8.— The Minister shall by order appoint a day as the establishment day for the purposes of this Act.

9.— (1) There is established, on the establishment day, a body to be known as the National Asset Management Agency (in this Act referred to as “NAMA”), to perform the functions assigned to it by this Act.

(2) NAMA shall be a body corporate with perpetual succession. NAMA has power to sue and be sued in its corporate name and to acquire, hold and dispose of land or an interest in land, and to acquire, hold and dispose of any other property.

(3) Except where otherwise provided by this Act, NAMA is independent in the performance of its functions under this Act.

10.— (1) NAMA’s purposes shall be to contribute to the achievement of the purposes specified in section 2 by—

(a) the acquisition from participating institutions of such eligible bank assets as is appropriate,

(b) dealing expeditiously with the assets acquired by it, and

(c) protecting or otherwise enhancing the value of those assets, in the interests of the State.

(2) So far as possible, NAMA shall, expeditiously and consistently with the achievement of the purposes specified in subsection (1), obtain the best achievable financial return for the State having regard to—

(a) the cost to the Exchequer of acquiring bank assets and dealing with acquired bank assets,

(b) NAMA’s cost of capital and other costs, and

(c) any other factor which NAMA considers relevant to the achievement of its purposes.

11.— (1) In order to achieve its purposes, NAMA shall perform the following functions:

(a) acquire, in accordance with Part 6 , such eligible bank assets from participating institutions as it considers necessary or desirable for achieving its purposes;

(b) hold, manage and realise acquired bank assets (including the collection of interest, principal and capital due, the taking or taking over of collateral where necessary and the provision of funds where appropriate);

(c) perform such other functions, related to the management or realisation of acquired bank assets, as the Minister directs pursuant to section 14;

(d) take all steps necessary or expedient to protect, enhance or realise the value of acquired bank assets, including—

(i) the disposal of loans or portfolios of loans in the market for the best achievable price,

(ii) the securitisation or refinancing of portfolios of loans, and

(iii) holding, refinancing, realising and disposing of any relevant security.

F8[(1A) NAMA has such other functions as are conferred on it by or under the Irish Bank Resolution Corporation Act 2013.]

(2) In the exercise of its functions NAMA shall have regard to the need to avoid undue concentrations or distortions in the market for development land.

(3) The Minister may confer on NAMA, by order, such additional functions connected with the functions for the time being of NAMA as he or she thinks necessary for the achievement of its purposes, subject to such conditions (if any) as may be specified in the order.

(4) An order under this section may contain such incidental, supplemental and consequential provisions as are, in the opinion of the Minister, necessary to give full effect to the order.

(5) An order under subsection (3) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(6) NAMA shall act in a transparent manner in carrying out its functions under this Act to the extent that to do so is consistent with the proper and efficient and effective discharge of those functions.

12.— (1) NAMA has all powers necessary or expedient for, or incidental to, the achievement of its purposes and performance of its functions.

(2) Without prejudice to the generality of subsection (1), NAMA may—

(a) provide equity capital and credit facilities on such terms and conditions as NAMA thinks fit,

(b) borrow on any terms and conditions that NAMA thinks fit,

(c) secure the payment of money in any manner, including on the assets of NAMA or on any particular property and rights, present or future, of NAMA,

(d) initiate or participate in any enforcement, restructuring, reorganisation, scheme of arrangement or other compromise,

(e) enter into contract options and other derivative financial instruments (including instruments expressed in currencies other than the currency of the State), whose purposes include—

(i) eliminating or reducing the risk of loss arising from changes in interest rates, currency exchange rates or other factors of a similar nature, or

(ii) eliminating or reducing the costs of raising funds or borrowing or the cost of other transactions carried out in the ordinary course of business,

(f) guarantee, with or without security, the indebtedness and performance of obligations of others (whether or not NAMA receives any consideration for, or direct or indirect advantage from, the giving of the guarantee),

(g) draw, accept and negotiate negotiable instruments,

(h) distribute assets in specie to the Minister,

(i) accept any security, guarantee, indemnity or surety,

(j) enter into contracts of insurance, and insure and self-insure, in relation to any of its activities and property,

(k) enforce any security, guarantee or indemnity,

(l) compromise any claim,

(m) open and maintain bank accounts, including accounts in currencies other than the currency of the State, and carry out necessary banking transactions,

(n) form a NAMA group entity for the purpose of performing any of its functions,

(o) give security for any debt, obligation or liability of a NAMA group entity,

(p) enter into a partnership or joint venture for the purpose of performing any of its functions,

(q) establish a trust or participate in a trust as trustee or beneficiary,

(r) borrow, lend or transfer debt securities, including, (but not limited to) equity and debt instruments,

(s) acquire and dispose of property,

(t) purchase, by agreement, bank assets that are not eligible bank assets where in NAMA’s opinion it is necessary to do so in the interests of the proper performance of its functions,

(u) invest its funds as the Board determines,

(v) vest property in any other person on behalf of, or for the benefit of, NAMA with or without declaring a trust in NAMA’s favour,

(w) sell or dispose of the whole or any part of the property or investments of NAMA, either together or in portions, for such consideration and on such terms as the Board thinks fit,

(x) discharge any debt, obligation or liability,

(y) purchase, hold and sell any licence,

(z) make any planning application in relation to land, and intervene in any planning application made by another person,

(aa) make any application to develop minerals on land,

(ab) undertake development for the purpose of realising the full value of any asset,

(ac) carry on any business that NAMA considers can be conveniently carried on in connection with any of its functions or is calculated directly or indirectly to enhance the value of or facilitate the realisation of or render profitable any of NAMA’s property or rights,

(ad) benefit from any carbon credits acquired by it, and

(ae) do all such other things as the Board considers incidental to, or conducive to the achievement of, any of NAMA’s purposes under this Act.

(3) A reference in another provision of this Act to a power or the exercise of a power conferred by this section does not limit by implication the operation of this section unless the contrary intention is expressed.

(4) NAMA may exercise any of its powers or carry out any of its functions—

(a) within, or anywhere outside, the State,

(b) alone or in conjunction with others, and

(c) by or through an agent, NAMA group entity, contractor, factor, or trustee.

(5) NAMA may use its seal outside the State.

(6) NAMA may exercise any of its powers for the benefit of a NAMA group entity.

(7) Nothing in this Act authorises NAMA, when exercising any of its powers or carrying out any of its functions in any place, to act otherwise than in compliance with the law of that place.

(8) In exercise of its powers under paragraphs (s), (z), (ab) and (ac) of subsection (2), NAMA shall have regard to proper planning and sustainable development as expressed in Government policy and in any relevant F9[regional spatial and economic strategy (within the meaning of the Planning and Development Act 2000, including any regional planning guidelines to which section 21(4) of that Act relates)] and development plans (within the meaning of that Act).

13.— (1) The Minister may issue guidelines in writing to NAMA for the purposes of this Act and, in so far as any such guidelines relate to issues within the Governor’s remit, the Minister shall consult with the Governor before doing so.

(2) In particular, and without prejudice to the generality of subsection (1), the Minister may issue guidelines in relation to the purposes mentioned in subparagraph (viii) of section 2 (b).

(3) In performing its functions under this Act, NAMA shall have regard to any guidelines issued by the Minister under this section.

(4) As soon as practicable after issuing guidelines, the Minister—

(a) shall cause the guidelines to be published in Iris Oifigiúil, and

(b) shall lay a copy of the guidelines before each House of the Oireachtas.

14.— (1) The Minister may give a direction in writing to NAMA concerning the achievement of the purposes of this Act.

(2) In particular, and without prejudice to the generality of subsection (1), the Minister may give directions in relation to the purposes mentioned in subparagraph (viii) of section 2 (b).

(3) NAMA shall comply with a direction given by the Minister under this section.

(4) As soon as practicable after giving a direction to NAMA, the Minister—

(a) shall cause the direction to be published in Iris Oifigiúil, and

(b) shall lay a copy of the direction before each House of the Oireachtas.

15.— (1) When discharging a function under this Act, none of the persons mentioned in subsection (2) shall be taken, only because of discharging that function, to be a shadow director (within the meaning given by section 27(1) of the Companies Act 1990) nor a de facto director nor a person discharging managerial responsibilities of—

(a) any participating institution,

(b) any person that is a debtor, guarantor or surety in relation to an acquired bank asset, or

(c) a person that is an associated debtor of a debtor referred to in paragraph (b).

(2) The persons are—

(a) the Minister,

(b) NAMA,

(c) any appointed member of the Board,

(d) the Chief Executive Officer of NAMA,

(e) an officer of NAMA,

(f) the NTMA,

(g) any employee of the NTMA,

(h) the Chief Executive of the NTMA,

(i) the Governor,

(j) a F10[member of the Commission] of the Central Bank,

(k) an employee of the Central Bank,

(l) F11[…]

(m) a NAMA group entity,

(n) a director of a NAMA group entity, and

(o) an officer of, a consultant or adviser to, or a person employed by or under or acting on behalf of, any person, body or authority mentioned in paragraphs (a) to (n).

(3) For the purposes of this section, a de facto director is a person who is determined to have been a director of a company although not formally or validly appointed to the position.

16.— (1) To avoid doubt, the provisions of the Prevention of Corruption Acts 1889 to 2001 apply to—

(a) every officer of NAMA,

(b) the Chief Executive Officer,

(c) the other members of the Board, and

(d) every director of a NAMA group entity.

(2) Where in any proceedings against a person who performs functions for or on or behalf of NAMA, or who performs functions connected to the valuation of eligible bank assets, for an offence under the Public Bodies Corrupt Practices Act 1889 or the Prevention of Corruption Act 1906 it is shown that—

(a) any gift, consideration or advantage has been given to or received by the person, and

(b) the person who gave the gift, consideration or advantage or on whose behalf the gift, consideration or advantage was given was—

(i) a person who is a debtor in relation to an eligible bank asset, or

(ii) an associated debtor of such a person,

the gift or consideration or advantage shall be taken, unless the contrary is proved, to have been given and received corruptly as an inducement to or reward for the person performing or omitting to perform any of those functions.

17.— Without prejudice to any defence otherwise available to, or immunity otherwise enjoyed at law by NAMA, a NAMA group entity or a person specified in section 34 (1), no action for damages shall lie against NAMA, a NAMA group entity or such a person in respect of or arising out of the performance or non-performance in good faith of any of the functions provided for in Parts 4, 5 and 6, or in respect of any decision made in good faith to perform or not to perform any of the functions provided for in Parts 8 and 9.

18.— (1) There shall be a Board of NAMA, whose functions are as follows:

(a) to ensure that the functions of NAMA are performed effectively and efficiently;

(b) to set the strategic objectives and targets of NAMA;

(c) to ensure that appropriate systems and procedures are in place to achieve NAMA’s strategic objectives and targets and to take all reasonable steps available to it to achieve those targets and objectives.

(2) For the purposes of the Board exercising its functions under subsection (1), and without prejudice to any of its powers at law, the Board may provide for the performance of any such function by an officer of NAMA.

(3) In performing its functions, the Board shall act in utmost good faith with care, skill and diligence.

19.— (1) The Board consists of—

(a) 7 members appointed by the Minister (in this Act referred to as “appointed members”), and

(b) the Chief Executive Officer of NAMA and the Chief Executive of the NTMA as ex-officio members.

(2) Subject to subsections (3), (4) and (6), the Minister shall appoint a person to be an appointed member only if, in the opinion of the Minister, the person has expertise and experience at a senior level in one or more of the following:

(a) finance and economics;

(b) law;

(c) social housing and community development;

(d) accountancy and auditing;

(e) public administration;

(f) credit management;

(g) project finance;

(h) construction and land development;

(i) property management and sale;

(j) valuation;

(k) urban and land planning;

(l) banking and investment;

(m) insolvency and restructuring;

(n) risk management.

