION BY THAT AGENCY OF CERTAIN ASSETS FROM CERTAIN PERSONS TO BE DESIGNATED BY THE MINISTER FOR FINANCE,
(B) EFFECTING THE EXPEDITIOUS AND EFFICIENT TRANSFER OF THOSE ASSETS TO THAT AGENCY,
(C) THE HOLDING, MANAGING AND REALISING OF THOSE ASSETS BY THAT AGENCY (INCLUDING THE COLLECTION OF INTEREST AND CAPITAL DUE, THE TAKING OR TAKING OVER OF COLLATERAL WHERE NECESSARY AND THE PROVISION OF FUNDS WHERE APPROPRIATE),
(D) THE TAKING BY THAT AGENCY OF ALL STEPS NECESSARY OR EXPEDIENT TO PROTECT, ENHANCE AND BETTER REALISE THE VALUE OF ASSETS TRANSFERRED TO IT,
(E) THE PERFORMANCE BY THAT AGENCY OF SUCH OTHER FUNCTIONS, RELATED TO THE MANAGEMENT OR REALISATION OF THOSE ASSETS, AS PROVIDED IN THIS ACT OR AS DIRECTED BY THE MINISTER, AND
(F) THE FACILITATION OF RESTRUCTURING OF CREDIT INSTITUTIONS OF SYSTEMIC IMPORTANCE TO THE ECONOMY, AND
TO PROVIDE FOR THE VALUATION OF THE ASSETS CONCERNED AND THE REVIEW OF ANY SUCH VALUATION,
TO GIVE THE NATIONAL ASSET MANAGEMENT AGENCY CERTAIN POWERS AND OTHER FUNCTIONS IN RESPECT OF LAND OR AN INTEREST IN LAND ACQUIRED BY THAT AGENCY, INCLUDING POWERS RELATING TO THE DEVELOPMENT OF LAND,
TO PROVIDE FOR THE ISSUING OF DEBT SECURITIES BY THE MINISTER FOR FINANCE AND BY THAT AGENCY IN THE PERFORMANCE OF ITS FUNCTIONS UNDER THIS ACT,
TO PROVIDE FOR CERTAIN LEGAL PROCEEDINGS RELATING TO ASSETS ACQUIRED BY THAT AGENCY, TO AMEND THE CENTRAL BANK ACT 1942, AND TO PROVIDE FOR RELATED MATTERS.
[22nd November, 2009]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Annotations
Modifications (not altering text):
C1
Application of collectively cited Central Bank Acts 1942 to 2014 restricted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).
Effect of special management.
119. ...
(2) The special management of the institution under resolution has effect notwithstanding anything in—
(a) the Act of 1989, the Act of 2014 or the Central Bank Acts 1942 to 2014,
(b) any other rule of law or equity,
(c) any code of practice made under an enactment,
(d) the listing rules of any regulated market or the rules of any other market on which the shares of an institution or entity may be traded from time to time,
(e) the constitution of the institution under resolution, or
(f) any agreement to which that institution under resolution is bound or has an interest in, except to any extent to which the resolution order expressly provides otherwise.
C2
References in collectively cited Central Bank Acts 1942 to 2011 to the winding-up of an authorised credit institution or a body that was formerly an authorised credit institution construed (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 90, S.I. No. 548 of 2011.
Application of this Part to bodies incorporated outside State.
90.— (1) In the case of the winding-up of an authorised credit institution, or a body that was formerly an authorised credit institution, that is a company incorporated outside the State, references in the Central Bank Acts 1942 to 2011 to—
(a) the winding-up of an authorised credit institution or a body that was formerly an authorised credit institution, or
(b) any provision of the Companies Acts which relates to winding-up,
shall be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned if the context so admits and the circumstances so require.
(2) For the purposes of a winding-up referred to in subsection (1), the Court may order that the Central Bank Acts 1942 to 2011 apply, if necessary, with such modifications as the Court orders.
C3
Application of collectively cited Central Bank Acts 1942 to 2011 affected (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 69(6), S.I. No. 548 of 2011.
Effect of appointment of special manager.
69.— ...
(6) A special management order has effect notwithstanding anything in—
(a) the Companies Acts, the Building Societies Act 1989, the Credit Union Act 1997 or the Central Bank Acts 1942 to 2011,
...
except to any extent to which the special management order expressly provides otherwise.
C4
Application of collectively cited Central Bank Acts 1942 to 2010 restricted by Central Bank Act 1942 (22/1942), ss. 6(1A) and 6(1B), as inserted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 part 1 item 23, S.I. No. 469 of 2010.
Bank to perform functions of European System of Central Banks.
6.— ...
(1A) Nothing in the Central Bank Acts 1942 to 2010 affects the independence of the Bank, the Governor and the Commission required by the Rome Treaty and the ESCB Statute.
(1B) Without limiting the generality of subsection (1A), nothing in the Central Bank Acts 1942 to 2010 authorises any person or authority to give any direction to, or require any action (including the provision of information) by, the Bank, the Governor or the Commission if compliance by the Bank, the Governor or the Commission (as the case may be) with the direction or requirement would be inconsistent with the Rome Treaty or the ESCB Statute.
Annotations:
Editorial Notes:
E1
Collectively cited Central Bank Acts 1942 to 2012 included in definition of “financial services legislation” for purposes of Central Bank Reform Act 2010 (23/2010) by Central Bank Reform Act 2010 (23/2010), s. 3, as amended (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 69(a), S.I. No. 557 of 2012.
E2
Certain classes of bank assets prescribed as classes of eligible bank assets for purposes of Act (23.12.2009) by National Asset Management Agency (Designation of Eligible Bank Assets) Regulations 2009 (S.I. No. 568 of 2009).