(3) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit in that House or who is a member of the European Parliament is disqualified from appointment as an appointed member of the Board while he or she is so entitled or is such a member.

(4) A person who is a member of a local authority is disqualified from appointment as a member.

(5) A member of the Board shall, not later than 3 months after appointment, furnish to the Minister a tax clearance certificate.

(6) The Minister shall, so far as is practicable and having regard to relevant experience, ensure an equitable balance between men and women in the composition of the Board.

20.— (1) Subject to subsection (2), the term of office of an appointed member is 5 years.

(2) Of the first appointed members, the Minister shall appoint 2 members for a term of office of 3 years and 3 members for a term of office of 4 years.

(3) Subject to subsection (4), an appointed member whose period of office expires by the passage of time is eligible for re-appointment as such a member.

(4) An appointed member is not eligible to serve for more than 2 consecutive terms of office.

21.— (1) An appointed member shall be paid such remuneration and such allowances in reimbursement of expenses incurred as the Minister from time to time determines.

(2) An appointed member holds office on such terms (other than the payment of remuneration and allowances for expenses incurred) as the Minister determines at the time of the member’s appointment.

22.— (1) An appointed member ceases to be such a member if he or she—

(a) is adjudicated bankrupt,

(b) makes a composition or arrangement with creditors,

(c) is convicted of an indictable offence in relation to a company,

(d) does not furnish a tax clearance certificate as required by section 19 (5),

(e) is convicted of an offence involving fraud or dishonesty, or

(f) is disqualified or restricted from being a director of a company.

(2) If an appointed member—

(a) is nominated as a member of Seanad Éireann,

(b) is elected as a member of either House of the Oireachtas or as a member of the European Parliament,

(c) is regarded, pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy, or

(d) becomes a member of a local authority,

he or she thereupon ceases to be an appointed member.

(3) An appointed member may at any time resign his or her membership by letter addressed to the Minister. The resignation takes effect on the date specified in the letter or when the Minister receives the letter, whichever is the later.

(4) The Minister may remove an appointed member on reasonable notice in writing at any time from membership of the Board (or, if the appointed member concerned is the Chairperson, either from the Board or only from being Chairperson) if—

(a) in the Minister’s opinion, the member—

(i) is not adequately performing his or her functions, whether because of incapacity through illness or injury or otherwise,

(ii) has contravened section 30 or 31 , or

(iii) has committed misconduct specified in the written notice,

(b) in the Minister’s opinion, a material conflict of interest has arisen in relation to the member, or

(c) his or her removal appears to the Minister to be necessary or expedient for the effective performance by NAMA of its functions.

(5) An appointed member of the Board, upon the expiry or other termination of his or her term of office, shall also be taken to have resigned from any directorship of a NAMA group entity.

23.— (1) An ex-officio member of the Board ceases to be a member if he or she—

(a) ceases to be the Chief Executive Officer of NAMA or the Chief Executive of the NTMA, as the case may be,

(b) is adjudicated bankrupt,

(c) makes a composition or arrangement with creditors,

(d) is convicted of an indictable offence in relation to a company,

(e) is convicted of an offence involving fraud or dishonesty, or

(f) is disqualified or restricted from being a director of a company.

(2) If an ex-officio member of the Board—

(a) is nominated as a member of Seanad Éireann,

(b) is elected as a member of either House of the Oireachtas or as a member of the European Parliament,

(c) is regarded, pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997, as having been elected to the European Parliament to fill a vacancy, or

(d) becomes a member of a local authority,

he or she thereupon ceases to be an ex-officio member.

(3) An ex-officio member of the Board, upon the expiry or other termination of his or her term of office, shall also be taken to have resigned from any directorship of a NAMA group entity.

24.— (1) If an appointed member dies, resigns, retires, becomes disqualified or is removed from office, the Minister may appoint a person to fill the vacancy so occasioned. The person so appointed shall be appointed in the same manner as, and for the remainder of the term of office of, the member whose death, resignation, retirement, disqualification or removal occasioned the vacancy.

(2) In the circumstances mentioned in subsection (1), and without prejudicing the Minister’s powers under that subsection, the Minister may appoint a person to act temporarily as a member of the Board. The duration of such an appointment, and the terms under which the person appointed holds office, shall be as the Minister determines at the time of appointment.

(3) Subject to this Act, NAMA may act notwithstanding one or more vacancies among the members of the Board.

25.— (1) The Minister shall nominate one of the appointed members as Chairperson.

(2) The Chairperson holds that office for 5 years or until the end (whether by the passage of time, resignation or removal under section 22) of his or her term of office as an appointed member, whichever is the earlier.

(3) A person may hold the office of Chairperson for 2 terms only, whether or not the terms are consecutive.

(4) The Chairperson may at any time resign that office (with or without also resigning as an appointed member) by letter addressed to the Minister. The resignation takes effect on the date specified in the letter or when the Minister receives the letter, whichever is the later.

(5) If the Chairperson dies, resigns, retires, becomes disqualified or is removed from office, the Minister shall nominate another person to fill the vacancy so occasioned. The person nominated may be an appointed member.

(6) In the circumstances mentioned in subsection (5), and without prejudicing the Minister’s powers under that subsection, the Minister may appoint a person to act temporarily as Chairperson. The duration of such an appointment, and the terms under which the person appointed holds that office, shall be as the Minister determines at the time of appointment.

(7) An appointment pursuant to subsection (5) may be for all or a specified part of the term of office of the person replaced.

(8) If the Minister proposes to nominate a person under subsection (5) who is not already an appointed member, the Minister may—

(a) appoint that person to the Board as an appointed member, even though doing so will cause the number of appointed members specified in section 19 to be exceeded, and

(b) nominate the person as Chairperson.

(9) The Minister may determine that the Chairperson shall be paid additional remuneration or allowances on account of his or her responsibilities as Chairperson.

26.— (1) The Board shall hold such meetings as are necessary for the performance of its functions.

(2) The Board shall hold its first meeting on the establishment day or as soon as is practicable after that day.

(3) The quorum for a meeting of the Board is 5, or, if there is a vacancy in the Board, 4 while the vacancy exists.

(4) A meeting held while there is a vacancy in the Board is validly held notwithstanding the vacancy, so long as there is a quorum.

(5) At a meeting of the Board—

(a) if the Chairperson is present, he or she shall preside over the meeting, and

(b) if the Chairperson is not present or the office of Chairperson is vacant, the appointed members present shall choose one of themselves to preside over the meeting.

(6) At a meeting of the Board each member present has a vote and any question on which a vote is required in order to establish the Board’s view on the matter shall be determined by a majority of votes of members present and voting on the question. In the case of an equal division of votes, the Chairperson or other member presiding over the meeting has an additional casting vote.

(7) Subject to this Act, the Board shall regulate, by standing orders or otherwise, its procedure and business.

27.— (1) In addition to meeting with all participants physically present, the Board may hold or continue a meeting by the use of any means of communication by which all the participants can hear and be heard at the same time. Such a meeting is referred to in this section as an “electronic meeting”.

(2) A member of the Board who participates in an electronic meeting is taken for all purposes to have been present at the meeting.

(3) The Board may establish procedures for electronic meetings (including recording the minutes of such meetings) in its standing orders.

28.— (1) The Board may pass a resolution without a meeting being held if—

(a) all of the members entitled to vote on the resolution are given notice of the resolution, and

(b) a majority of them sign a document containing a statement that they are in favour of the resolution in the document.

(2) A resolution referred to in subsection (1) may be passed by the members or some of them signing separate copies of the document referred to in paragraph (1) (b) if the date and time of each signature is indicated on the document.

(3) A resolution passed in accordance with this section is taken to have been passed at the time when a majority of members entitled to vote on the resolution have signed, or have signed copies of, the document referred to in paragraph (1) (b).

29.— (1) The Board shall, as soon as possible after the establishment day, provide NAMA with a seal.

(2) The seal of NAMA shall be authenticated by the signature of any 2 members of the Board or in any other way that the Board resolves.

(3) Judicial notice shall be taken of the seal of NAMA. A document purporting to be an instrument made by, and sealed with the seal of, NAMA, and purporting to be authenticated in accordance with subsection (2), shall be received in evidence and be taken to be such an instrument unless the contrary is shown.

(4) The Board may, as the Board thinks fit, delegate the authority to enter into a contract or instrument that, if entered into by an individual, would not be required to be under seal.

30.— (1) If a member of the Board has a pecuniary interest or other beneficial interest in, and material to, a matter that falls to be considered by the Board—

(a) he or she shall disclose to the other members of the Board the nature of his or her interest in advance of any consideration of the matter,

(b) he or she shall not influence nor seek to influence a decision to be made in relation to the matter,

(c) he or she shall take no part in any consideration of the matter,

(d) he or she shall absent himself or herself from the meeting or that part of the meeting during which the matter is discussed, and

(e) he or she shall not vote or otherwise act on a decision relating to the matter.

(2) If a member discloses an interest pursuant to subsection (1), the disclosure shall be recorded in the minutes of the meeting of the Board or otherwise duly recorded. The Board may, at its discretion, refer to the disclosure in NAMA’s quarterly report.

(3) If a member of the Board fails to disclose an interest pursuant to subsection (1), and with that member present the Board makes a decision on the matter, a contract entered into by NAMA in consequence of the decision is not, by reason only of that fact, invalid or unenforceable.

(4) If a member of the Board fails to disclose an interest pursuant to subsection (1), and with that member present the Board makes a decision on the matter, the decision is not invalid if the Board subsequently reconsiders the matter without that member present and confirms the decision. If the Board does so, the decision shall be taken to have always been valid.

(5) If at a meeting of the Board a question arises as to whether or not a course of conduct, if pursued by a Board member, would constitute a failure by him or her to comply with subsection (1), the Chairperson or member of the Board presiding over the meeting may determine the question. The Chairperson’s or presiding member’s decision is final. If such a question arises in relation to the Chairperson or person presiding over a meeting, he or she shall retire from the chair and the question shall be determined by majority vote of the remaining Board members. In either case particulars of the determination shall be recorded in the minutes of the meeting.

(6) If the Minister is satisfied that a member of the Board has contravened subsection (1), the Minister may, if he or she thinks fit, remove that member from office.

(7) The Board shall issue guidelines as to what constitutes an interest for the purposes of this section having regard to the definitions in the Ethics in Public Office Act 1995.

31.— (1) As soon as practicable after the establishment day, NAMA shall prepare a Register of Members’ Interests.

(2) By 31 January in each year—

(a) each member of the Board, each officer of NAMA who has been directed by the Board to do so and each director of each NAMA group entity shall give notice to NAMA of all of his or her registrable interests (within the meaning given by the Ethics in Public Office Act 1995), and

(b) NAMA shall ensure that each registrable interest so notified is entered in the Register of Members’ Interests.

(3) Part VI of the Ethics In Public Office Act 1995 applies in relation to a contravention of subsection (2) as that Part does in relation to a contravention of Part IV of that Act.

32.— (1) As soon as practicable after the establishment day, the Board shall establish 4 committees, and shall (subject to subsection (2), in the case of the audit committee) appoint members to them, as follows:

(a) an audit committee;

(b) a credit committee;

(c) a finance committee;

(d) a risk-management committee.

(2) There shall be 6 members of the audit committee. The Minister shall appoint 2 members from among qualified persons who are not members of the Board, and shall determine the terms of their service on the Committee, including removal and resignation. The Board shall appoint the other 4 members from among the members of the Board.

(3) The Board shall not appoint the Chairperson or an ex-officio member of the Board as a member of the audit committee.

(4) The members of the credit committee, the finance committee and the risk-management committee shall be members of the Board or officers of NAMA. At least 2 members of each of those committees shall be members of the Board.

(5) A member of a committee (other than a member of the audit committee appointed by the Minister) established under subsection (1) serves on the committee concerned on such terms (including term of office, removal and resignation) as the Board determines.

(6) The Board shall determine the terms of reference and procedures of each committee established under subsection (1).

(7) With the approval of the Minister, NAMA, from its own resources, may remunerate a member of the audit committee who is not a member of the Board.

(8) The Board may dissolve a committee established under subsection (1). If the Board dissolves such a committee, the Board shall re-establish that committee as soon as practicable.

(9) Sections 27 and 28 apply in relation to a committee established under subsection (1).

(10) Section 30 applies in relation to a member of a committee established under subsection (1) who is not a member of the Board. For the purposes of that application—

(a) references to members of the Board shall be construed as references to members of the committee,

(b) references to the Board shall be construed as references to the committee, and

(c) guidelines made for the purposes of section 30 (7) apply with the modifications set out in paragraphs (a) and (b).

33.— (1) The Board may establish—

(a) such advisory committees as it considers necessary or desirable to advise it in the performance of its functions, and

(b) such other committees and sub-committees as it considers necessary or expedient,

and may appoint members to such a committee as it considers necessary.

(2) A committee established under subsection (1) may include persons who are not members of the Board, but a majority of the members of such a committee shall be members of the Board.

(3) A member of a committee established under subsection (1) shall serve on the committee on such terms (including term of office, removal and resignation) as the Board determines.

(4) The Board shall determine the terms of reference and procedures of a committee established under subsection (1).

(5) With the approval of the Minister, NAMA, from its own resources, may remunerate a member of a committee established under subsection (1) who is not a member of the Board.

(6) Sections 27 and 28 apply in relation to a committee established under subsection (1).

(7) Section 30 applies in relation to a member of a committee established under subsection (1) who is not a member of the Board. For the purposes of that application—

(a) references to members of the Board are to be construed as references to members of the committee,

(b) references to the Board are to be construed as references to the committee, and

(c) guidelines made for the purposes of section 30 (7) apply with the modifications set out in paragraphs (a) and (b).

34.— (1) This section applies to the following persons:

(a) each member of the Board;

(b) each member of a committee established under section 32 or 33 ;

(c) each officer of NAMA;

(d) a director of a NAMA group entity;

(e) a member of the staff of the NTMA.

(2) Where the Board is satisfied that a person to whom this section applies has discharged the functions appropriate to that person in relation to the functions of NAMA in good faith, NAMA shall indemnify that person against all actions or claims however they arise in relation to the discharge by that person of those functions.

(3) The Board shall not be prevented from revoking an indemnity granted to, or recovering any payment made pursuant to such an indemnity from, a person who is subsequently found to have carried out his or her duties in bad faith.

35.— (1) Within 3 months after the establishment day, NAMA shall prepare codes of practice for approval by the Minister in relation to the following matters:

(a) the conduct of officers of NAMA;

(b) servicing standards for acquired bank assets;

(c) risk management, including with regard to debtors;

(d) disposal of bank assets;

(e) the manner in which NAMA is to take account of the commercial interests of credit institutions that are not participating institutions;

(f) any other matter in relation to which the Minister directs NAMA to prepare a code of practice.

(2) A code of practice referred to in subsection (1) (a) shall set out—

(a) what constitutes misconduct in office for the purposes of section 43,

(b) the procedures for the investigation of an officer of NAMA suspected of misconduct, and

(c) the procedures for the suspension of such an officer from his or her duties for misconduct in office.

(3) After a code of practice is approved by the Minister, every person to whom it applies shall have regard to and be guided by that code in the performance of his or her functions and in relation to any other matters to which the code relates.

(4) If in the opinion of the Minister adequate provision has not been made in a code of practice drawn up by NAMA under subsection (1), the Minister may—

(a) direct NAMA to modify the code of practice, or

(b) substitute his or her own code of practice.

(5) NAMA shall publish a code of practice, issued under this section as approved by the Minister, on the NAMA website.

36.— (1) With the modifications set out in subsection (2), the following provisions of this Chapter apply in relation to directors of NAMA group entities:

(a) subsections (1), (2), (3) and (4) of section 22;

(b) section 30.

(2) The modifications referred to in subsection (1) are—

(a) references to an appointed member shall be read as references to the director concerned,

(b) references to the Board of NAMA, or to members of that Board, shall be read as references to the directors of the NAMA group entity concerned, and

(c) the reference to NAMA in section 30 (3) shall be read as a reference to the NAMA group entity concerned.

37.— (1) The Minister, after consultation with the Chief Executive of the NTMA and the Chairperson of NAMA, shall appoint as the first Chief Executive Officer of NAMA a person who is, in the Minister’s opinion, suitably qualified.

(2) A person shall not be appointed under subsection (1) if he or she is disqualified from being appointed to the Board.

(3) Upon appointment as Chief Executive Officer, the person so appointed shall be appointed as a member of the staff of the NTMA if he or she is not already such a member. The term of office, remuneration, allowances and other terms and conditions (including the provision of superannuation benefits) of appointment of the Chief Executive Officer shall be determined in accordance with sections 7(2) and 8 of the National Treasury Management Agency Act 1990.

(4) The Chief Executive Officer is not a civil servant within the meaning of the Civil Service Regulation Act 1956.

38.— (1) The Chief Executive Officer shall manage and control generally the administration and business of NAMA and the staff assigned to it, and shall perform any other functions conferred on him or her by or under this Act or by the Board.

(2) The Chief Executive Officer is responsible to the Board for the performance of his or her functions and the implementation of NAMA’s strategic targets and objectives.

(3) Such of the functions of the Chief Executive Officer as he or she may from time to time specify, with the consent of the Board, may be performed by an officer or officers of NAMA authorised by the Chief Executive Officer for that purpose. A reference in a provision of this Act to the Chief Executive Officer includes any officer so authorised.

(4) The functions of the Chief Executive Officer may be performed during his or her absence or when the position of Chief Executive Officer is vacant by an officer of NAMA designated for that purpose by the Board. A reference in a provision of this Act to the Chief Executive Officer includes any officer so designated.

(5) The Chief Executive Officer is the person who is accountable for the purposes of the Comptroller and Auditor General (Amendment) Act 1993.

39.— The Chief Executive Officer may resign his or her office by letter addressed to the Minister. The resignation takes effect on the date specified in the letter or when the Minister receives the letter, whichever is the later.

40.— (1) The Chief Executive Officer ceases to hold that office if he or she—

(a) is adjudicated bankrupt,

(b) makes a composition or arrangement with creditors,

(c) is convicted of an indictable offence in relation to a company,

(d) is convicted of an offence involving fraud or dishonesty, or

(e) is disqualified or restricted from being a director of a company.

(2) The Minister may remove the Chief Executive Officer from office by reasonable notice in writing if—

(a) in the Minister’s opinion, the Chief Executive Officer—

(i) is not adequately performing his or her functions, whether because of incapacity through illness or injury or otherwise,

(ii) has contravened section 30 or 31 , or

(iii) has committed misconduct specified in the written notice,

(b) in the Minister’s opinion, a material conflict of interest has arisen in relation to the Chief Executive Officer, or

(c) his or her removal appears to the Minister to be necessary or expedient for the effective performance by NAMA of its functions.

(3) If the Chief Executive Officer dies, resigns, retires, becomes disqualified or is removed from office, the Board, after consulting the Minister and the Chief Executive of the NTMA, shall appoint another person to fill the vacancy so occasioned.

(4) An appointment pursuant to subsection (3) may be for all or a specified part of the term of office of the person replaced.

(5) In the circumstances mentioned in subsection (3), and without prejudicing the Board’s powers under that subsection, the Board may appoint a person to perform the duties of the Chief Executive Officer temporarily. The duration of such an appointment, and the terms under which the person appointed holds that office, shall be as the Board determines at the time of appointment.

41.— (1) The NTMA shall provide NAMA with such business and support services and systems as the Board determines, acting upon the recommendation of the Chief Executive Officer of NAMA and after consultation with the Chief Executive of the NTMA, to be necessary or expedient for NAMA to perform its functions under this Act.

(2) Where the NTMA is unable for any reason to provide business and support services or systems referred to in subsection (1), the NTMA, as agent of NAMA, may procure such services or systems as are necessary.

42.— (1) The NTMA shall assign so many of its staff to NAMA as the Board determines, upon the recommendation of the Chief Executive Officer of NAMA, after consultation with the Chief Executive of the NTMA, to be necessary for the performance by NAMA of its functions under this Act.

(2) Before employing or otherwise engaging a person to be assigned to NAMA under subsection (1), the NTMA shall ascertain to its satisfaction that the person—

(a) is of good character and has not been convicted of any offence likely to render him or her unfit or unsuitable to perform the duties that the person is required to undertake or is likely to be required to undertake,

(b) has not been disqualified or restricted from acting as a director under the Companies Acts, and

(c) has no material conflict of interest, whether actual or potential.

(3) Before the NTMA assigns a member of its staff to NAMA under subsection (1), the NTMA shall ensure that he or she provides a statement of his or her interests, assets and liabilities to the Chief Executive Officer of NAMA and the Chief Executive of the NTMA in a form that the NTMA specifies.

(4) NAMA shall reimburse the NTMA for the costs incurred by the NTMA in consequence of its assigning staff to NAMA under this section.

43.— The Chief Executive Officer of NAMA, after consultation with the Chief Executive of the NTMA, may suspend, on such terms and conditions as he or she thinks fit, an officer of NAMA from his or her duties as such an officer if—

(a) the officer has been convicted at any time of—

(i) an offence of theft, fraud or dishonesty, or

(ii) any other offence that the Chief Executive Officer considers likely to render him or her unfit or unsuitable to perform his or her duties,

(b) the officer is restricted or disqualified from acting as a director under the Companies Acts,

(c) the officer—

(i) is not adequately performing his or her functions, whether because of incapacity through illness or injury or otherwise, or

(ii) has committed misconduct in relation to his or her duties as an officer of NAMA,

(d) in the Chief Executive Officer’s opinion, a material conflict of interest in relation to his or her duties as an officer of NAMA has arisen in relation to the officer, or

(e) the officer’s suspension appears to the Chief Executive Officer to be necessary or expedient for the effective performance by NAMA of its functions.

44.— (1) Without prejudice to the powers of NAMA under section 12 or otherwise, NAMA may engage the services of any expert adviser or other service provider where NAMA considers it necessary or expedient to do so in connection with the performance of its functions.

(2) Without prejudice to the generality of subsection (1), NAMA may engage a person (including a credit institution that is not a participating institution) to manage or dispose of acquired bank assets as it thinks fit on such terms and conditions as it thinks fit.

(3) The services that NAMA may engage an expert adviser or service provider to provide include relevant services (within the meaning given by section 128).

(4) In performing its functions under this Act, in particular in relation to the development of land, NAMA may take account of the resources available to it from the National Building Agency or any other appropriate State agency.

45.— In contracts for the provision of services to NAMA by expert advisers and service providers, NAMA shall seek to ensure that each expert adviser or service provider—

(a) operates to the highest standards of honesty and fairness and with due skill, care, prudence and diligence in conducting its business activities under the mandate given to it so as to promote the best interests of NAMA,

(b) effectively employs the resources and procedures that are necessary for the proper performance of such business activities,

(c) makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to NAMA,

(d) complies with any regulatory regime to which it is subject,

(e) permits NAMA to engage auditors to carry out an audit of the books, accounts and other financial statements of the expert adviser or service provider so far as they relate to the services performed for NAMA, and

(f) is obliged to co-operate fully in such audits.

61.— In this Chapter “group”, in relation to a credit institution, means—

(a) the credit institution,

(b) its subsidiaries, if any, and

(c) any entity of which it is a subsidiary.

62.— (1) A credit institution may apply to the Minister, within 60 days (or such longer period that the Minister prescribes by order under this subsection) after the establishment day, for it and its subsidiaries to be designated as participating institutions. A credit institution that applies under this subsection shall include all of its subsidiaries in the application (including those that it has requested be excluded from designation).

(2) An applicant credit institution may include in its application a request to exclude particular subsidiaries from designation, and shall give reasons for any requested exclusion.

(3) An application under subsection (1) shall be in the form that the Minister directs. The Minister may direct that different forms shall be used for that purpose by different credit institutions.

(4) The Minister may direct an applicant credit institution to provide, as part of its application, a certificate, supported by a statutory declaration, in relation to it and all of its subsidiaries collectively, jointly by the chief executive officer and chief financial officer of the applicant credit institution—

(a) that since 30 July 2009, it and each of its subsidiaries has dealt in the way required by section 66 (1) with such of its bank assets as the Minister specifies, or if to any extent it has not done so, the extent to which it has not done so, and

(b) that the information in the application is accurate and complete.

(5) An applicant credit institution that is a subsidiary shall furnish an undertaking by its parent company to provide any information and do anything else required of the parent company or any other member of its group to enable the Minister to consider the application. The Minister is not obliged to consider an application by a subsidiary if no such undertaking is given.

(6) An applicant credit institution shall undertake to obtain all necessary consents, in accordance with any applicable law including the consents of all its subsidiaries (including subsidiaries that it has requested be excluded from designation) and any necessary consent of any other member of its group. The Minister may consider the relevant application whether or not he or she has evidence that any relevant consent has been obtained and is not required to seek evidence of any such consent.

(7) An applicant credit institution may make an application under this section notwithstanding that at the time of the application it has not yet received any or all of the necessary consents.

63.— (1) By making an application under this Chapter the applicant credit institution and all of its subsidiaries shall be taken to undertake, subject to any prohibition in any applicable law, to comply with the provisions of this Act (including this Act as amended from time to time) and of any regulations made under it (including any regulations made designating further classes of bank assets as eligible bank assets), so far as those provisions apply to it as an applicant or participating credit institution. As and from the making of the application they shall be bound to comply with that undertaking.

(2) The service of a notice on, or any communication with, an applicant credit institution is for all purposes effective as service of the notice on, or communication with, every subsidiary of the credit institution.

64.— (1) An applicant credit institution shall provide any information, explanation, books, documents and records that the Minister requires to consider the application, and in particular shall provide any information, explanation, books, documents and records that the Minister considers necessary to enable him or her to make a decision in relation to the matters set out in section 67 (2).

(2) The Minister may direct an applicant credit institution to procure that any of its subsidiaries provides the information, explanation, books, documents and records referred to in subsection (1) in relation to the subsidiary.

(3) The Minister may direct an applicant credit institution that any information provided by the credit institution or any of its subsidiaries 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 credit institution.

(4) An applicant credit institution shall, in a certificate under subsection (3), disclose in utmost good faith all matters and circumstances in relation to the credit institution or any subsidiary that might materially affect, or might reasonably be expected to materially affect, the Minister’s decision in relation to the matters mentioned in subsection (2) of section 67 (except paragraph (b) (iv) of that subsection).

65.— (1) An applicant credit institution and each of its subsidiaries shall be taken to have, and always to have had, as part of its functions and objects, the power and capacity to—

(a) apply for designation as, and become, a participating institution pursuant to this Act,

(b) warrant the truth, accuracy and completeness of the information supplied to NAMA in relation to bank assets, and

(c) indemnify NAMA in relation to—

(i) any breach of such a warranty, or

(ii) any claim or obligation under section 135.

(2) An applicant credit institution and each of its subsidiaries shall be taken to have, and always to have had, as part of its functions and objects, the power and capacity to engage in the following activities in so far as they relate to its designated bank assets:

(a) the provision of credit facilities;

(b) the entering into of joint venture, partnership, co-ownership, shareholder or other similar agreements;

(c) the entering into of contracts (including contracts in a currency other than the currency of the State) whose purpose or one of whose purposes is—

(i) to eliminate or reduce the risk of loss arising from changes in interest rates, currency exchange rates or from other factors of a similar nature, or

(ii) to eliminate or reduce the costs of raising funds or borrowing or the cost of other transactions carried out in the ordinary course of business;

(d) the entering into of contracts to increase the return on an investment (including a credit facility);

and shall be taken to have and always to have had, as part of its functions and objects, the power to engage in any other transaction in so far as it relates to the acquisition of designated bank assets by NAMA.

(3) Nothing in this section limits the liability of an applicant credit institution or subsidiary to any person based on a transaction beyond its powers. However, any claim based on such a transaction—

(a) is enforceable only against the applicant credit institution or subsidiary and not against NAMA or any NAMA group entity, and

(b) gives rise to a remedy in damages only.

66.— (1) An applicant credit institution and each of its subsidiaries shall, until the Minister makes or is taken to have made a decision on the application—

(a) administer, service and deal with all of its eligible bank assets in the same manner as, and with the same level of professional skill, care and diligence as, a prudent lender acting reasonably would so administer, service and deal, and

(b) so act in relation to those bank assets in good faith having regard to the purposes of this Act.

(2) An applicant credit institution and each of its subsidiaries shall not without the prior written approval of NAMA—

(a) deal with any of its eligible bank assets otherwise than in the ordinary course of its business,

(b) deal with any of its eligible bank assets in such a way as to prejudice or impair NAMA’s prospective interests or priorities in relation to such a bank asset,

(c) compromise, release, vary or relinquish any claim or otherwise take or omit to take any action if its doing so could reduce, lessen or impair any security, right, obligation, ranking or priority held or enjoyed, directly or indirectly, in connection with such a bank asset, or

(d) amend or vary any contract relating to such a bank asset unless contractually obliged to do so.

(3) NAMA may issue guidelines or policy statements in relation to the kinds of transactions that it is likely to be prepared to approve under subsection (2).

67.— (1) The Minister, after consultation with the Governor F12[…], may designate an applicant credit institution as a participating institution if the credit institution has applied under section 62 to be so designated.

(2) The Minister shall not designate an applicant credit institution as a participating institution unless he or she is satisfied that—

(a) the applicant credit institution is systemically important to the financial system in the State,

(b) the acquisition of bank assets from the applicant credit institution or its subsidiaries is necessary to achieve the purposes of this Act, having regard to—

(i) support that—

(I) is available to,

(II) has been received by, or

(III) in normal commercial circumstances might reasonably be expected, or might reasonably have been expected, to be or to have been available to,

the applicant credit institution or its subsidiaries from the State, any other Member State or a member of the group of the applicant credit institution,

(ii) the financial situation and stability of the applicant credit institution and its subsidiaries,

(iii) the financial situation and stability of the applicant credit institution’s group in the event that bank assets are not acquired from the applicant credit institution or its subsidiaries, and

(iv) the resources available to NAMA and the Minister,

and

(c) the applicant credit institution has complied with all of its applicable obligations under this Act.

(3) The designation of an applicant credit institution as a participating institution operates to designate as participating institutions all of its subsidiaries except any subsidiary excluded under subsection (6).

(4) Designation (including designation of a subsidiary in accordance with subsection (3)) has effect notwithstanding the absence of any necessary consent to the relevant application. Designation of a subsidiary does not prejudice any rights that the subsidiary may have against the relevant applicant credit institution.

(5) Before deciding whether to designate an applicant credit institution as a participating institution, the Minister, having consulted the F13[Central Bank], may direct that specified due diligence and stress testing of the applicant credit institution or any member of its group be carried out.

(6) If the Minister designates an applicant credit institution as a participating institution, he or she may exclude any subsidiary of the applicant credit institution from designation on any condition that he or she specifies, if he or she is satisfied that the subsidiary should not be designated.

(7) Where the Minister has specified a condition under subsection (6) in relation to the exclusion of a subsidiary of an applicant credit institution, and there is a failure to comply with the condition, the Minister may, by written notice to the applicant credit institution and the subsidiary, designate the subsidiary as a participating institution as at and from the date of the notice or a later date that the Minister specifies in the notice.

(8) If the Minister has not designated a credit institution as a participating institution within 3 months after its application under section 62, the Minister is taken to have refused the application.

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.

69.— (1) The Minister may, after consultation with F15[NAMA and the Governor], and considering the purposes of NAMA and the resources available to the Minister, prescribe, by regulation, classes of bank asset as classes of eligible bank asset.

(2) The classes of bank assets prescribed under subsection (1) may include—

(a) credit facilities issued, created or otherwise provided by a participating institution—

(i) for the purpose, whether direct or indirect and whether in whole or in part, of purchasing, exploiting or developing development land,

(ii) where the security connected with the credit facility is or includes development land,

(iii) where the security connected with the credit facility is or includes an interest in a company engaged in purchasing, exploiting or developing development land,

(iv) where the credit facility is directly or indirectly guaranteed by a company referred to in subparagraph (iii),

(v) directly or indirectly to a debtor who has provided security referred to in subparagraph (ii) or (iii), or

(vi) directly or indirectly to a person who is an associated debtor of a debtor to whom a credit facility described in any of subparagraphs (i) to (iii) has been provided,

(b) credit facilities and classes of credit facilities (other than credit facilities referred to in paragraph (a)) relating to debtors or associated debtors of participating institutions (or classes of debtors or associated debtors of participating institutions) where the total amount of indebtedness in respect of such facilities is such that, in the opinion of the Minister, acquisition by NAMA is necessary for the purposes of this Act,

(c) other rights arising directly or indirectly in connection with a credit facility described in paragraph (a) or (b) including—

(i) a contract to which the participating institution is a party or in which it has an interest,

(ii) a benefit to which the participating institution is entitled, and

(iii) any other asset in which the participating institution has an interest,

(d) bank assets associated with bank assets specified in paragraphs (a) and (b), and

(e) any other class of bank asset of a participating institution the acquisition of which the Minister is of opinion, after consultation with the Commission of the European Communities, is necessary for the purposes of this Act.

(3) In forming an opinion for the purpose of subsection (2) (b), the Minister may take into account—

(a) the total number of credit facilities or classes of credit facilities provided by the participating institution to those debtors and associated debtors or classes of debtors and associated debtors, and

(b) the aggregate indebtedness of debtors and associated debtors or classes of debtors or associated debtors referred to in subsection (2) (b) owed to any other participating institution.

(4) A bank asset that is in a class prescribed under subsection (1) is referred to in this Act as an “eligible bank asset”.

(5) A class of bank asset prescribed under subsection (1) shall be taken not to include a credit facility that entered a participating institution’s balance sheet after 31 December 2008. For the avoidance of doubt, where a credit facility entered a participating institution’s balance sheet on or before 31 December 2008, but security was taken for the credit facility after that date, and the credit facility is otherwise an eligible bank asset, the credit facility is an eligible bank asset.

(6) Notwithstanding subsection (5), a bank asset in a prescribed class is an eligible bank asset if, in the opinion of NAMA, the related credit facility entered a participating institution’s balance sheet on or before that date even if renegotiated or refinanced after that date. For the purposes of determining whether a credit facility entered a participating institution’s balance sheet on or before 31 December 2008, NAMA may take into account the terms of any renegotiation, restructuring or refinancing of a credit facility effected after 31 December 2008.

70.— (1) For the purposes of this Act, a person is an “associated debtor” of a debtor if the person—

(a) is or was at any time directly or indirectly indebted or otherwise obligated to a participating institution under or in connection with a credit facility, and

(b) is or was at any time—

(i) a body corporate that was a subsidiary of, or a related company (within the meaning given by section 140(5) of the Companies Act 1990) to, the debtor,

(ii) a nominee of the debtor, including a person who may or does in fact act at the express or implied direction or instruction of the debtor or another associated debtor of the debtor,

(iii) acting in the capacity of trustee of a declared or undeclared trust the beneficiaries of which include (directly or indirectly)—

(I) the debtor,

(II) a person referred to in subparagraph (ii), or

(III) a body corporate controlled by the debtor or a person referred to in that subparagraph,

(iv) in partnership, within the meaning of the laws of any relevant place, with the debtor, in relation to a bank asset which at the time of the partnership was, or subsequently became, of a class of bank assets prescribed under section 69 (1),

(v) a body corporate of which the debtor is the sole member, or

(vi) a body corporate controlled by the debtor,

or

(c) a member of any other class of person prescribed by the Minister for the purposes of this subsection.

(2) For the purposes of subsection (1)(b)(vi), a body corporate shall be taken to be controlled by a debtor if the debtor is (whether alone or together with any one or more of the persons mentioned in subparagraphs (i) to (v) of subsection (1)(b), and whether directly or indirectly)—

(a) interested in one-quarter or more of the equity share capital of the body, or

(b) entitled to exercise or control the exercise of one-quarter or more of the voting powers at any general meeting of the body.

(3) In subsection (2)—

(a) “equity share capital” has the same meaning as it has in section 155 of the Companies Act 1963, and

(b) the reference to voting power exercised by a debtor includes voting power exercised by a nominee of the debtor or another body corporate which that debtor controls.

(4) Section 54 of the Companies Act 1990 applies for the purpose of determining, for the purposes of subsection (2), whether a person holds an interest in shares.

71.— (1) A participating institution shall, until it has been served with a completion notice or NAMA directs otherwise—

(a) administer, service and deal with all of its eligible bank assets in the same manner as, and with the same level of professional skill, care and diligence as, a prudent lender acting reasonably would so administer, service and deal, and

(b) so act in relation to those bank assets in good faith having regard to the purposes of this Act.

(2) A participating institution shall not without the prior written approval of NAMA—

(a) deal with any of its eligible bank assets otherwise than in the ordinary course of its business,

(b) deal with any of its eligible bank assets in such a way as to prejudice or impair NAMA’s prospective interests or priorities in relation to such a bank asset,

(c) compromise any claim or release, vary, relinquish or otherwise take or omit to take any action if its doing so could reduce, lessen or impair any security, right, obligation, ranking or priority held or enjoyed, directly or indirectly, in connection with such a bank asset, or

(d) amend or vary any contract relating to such a bank asset unless contractually obliged to do so.

(3) NAMA may issue guidelines or policy statements in relation to the kinds of transactions that it is likely to be prepared to approve under subsection (2).

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.

81.— (1) An applicant credit institution or a participating institution shall, if NAMA so requests, produce to NAMA for inspection the credit facility documentation, books and records kept in connection with any eligible bank asset. The applicant credit institution or participating institution shall give NAMA such facilities for inspecting and taking copies of the contents of any such documentation, book or record as NAMA requires.

(2) NAMA may direct an applicant credit institution or a participating institution to procure that any of its subsidiaries—

(a) produces to NAMA for inspection the credit facility documentation, books and records kept in connection with any eligible bank asset, and

(b) gives NAMA such facilities for inspecting and taking copies of the contents of any such documentation, book or record as NAMA requires.

(3) If an applicant credit institution, participating institution or subsidiary is required under subsection (1) or (2)—

(a) to produce documentation or a book or record in connection with a bank asset to NAMA, or

(b) to provide facilities to NAMA to inspect or take copies of the contents of any such documentation, book or record,

and fails to do so, NAMA may apply to the Court, on notice to the credit institution or participating institution for an order directing the credit institution, participating institution or subsidiary to produce the documentation, book or record, or provide the facilities, as the case requires.

(4) The Court may make an order pursuant to the application under subsection (3) if the Court is satisfied that the production of the documentation, book or record, or the provision of the facilities sought is reasonably necessary to enable NAMA to perform any of its functions under this Act. The Court may make any interlocutory order (including a mandatory order) that it considers necessary in the circumstances.

(5) If the Court is satisfied that for reasons of commercial confidentiality a hearing under this section should be conducted otherwise than in public, the Court may so order.

(6) Subject to the privilege against self-incrimination, a document, book or record produced by a person in answer to a request or order under this section is admissible in evidence.

82.— (1) An applicant credit institution or a participating institution shall provide any information and explanations requested by NAMA in relation to the matters referred to in sections 80 and 81 or any other matter relevant to the acquisition of a bank asset, and shall also secure that an officer or staff member of the applicant credit institution or participating institution shall provide an explanation of any such information, documentation, book or record, including an explanation of any apparent omission from the information, documentation, book or record.

(2) NAMA may direct an applicant credit institution or participating institution to procure that any of its subsidiaries provides the information or explanations referred to in subsection (1) in relation to the bank assets of the subsidiary.

(3) If an applicant credit institution or participating institution is required to secure that an officer or staff member of the applicant credit institution, subsidiary or participating institution provides an explanation or information under this section, and fails to do so, NAMA may apply to the Court, on notice to the applicant credit institution or participating institution, for an order directing the applicant credit institution, subsidiary or participating institution to secure the provision of the explanation or information.

(4) The Court may make an order referred to in subsection (3) if the Court is satisfied that the provision of the explanation or information sought is reasonably necessary to enable NAMA to make a decision whether to acquire the bank asset concerned or determine its acquisition value. The Court may make any interlocutory order (including a mandatory order) that it considers necessary in the circumstances.

(5) If the Court is satisfied that for reasons of commercial confidentiality a hearing under this section should be conducted otherwise than in public, the Court may so order.

(6) Subject to the privilege against self-incrimination, information provided by a person in answer to a request or order under this section is admissible in evidence.

83.— (1) If a person who is a debtor, associated debtor, guarantor or surety of a credit facility has been notified that the credit facility is an eligible bank asset, the person shall co-operate and shall, in good faith, promptly furnish to the participating institution such information relating to the eligible bank asset concerned as the participating institution requests for the purposes of its compliance with a requirement or direction under section 80, 81 or 82 .

(2) If a person referred to in subsection (1) fails to comply with a requirement of that subsection, the participating institution concerned may apply to the Court, on notice to the person, for an order directing the person to comply with the requirement in any way specified in the order, and shall notify NAMA that it has done so.

(3) The Court may make an order (including a mandatory order) under subsection (2) if the Court is satisfied that the compliance sought is reasonably necessary to enable the participating institution concerned to comply with the requirement or direction under section 80, 81 or 82 . The Court may make any interlocutory order that it considers necessary in the circumstances.

(4) If the Court is satisfied that for reasons of commercial confidentiality a hearing under this section should be conducted otherwise than in public, the Court may so order.

(5) Subject to the privilege against self-incrimination, a document, book or record produced by a person in answer to a request or order under this section is admissible in evidence.

(6) If a participating institution suffers loss as a result of a debtor, guarantor or surety failing to comply with an obligation under subsection (1), the debtor, guarantor or surety shall be liable in damages to the participating institution.

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.

85.— (1) NAMA shall identify such of the eligible bank assets of a participating institution as NAMA proposes to acquire.

(2) NAMA may, for the purposes of identifying eligible bank assets that it proposes to acquire, consult with the participating institution concerned, but is not obliged to do so. The participating institution shall co-operate expeditiously with NAMA in any such consultation.

(3) If a participating institution has stated in information provided under section 80 that it does not consider a particular bank asset that NAMA proposes to acquire to be an eligible bank asset and that it objects to its acquisition, NAMA may—

(a) agree not to acquire the bank asset, or

(b) continue with the proposed acquisition and refer the matter to the expert reviewer.

(4) If NAMA proposes to continue with a proposed acquisition in accordance with subsection (3) (b), NAMA shall notify the participating institution concerned of that fact as soon as may be.

(5) NAMA shall inform the participating institution of its proposed timetable for the acquisition of the eligible bank assets identified for acquisition. The timetable may specify that identified bank assets will be acquired on different dates.

86.— (1) NAMA may, from time to time, specify the terms and conditions that are to apply generally to the acquisition of eligible bank assets.

(2) The terms and conditions specified under subsection (1) may include the following warranties:

(a) a warranty (which may be subject to any legal reservation approved by NAMA in a particular case) that the security for the relevant bank asset is enforceable;

(b) a warranty that any land that is the security for the bank asset has good and marketable title;

(c) a warranty that the facts in the participating institution’s report in relation to the bank asset are complete and accurate;

(d) a warranty that any certificate provided in relation to the bank asset is accurate and complete;

(e) any other warranty customarily included in transactions for the purchase of bank assets.

(3) In relation to any particular acquisition NAMA may amend or vary the terms and conditions specified under subsection (1) as it thinks fit, but if it does so, it shall set out the amendment or variation in the relevant acquisition schedule.

87.— (1) When NAMA has identified an eligible bank asset of a participating institution that NAMA proposes to acquire, and has determined the acquisition value of that asset, NAMA shall serve on the institution a schedule (referred to in this Act as an “acquisition schedule”).

(2) NAMA may nominate a NAMA group entity as the entity that is to acquire a bank asset identified for acquisition.

(3) An acquisition schedule shall set out for each eligible bank asset to be acquired—

(a) a statement of the eligible bank asset and the interest to be acquired,

(b) a statement of any obligations or liabilities excluded from the acquisition,

(c) the acquisition value,

(d) details of how the acquisition value was calculated,

(e) any obligations, additional to those imposed by this Act, to be imposed on the participating institution after the acquisition that are to take effect after the acquisition,

(f) the date of acquisition, and

(g) if the eligible bank asset is not to be acquired by NAMA itself, the NAMA group entity that will acquire it.

(4) In addition to the matters required by subsection (3), NAMA may set out in an acquisition schedule any other matter (including any terms and conditions) that it considers necessary in the particular case.

(5) For the avoidance of doubt, an acquisition schedule may specify any number of particular eligible bank assets.

(6) For the avoidance of doubt, NAMA may serve more than one acquisition schedule on a participating institution.

(7) The date of acquisition of a designated bank asset shall be at least 28 days after the relevant acquisition schedule is served on the participating institution concerned unless NAMA specifies a shorter period in the acquisition schedule.

88.— A participating institution may apply to NAMA in writing for the correction of an obvious error or omission in an acquisition schedule. An application under this section is not an objection for the purposes of section 80 and section 114.

89.— (1) After service of an acquisition schedule on a participating institution, but before the earliest acquisition date specified in the acquisition schedule, NAMA may—

(a) revoke the acquisition schedule, or

(b) amend the acquisition schedule in relation to the bank asset in any way.

(2) Without prejudice to the generality of subsection (1) (b), NAMA may amend an acquisition schedule in any of the following ways:

(a) to omit or add a bank asset;

(b) to alter the description of such an asset;

(c) to alter the acquisition date of such an asset;

(d) to alter the acquisition value of such an asset;

(e) to alter any of the terms and conditions of the acquisition schedule;

(f) to correct an obvious error or omission.

(3) When NAMA has amended an acquisition schedule (in this subsection called the “original acquisition schedule”), NAMA shall serve an amended acquisition schedule on the participating institution. Where NAMA does so, the amended acquisition schedule has effect in place of the original acquisition schedule.

(4) When NAMA has revoked an acquisition schedule, NAMA shall serve on the participating institution a notice of the revocation. The revoked acquisition schedule is of no effect from the date of that service.

(5) References in this Act to an acquisition schedule include an acquisition schedule that has been amended in accordance with this section.

90.— (1) Subject to subsection (7), the service of an acquisition schedule on a participating institution in accordance with section 87 or 89 operates by virtue of this Act to effect the acquisition of each bank asset specified in the acquisition schedule by NAMA or the specified NAMA group entity, on the date of acquisition specified in the acquisition schedule as the date of acquisition of the bank asset, notwithstanding that the consideration for the acquisition has not been paid.

(2) The acquisition of a bank asset pursuant to subsection (1) is subject to the terms and conditions set out in the acquisition schedule and any general terms and conditions specified by NAMA under section 86 (1) except to any extent that the acquisition schedule excludes or modifies such specified terms and conditions.

(3) Unless otherwise provided in an acquisition schedule, where an eligible bank asset is acquired, every relevant contract is deemed to be assigned to NAMA or the specified NAMA group entity, as the case may be.

(4) In subsection (3) “relevant contract” means a contract—

(a) relating to the bank asset,

(b) to which the participating institution is a party or in which it has an interest, and

(c) the existence of which has been disclosed to NAMA in writing.

(5) Unless otherwise provided in an acquisition schedule, where an eligible bank asset is acquired, NAMA or the specified NAMA group entity, as the case may be, becomes entitled to the benefit of—

(a) any certificate of title, solicitor’s undertaking, warranty, valuation, report, certificate or document issued to the participating institution or upon which the participating institution is entitled to rely in connection with the asset,

(b) an instruction, order, direction, bond, opinion, search, enquiry, declaration, consent, notice, power of attorney, authority or right given to, held by or issued for the benefit of, directly or indirectly, the participating institution in connection with the asset, and

(c) any other benefit arising under or in connection with any insurance or assurance policy or payment direction relating to the asset.

(6) Subject to section 91, subsections (1), (3) and (5) have effect in relation to a bank asset notwithstanding—

(a) any legal (including contractual) or equitable restrictions on the acquisition of the bank asset or any part of it,

(b) any legal or equitable restriction, inability or incapacity relating to or affecting any matter referred to in the acquisition schedule (whether generally or in particular) or any requirement for a consent, notification, authorisation, licence or document to similar effect (by whatever name and however described), in each case,

(c) any insignificant or immaterial error or any obvious error, or

(d) any provision of any enactment to the contrary.

(7) The service of an acquisition schedule on a participating institution in accordance with sections 87 and 89 does not have the effects mentioned in subsections (1), (3) and (5) in relation to a bank asset if—

(a) notwithstanding that the participating institution stated in information provided under section 80 that it did not consider the bank asset to be an eligible bank asset, and that it objected to its aquisition NAMA decided under section 85 (3) to take steps to acquire the bank asset, and

(b) on the acquisition date—

(i) the Minister has not confirmed the inclusion of the bank asset in the acquisition schedule in accordance with section 117, or

(ii) NAMA—

(I) has amended the acquisition schedule to remove the bank asset from the acquisition schedule, or

(II) has revoked the acquisition schedule in accordance with section 89 or 121 .

91.— (1) In this Part—

“foreign bank asset” means a bank asset in which the transfer or assignment of any right, title or interest that NAMA proposes to acquire is governed in whole or in part by the law of a state (including the law of a territorial unit of a state) other than the State;

“foreign law”, in relation to a foreign bank asset or a transaction in relation to a foreign bank asset means the law of a state other than the State.

(2) In this section, where a bank asset is to be acquired by a NAMA group entity, a reference to NAMA in this section (but not in sections 92 and 93 as applied by subsection (10)) shall be construed as a reference to the NAMA group entity.

(3) To the extent that a bank asset proposed to be acquired by NAMA is or includes a foreign bank asset—

(a) if the law governing the transfer or assignment of the foreign bank asset permits the transfer or assignment of that asset, the participating institution shall if NAMA so directs do everything required by law to give effect to the acquisition, or

(b) if the relevant foreign law does not permit the transfer or assignment of the foreign bank asset, the participating institution shall if NAMA so directs do all that the participating institution is permitted to do under that law to assign to NAMA the greatest interest possible in the foreign bank asset.

(4) A participating institution, to the extent that a foreign bank asset is one to which subsection (3) (b) applies—

(a) is subject to duties, obligations and liabilities as nearly as possible corresponding to those of a trustee in relation to that bank asset, and

(b) shall hold the bank asset for the benefit and to the direction of NAMA,

in each case subject to the nature of, and the terms and conditions of the acquisition of, the foreign bank asset.

(5) Subsection (3) applies in so far as the service of an acquisition schedule would not, of itself, as a matter of foreign law, operate to give effect to the acquisition of a foreign bank asset or otherwise effect or achieve the result referred to in that subsection in relation to such a bank asset.

(6) Without prejudice to subsection (4), a participating institution shall, immediately upon being so directed by NAMA to do so, execute and deliver to NAMA any contract, document, agreements, deed or other instrument that NAMA considers necessary or desirable to ensure that there is effected a binding acquisition by NAMA or the NAMA group entity concerned, under the applicable law, of the interest specified in the relevant acquisition schedule. NAMA may issue more than one direction under this subsection in connection with a foreign bank asset.

(7) A trust, duty, obligation or liability created or constituted by this section shall not be taken to constitute a security.

(8) A participating institution shall comply with any direction of NAMA in relation to any duty, obligation or liability under this section.

(9) A participating institution shall obtain, make, maintain and comply with any authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration that is necessary in the State and in any other place in connection with ensuring the legality and enforceability of any act, matter or thing referred to in this section.

(10) Sections 92 and 93 apply with any necessary modifications in relation to a foreign bank asset.

92.— (1) As soon as may be after the service on a participating institution of an acquisition schedule (or after service of an amended acquisition schedule or a decision under section 117 or 121 to confirm or continue with an acquisition schedule, as the case may be), NAMA shall notify the Minister and the NTMA of the amount payable to the participating institution as the acquisition value of the bank assets to be acquired.

(2) The Minister shall ensure that debt securities to an amount sufficient to allow the payment of the consideration payable under the acquisition schedule (other than any part of the consideration provided by an issue of subordinated debt securities under section 49) are issued.

(3) On the date of acquisition of a bank asset, NAMA or the NAMA group entity that acquired the bank asset shall transfer or issue to the participating institution concerned debt securities, or debt securities and subordinated debt securities, equal to the acquisition value of the bank asset.

(4) Subsections (1), (2) and (3) have effect in relation to a bank asset even if at the relevant time the total portfolio acquisition value is the subject of an objection.

(5) Subject to subsection (6), in the case of the acquisition of a foreign bank asset (within the meaning given by section 91), on the date of acquisition, NAMA or the NAMA group entity concerned shall transfer or issue to the participating institution concerned debt securities, or debt securities and subordinated debt securities, equal in value to the acquisition value of the bank asset.

(6) In the case of the acquisition of a foreign bank asset (within the meaning given by section 91), NAMA or the NAMA group entity concerned may withhold all or part of the acquisition value of a foreign bank asset until satisfied that the participating institution concerned has met its obligations under section 91.

93.— (1) If a participating institution receives from NAMA or a NAMA group entity an amount in exchange for acquired bank assets that is more than is due to the participating institution under this Act, or receives any other amount from NAMA or a NAMA group entity to which it is not entitled, the institution shall repay to NAMA—

(a) in the case of overpayment of an amount due for the acquisition of bank assets, an amount equal to the overpayment and any accrued interest on it within the period that NAMA determines, or

(b) in any other case, an amount equal to the overpayment and any accrued interest on it within the period that NAMA determines.

(2) A certificate issued by NAMA under its seal as to the amount of an overpayment referred to in subsection (1) is admissible as evidence of the amount of that overpayment.

94.— After the service of an acquisition schedule on a participating institution, until the date of acquisition for each bank asset specified in the acquisition schedule, the participating institution—

(a) shall continue to hold and manage each bank asset concerned in accordance with section 71,

(b) shall not make nor permit the making of any change to the bank asset concerned without NAMA’s written consent, and

(c) shall notify NAMA in writing of any change in the bank asset concerned of which the participating institution is aware.

95.— (1) Where NAMA has acquired a bank asset, NAMA may direct the participating institution from which the bank asset was acquired—

(a) to deliver to NAMA all its books and records in relation to the bank asset concerned and any documents of title that it holds for any property that is subject to a security that is part of the bank asset, and

(b) to provide any information or explanation that NAMA requires in relation to those books, records and documents.

(2) A participating institution shall comply with a direction under subsection (1).

(3) Where NAMA directs a participating institution under subsection (1) to deliver to NAMA books, records or documents in relation to a bank asset, the participating institution shall also secure that any officer, employee or agent of the participating institution who is able to do so provides an explanation of any such book, record or document, including an explanation of any apparent omission from such a book, record or document.

(4) If a participating institution is subject to a direction under subsection (1) and does not comply with the direction, NAMA may apply to the Court, on notice to the participating institution, for an order directing the institution to comply with the direction.

(5) The Court may make an order (including a mandatory or interlocutory order) under subsection (4) if the Court is satisfied that the production of the book, record, document or explanation, the provision of the facilities sought is reasonably necessary to enable NAMA to perform any of its functions under this Act.

(6) Where NAMA so directs, a participating institution shall retain custody, on behalf of NAMA, of any book, record, document or document of title referred to in this section subject to the giving of an accountable trust receipt or on other terms that NAMA directs.

96.— (1) Within 60 days after the acquisition of a bank asset from a participating institution, the participating institution shall make reasonable efforts to notify each debtor, associated debtor, guarantor or surety in relation to the credit facility concerned of the acquisition of the bank asset by NAMA or the relevant NAMA group entity.

(2) Where there has been failure or delay in notifying a person in accordance with subsection (1)—

(a) neither NAMA nor the relevant NAMA group entity is liable for any such failure or delay,

(b) the acquisition is valid notwithstanding any such failure or delay, and

(c) no objection may be raised by any debtor, associated debtor, guarantor or surety to NAMA’s or the relevant NAMA group entity’s acquisition of the bank asset concerned based on any such failure or delay.

97.— (1) When NAMA has served on a participating institution one or more acquisition schedules that specify all the bank assets that NAMA has acquired or at the time proposes to acquire from the participating institution, NAMA shall serve on the participating institution a notice in writing of that fact (in this Act referred to as a “completion notice”).

(2) A completion notice shall specify—

(a) all the bank assets (being bank assets that are eligible bank assets at the time of service of the completion notice) that NAMA has acquired or proposes to acquire from the participating institution concerned,

(b) the acquisition value determined by NAMA for each such bank asset, and

(c) the total value for those assets.

(3) NAMA shall not serve any further acquisition schedules on a participating institution after service of a completion notice on the institution unless the Minister prescribes further classes of eligible bank assets.

98.— (1) If a participating institution wishes to dispute an acquisition value, it shall do so solely in accordance with this section and sections 121 and 122.

(2) A participating institution may apply to NAMA in writing for the correction of an obvious error in relation to the value of a bank asset in an acquisition schedule. An application under this subsection is not an objection or dispute for the purposes of sections 121 and 122 .

99.— (1) After NAMA or a NAMA group entity acquires a bank asset, and subject to section 101 and any exclusion of obligations and liabilities from the acquisition set out in the acquisition schedule—

(a) NAMA and the NAMA group entity each have and may exercise all the rights and powers, and subject to this Act is bound by all of the obligations, of the participating institution from which the bank asset was acquired in relation to—

(i) the bank asset,

(ii) the debtor concerned and any guarantor, surety or other person concerned,

(iii) any receiver, liquidator, or examiner concerned, and

(iv) the Official Assignee in Bankruptcy,

and

(b) the participating institution ceases to have those rights and obligations except to any extent to which this Act provides otherwise.

(2) The reference in subsection (1) to the rights, powers or obligations of a participating institution in relation to a bank asset is a reference to the rights, powers or obligations, as the case may be—

(a) derived from the bank asset, and

(b) arising under any law or in equity or by way of contract.

(3) In particular, NAMA and the NAMA group entity may each—

(a) take any action, including court action, that the participating institution could have taken to protect, perfect or enforce any security, right, interest, obligation or liability,

(b) realise any security that the participating institution could have realised,

(c) call up any guarantee that the participating institution could have called up,

(d) participate to the same extent as the participating institution could have participated in any resolution, workout, restructuring, arrangement, reorganisation, scheme or insolvency proceeding in relation to the bank asset, and

(e) exercise any powers conferred by any document that forms part of the bank asset of reviewing or amending any term or condition of any part of the bank asset.

100.— (1) If a participating institution has a right to set off a claim owing by it to a debtor against a claim owing by the debtor to it in relation to a bank asset, and NAMA or a NAMA group entity acquires the bank asset, the right is taken to continue in existence as between the participating institution and the debtor as if the bank asset had not been acquired and—

(a) the participating institution shall inform NAMA in writing of the existence of the right,

(b) if NAMA so directs—

(i) the claims shall be set off as if they were mutual claims when and to the extent that the right of set-off would have become exercisable or would have arisen if there had been no acquisition, and

(ii) the claims shall be taken to have been discharged to the extent of that set-off,

and

(c) if the claims are so discharged, the participating institution shall, as soon as may be, pay an amount equal to the amount of the set-off to NAMA or the NAMA group entity concerned.

(2) If a debtor exercises, or is taken to have exercised, a set-off of a claim made by a participating institution against an acquired bank asset, the participating institution shall, as soon as may be, pay an amount equal to the amount of the set-off to NAMA or to the NAMA group entity concerned.

(3) In this section—

(a) a reference to a right of set-off includes a right of combination of accounts and any similar right, and

(b) a reference to a claim includes a direct or contingent obligation.

(4) Upon and following the acquisition of a bank asset from a participating institution by NAMA or a NAMA group entity, for the purposes only of the set-off pursuant to subsection (1) the claims shall be taken to be mutual for the purposes of paragraph 17(1) of the First Schedule to the Bankruptcy Act 1988.

101.— (1) If in relation to a bank asset that NAMA or a NAMA group entity has acquired—

(a) it is alleged that a representation was made to, a consent was given to, an undertaking was given to, or any other obligation was undertaken (by agreement or otherwise) in favour of, the debtor or another person by the participating institution from which the bank asset was acquired or by some person acting or claiming to act on its behalf,

(b) no such representation, consent, undertaking or obligation was disclosed to NAMA in writing, before the service on the participating institution of the relevant acquisition schedule,

(c) the records of the participating institution do not contain a note or memorandum in writing of the terms of any such representation, consent, undertaking or obligation or do not contain a record of any consideration paid in relation to any such representation, undertaking or obligation, and

(d) the representation, consent, undertaking or obligation, if made, given or undertaken, would affect the creditor’s rights in relation to the bank asset,

then that representation, consent, undertaking or obligation—

(i) is not enforceable, and cannot be relied on, by the debtor or any other person against NAMA or the NAMA group entity,

(ii) is enforceable, and can be relied on, by the debtor or any other person, if at all, only against a person other than NAMA or a NAMA group entity, and

(iii) is not enforceable, and cannot be relied on, by NAMA or the NAMA group entity against the debtor.

(2) A claim based on a representation, consent, undertaking or obligation referred to in subsection (1) gives rise only to a remedy in damages or other relief that does not in any way affect the bank asset, its acquisition, or the interest of NAMA or the NAMA group entity or (for the avoidance of doubt) any property the subject of any security that is part of such a bank asset.

(3) The Court shall not make an order under section 182 in relation to a claim to enforce a representation, undertaking or obligation referred to in subsection (1).

102.— (1) Subject to the provisions of this Act, after a bank asset is acquired by NAMA or a NAMA group entity, the terms and conditions of the bank asset are unchanged.

(2) Where the documentation for a credit facility forming part of a bank asset that has been acquired by NAMA or a NAMA group entity refers to a reference rate of interest that is set by the participating institution concerned but is no longer available, the documentation shall continue to be construed as though it referred to—

(a) that participating institution’s reference rate for credit facilities of that type, or

(b) at NAMA’s discretion, another reference rate specified by NAMA.

(3) Where by reason of the acquisition by NAMA or a NAMA group entity of a bank asset, compliance with, or the operation of, a term or condition of the bank asset is no longer, in the opinion of NAMA, reasonably practicable, NAMA may, by notice in writing, change that term or condition. The new term or condition shall be as nearly as possible equivalent to the original term or condition.

(4) For the avoidance of doubt, the acquisition by NAMA or a NAMA group entity of a bank asset under this Act does not affect any relief or remedy to which the participating institution would otherwise be entitled.

103.— No cause of action lies or is maintainable against NAMA or any NAMA group entity by reason solely of the acquisition of a bank asset by NAMA or a NAMA group entity.

104.— If within one year after NAMA or a NAMA group entity acquires a bank asset, the participating institution from which the bank asset was acquired is notified or becomes aware of any significant dealing, event or circumstance or significant proposed or potential dealing, event or circumstance in relation to the bank asset that would adversely affect the bank asset or the rights (including priority), obligations or liabilities of NAMA or the NAMA group entity in relation to it, the participating institution shall notify NAMA of the dealing, event or circumstance without delay.

105.— (1) Nothing in this Act renders NAMA or a NAMA group entity liable for any breach of contract, misrepresentation, breach of duty, breach of trust or other legal or equitable wrong committed by a participating institution.

(2) No legal proceedings shall be brought against NAMA or a NAMA group entity in relation to any legal or equitable wrong referred to in subsection (1).

(3) Nothing in this Act deprives any person of a remedy in damages against a participating institution in relation to a legal or equitable wrong referred to in subsection (1).

106.— Nothing in this Act relieves NAMA or a NAMA group entity of any obligation, at law or in equity, except to any extent to which this Act specifically provides otherwise.

107.— (1) Where a bank asset has been acquired by NAMA or a NAMA group entity—

(a) notwithstanding anything in any Act listed in subsection (2) or any other Act that provides for the registration of assets, security or details of them, NAMA or the NAMA group entity is not required to become registered as owner of any security that is part of the bank asset,

(b) notwithstanding sections 62 and 64 of the Registration of Title Act 1964, NAMA or the NAMA group entity has, in relation to any such charge, the powers of a mortgagee under a mortgage by deed, even though NAMA or the NAMA group entity is not registered as owner of any such charge,

(c) NAMA or the NAMA group entity has the powers and rights conferred on the registered owner of a charge by the Registration of Title Act 1964.

(2) The Acts referred to subsection (1) (a) are the following:

(a) the Bills of Sale (Ireland) Acts 1879 and 1883;

(b) the Industrial and Commercial Property (Protection) Act 1927;

(c) the Companies Act 1963;

(d) the Registration of Deeds and Title Acts 1964 and 2006;

(e) the Agricultural Credit Act 1978;

(f) the Patents Act 1992;

(g) the Trade Marks Act 1996;

(h) the Taxes Consolidation Act 1997.

(3) For the purposes of an Act referred to in subsection (1) (a), an acquisition schedule has effect in relation to a bank asset as a deed registered on the date of acquisition of the bank asset concerned.

(4) For the purposes of an Act referred to in subsection (1) (a), the registration in relation to an acquired bank asset of a participating institution has effect for all purposes as a registration of NAMA or the NAMA group entity concerned.

(5) Nothing in this section prevents NAMA or a NAMA group entity from registering any interest capable of registration.

(6) Nothing in this section has the effect of relieving NAMA or a NAMA group entity from any obligation under a relevant foreign law.

(7) Sections 23 and 25 of the Registration of Title Act 1964 do not apply to NAMA or a NAMA group entity.

(8) Where a NAMA group entity acquires a bank asset from NAMA or another NAMA group entity, the provisions of this section also apply to the first-mentioned NAMA group entity.

108.— (1) NAMA or a NAMA group entity may certify under its seal or common seal, as the case requires, that NAMA or the NAMA group entity holds a bank asset specified in the certificate.

(2) A document purporting to be a certificate issued in accordance with subsection (1)—

(a) shall be taken to be such a certificate, and to have been certified under the seal of NAMA or the NAMA group entity, as the case may be, unless the contrary is proved, and

(b) is conclusive as to the matters set out in it.

109.— (1) This section applies, without prejudice to any other provision of this Act or any right arising at law, to a bank asset that NAMA or a NAMA group entity has acquired, the terms and conditions of which entitle the participating institution from which NAMA or the NAMA group entity acquired it to give directions to a third party that holds an interest in the bank asset on behalf of others.

(2) In relation to a bank asset to which or in relation to which this section applies—

(a) NAMA or a NAMA group entity may give directions to the third party concerned to realise any security, enforce any guarantee or surety or do any other act or thing in relation to the bank asset, or

(b) if the third party is not incorporated in the State, but is a subsidiary of an entity that is incorporated in the State, NAMA or a NAMA group entity may direct the entity concerned to secure compliance by the subsidiary with a direction to do any of the things mentioned in paragraph (a).

(3) Where a direction is given under subsection (2) (a), then the third party shall be under an equivalent obligation to comply with the direction as if the direction had been given by the participating institution from which the bank asset concerned was acquired.

(4) Where a direction is given under subsection (2) (b), then the entity shall be under an obligation to secure the compliance of the subsidiary but only to the extent that the subsidiary would be bound to comply with a direction given under paragraph (a) of subsection (2) if the subsidiary were incorporated in the State.

110.— (1) In this section “relevant instrument” means an agreement, licence, document, security, obligation or other instrument (other than the Credit Institutions (Financial Support) Scheme 2008 (S.I. No. 411 of 2008)) (or an instrument entered into under that Scheme) to which any of the following is a party or by which any of the following is bound or in which any of the following has an interest:

(a) a participating institution;

(b) a subsidiary of such an institution;

(c) any body corporate in which a participating institution or any of its subsidiaries has any interest.

(2) Any provision in a relevant instrument that would (apart from this subsection) cause any of the consequences specified in subsection (3) to follow by virtue of—

(a) the enactment of this Act,

(b) any entity becoming a participating institution,

(c) the provision of any information to NAMA by an applicant credit institution or a participating institution pursuant to this Act,

(d) the acquisition of a bank asset by NAMA or a NAMA group entity under this Act,

(e) any disposition by NAMA or a NAMA group entity of any acquired bank asset, or

(f) any other thing done or authorised to be done under, pursuant to or resulting from any provision of this Act,

is of no effect, without the express consent of NAMA, except to any extent to which the Minister provides otherwise by order under section 111.

(3) The consequences referred to in subsection (2) are the following:

(a) the creation of an obligation;

(b) the suspension or extinction (however described, and whether in whole or in part) of a right or an obligation or the becoming subject to a right or an obligation;

(c) the termination of the relevant instrument concerned or a right or obligation under it;

(d) a right becoming exercisable to terminate or modify the relevant instrument or a right or obligation under it;

(e) an amount becoming due and payable or capable of being declared due and payable;

(f) any other change in the amount or timing of any payment falling to be made or due to be received by any person;

(g) a right becoming exercisable to withhold, net or set off any payment;

(h) the occurrence of an event giving rise to a default or breach of a right or obligation;

(i) a right becoming exercisable not to advance any amount;

(j) an obligation arising to provide or transfer a deposit or collateral;

(k) a right of transfer or assignment of the asset that is stated to be exercisable only once or for a limited number of times;

(l) a right to enforce a guarantee, indemnity or security interest (however described);

(m) the triggering of any mandatory prepayment;

(n) any obligation to return collateral or its equivalent;

(o) the cancellation of any obligation to advance any amount or to provide credit or a contingent instrument;

(p) legal proceedings becoming maintainable to enforce the relevant instrument, to any extent that such proceedings would not have been maintainable had the bank asset not been acquired or had any other thing done or matter arising by virtue of or in connection with this Act not been done or not arisen, as the case may be;

(q) any other right or remedy (whether or not similar in kind to those referred to in paragraphs (a) to (o)) arising or becoming exercisable;

(r) the termination or modification of an obligation to provide a service or product.

(4) In making an order referred to in subsection (2), the Minister shall have regard to—

(a) the consequences specified in subsection (3) so far as they are relevant,

(b) the matters set out in subsection (2), and

(c) the likely impact of the proposed order on any of the matters specified in section 2, and on NAMA’s ability to perform its functions under this Act.

111.— (1) In this section “relevant instrument” has the same meaning as in section 110.

(2) If the Minister is satisfied that in the special circumstances of—

(a) a particular case, or

(b) a particular class of cases,

the effect of section 110 would be unduly onerous or would cause undue unfairness or undue hardship, and that it is appropriate in all the circumstances to do so, he or she may by order provide that, notwithstanding anything in that section, a provision in a relevant instrument that provides for a consequence mentioned or referred to in that section has effect to the extent specified in the order.

(3) An order under subsection (2)—

(a) may make provision in relation to the effect of a provision—

(i) in a particular relevant instrument,

(ii) in relevant instruments of a particular class,

(iii) on rights held under a relevant instrument by—

(I) a particular person, or

(II) a particular class of person,

or

(iv) on rights held under relevant instruments of a particular class by—

(I) a particular person, or

(II) a particular class of person,

(b) in the case of an order that makes provision in relation to relevant instruments of a particular class, may specify the class by reference to any common characteristic of the instruments concerned,

(c) in the case of an order that makes provision in relation to rights held by a particular class of persons, may specify the class by reference to any common characteristic of the persons concerned, and

(d) may be expressed to have retrospective effect to a date falling after 30 July 2009.

(4) If the Minister considers that an order under subsection (2) contains matter that is commercially sensitive, he or she may direct—

(a) that the obligations in relation to the order under section 3(1) of the Statutory Instruments Act 1947 are to be taken to be satisfied by the printing, sending to the institutions mentioned in section 3(1)(a) of that Act, publication and sale of a version of the order from which the commercially sensitive matter is omitted, or

(b) if the preparation of such a version would be impracticable, or would result in the version being seriously misleading, that the order is exempt from the operation of section 3(1) of that Act.

(5) A version of an order prepared in accordance with a direction given by the Minister under subsection (4) (a) shall indicate that matter has been omitted from the version of the order and the general nature of that matter.

(6) A direction given by the Minister under subsection (4) shall be published in Iris Oifigiúil as soon as practicable.

(7) Evidence of a direction given by the Minister under subsection (4) may be given by the production of a copy of Iris Oifigiúil purporting to contain the direction.

112.— (1) The Minister may appoint as the expert reviewer for the purposes of this Chapter a suitably qualified person who, in the Minister’s opinion, has the experience necessary to perform the functions conferred on the expert reviewer under this Chapter.

(2) The terms and conditions of the appointment of the expert reviewer (including remuneration and reimbursement for expenses incurred) shall be as the Minister determines at the time of appointment.

(3) The functions of the expert reviewer are to review the objections referred to him or her under section 85 (3) and to advise the Minister in accordance with section 116.

(4) Without prejudice to subsection (3), the expert reviewer may, if he or she thinks that it is appropriate to do so, conduct the review of all or some of the objections from a participating institution on the basis of a sample of the bank assets that were the subject of objections referred to him or her under section 85 (3) and if he or she does so, the advice to the Minister under section 116 shall be based on that sample and shall be as valid, for all purposes of this Chapter, as if it had been based on a review of each bank asset that was the subject of an objection.

113.— (1) The Minister may make regulations providing for the procedures of the expert reviewer.

(2) Subject to any regulations made by the Minister under subsection (1), the expert reviewer shall determine, in his or her sole discretion, procedures for—

(a) the form and type of submissions to be made to the expert reviewer,

(b) the means by which confidential information will be protected from public disclosure, and

(c) the performance of any of the expert reviewer’s functions.

114.— A participating institution may object to the proposed acquisition of a bank asset only as provided for in section 80.

115.— (1) A participating institution shall provide to the expert reviewer and to NAMA, no later than 7 days after NAMA notifies the participating institution under section 85 (4), all the material on which it bases its objection and any comments it may wish to make regarding the objection.

(2) For the purposes of the expert reviewer’s review of NAMA’s decision to acquire a bank asset, NAMA shall make available to the expert reviewer and the participating institution concerned, no later than 7 days after NAMA refers the objection to the expert reviewer under section 85 (3) (b), all the material that was before NAMA when it made its decision and any comments it may wish to make on the objection.

(3) NAMA and the participating institution shall each be allowed an opportunity to respond to the other’s material and comments, and shall furnish any such responses to the expert reviewer and to the participating institution or NAMA, as the case may be, no later than 4 days after that material and those comments have been made available.

(4) The expert reviewer may request NAMA or a participating institution to provide additional information in relation to a bank asset that NAMA proposes to acquire. NAMA or a participating institution shall comply with any such request without delay.

116.— (1) In forming his or her opinion, the expert reviewer shall take into account the material, comments, responses and any additional information provided by the participating institution and NAMA under section 115.

(2) The expert reviewer shall advise the Minister, no later than 5 days after receiving the material, comments, responses and information under section 115, whether he or she is of the opinion that the bank asset is or is not an eligible bank asset.

(3) The Minister may, if he or she considers that to do so is warranted by exceptional circumstances, specify a longer period within which the expert reviewer is to provide advice under subsection (2).

117.— (1) The Minister shall, in accordance with the advice of the expert reviewer under section 116 in relation to a bank asset, and no later than 5 days after receipt of that advice—

(a) confirm that the bank asset may be acquired by NAMA, or

(b) direct NAMA not to acquire the bank asset on the grounds that it is not an eligible bank asset.

(2) The Minister shall send copies of his or her confirmation or direction under subsection (1) to NAMA and to the participating institution concerned.

118.— (1) The costs of a review under this Chapter are payable as follows:

(a) in a case where the Minister’s decision is one referred to in section 117 (1) (a), the costs of both parties are payable by the participating institution; and

(b) in any other case, neither of the parties pays costs and each of the parties bears its own costs.

(2) If a participating institution withdraws an application for the review under this Chapter, it is liable for the costs incurred up to the time of the withdrawal unless NAMA agrees otherwise.

(3) If NAMA and the participating institution concerned cannot reach agreement on costs, the costs of the review shall be determined by a Taxing Master of the Court. For that purpose, the Taxing Master has all the functions for the time being conferred on him or her under any enactment or in any rules of court (with any necessary modifications) in relation to the taxation of costs to be paid by one party to another in proceedings before the Court.

(4) The Taxing Master may direct that the costs of all reviews under this Chapter in relation to a participating institution shall be dealt with together after the service on the participating institution of a completion notice.

119.— (1) There shall be a valuation panel to adjudicate on disputes referred to it by NAMA under section 122 (3).

(2) The valuation panel shall consist of persons that the Minister appoints to be members of it. The Minister may determine how many members there shall be, but there shall not be more than 12 members.

(3) The Minister shall appoint a person as a member of the valuation panel only if the Minister is of the opinion that the person has relevant expertise or specialist knowledge.

(4) Without prejudice to the generality of subsection (3), a person has relevant expertise or specialist knowledge if he or she is qualified, or has experience at a senior level, in any one or more of the following:

(a) finance and economics;

(b) law;

(c) accountancy and auditing;

(d) public administration;

(e) project finance;

(f) construction and land development;

(g) property management and sale;

(h) valuation;

(i) urban and land planning;

(j) banking and investment;

(k) insolvency and restructuring.

(5) The terms and conditions of appointment (including remuneration and reimbursement of expenses incurred) of a member of the valuation panel shall be as the Minister determines.

120.— (1) The Minister may make regulations providing for the procedure of the valuation panel and any matters relating to the review to be carried out.

(2) Subject to any regulations made by the Minister under subsection (1), the valuation panel shall determine, in its sole discretion, procedures for—

(a) the form and type of submissions to be made to the valuation panel,

(b) the means by which confidential information will be protected from public disclosure, and

(c) the performance of any of the valuation panel’s functions.

(3) Without prejudice to subsection (1), the valuation panel may, if it thinks that it is appropriate to do so, conduct a review of the valuation of an acquired portfolio on the basis of a sample of the bank assets in the acquired portfolio concerned and if it does so, the advice to the Minister under section 124 shall be based on that sample and shall be as valid, for all purposes of this Chapter, as if it had been determined in relation to all the assets in the acquired portfolio.

121.— (1) If, after the service on a participating institution of an acquisition schedule, a participating institution objects to the acquisition value specified in that schedule in relation to a bank asset, the participating institution shall serve on NAMA a notice in writing of its objection invoking the provisions of this Chapter within 14 days after the service on it of the acquisition schedule.

(2) On receipt of a notice under subsection (1), NAMA may—

(a) remove the bank asset concerned from the relevant acquisition schedule,

(b) revoke the acquisition schedule, or

(c) continue with the acquisition in accordance with the acquisition schedule.

(3) NAMA shall notify the participating institution as soon as may be of its decision under subsection (2).

(4) Where NAMA continues with an acquisition in accordance with the acquisition schedule concerned, the participating institution may dispute only the total portfolio acquisition value and may do so only as provided for and in accordance with section 122, and is not otherwise entitled to dispute the valuation of any particular acquired bank asset.

(5) A participating institution is not entitled to challenge any valuation of NAMA including a total portfolio acquisition value, other than in accordance with this Chapter.

122.— (1) If, after service of a completion notice on a participating institution, the participating institution wishes to dispute the total portfolio acquisition value, it shall do so only if—

(a) it is of the opinion that the aggregate market value of the acquired portfolio exceeds the total portfolio acquisition value, and

(b) it has served a notice or notices under section 121 in relation to acquired bank assets comprising at least 12.5 per cent by value of the total portfolio acquisition value.

(2) A participating institution that wishes to dispute the total portfolio acquisition value shall serve on NAMA a notice in writing, in the form (if any) that the Minister prescribes by regulation, no later than 14 days after the service of the relevant completion notice, specifying the reasons for its opinion.

(3) If a participating institution serves notice under subsection (2), NAMA shall refer the dispute to the valuation panel for review.

(4) The service of notice by a participating institution under subsection (2) does not affect the acquisition by NAMA of the bank assets concerned.

123.— (1) A participating institution that has served a notice under section 122 (2) shall provide to the valuation panel and to NAMA, no later than 28 days after service of the relevant completion notice, all the material on which its dispute is based and any comments it wishes to make regarding the disputed total portfolio acquisition value.

(2) For the purposes of the valuation panel’s review, NAMA shall make available to the valuation panel and the participating institution concerned, no later than 28 days after service on it of the relevant notice under section 122 (2), the information on which NAMA based its determination of the market value of bank assets in the acquired portfolio concerned and any comments it wishes to make on the dispute.

(3) NAMA and the participating institution shall each be allowed an opportunity to respond to the other’s material and comments, and shall furnish any such responses, no later than 7 days after that material and those comments have been made available, to the valuation panel and to the participating institution or NAMA, as the case may be.

(4) The valuation panel may request NAMA or a participating institution to provide additional information in relation to the total portfolio acquisition value of the acquired portfolio concerned. NAMA or a participating institution shall comply with any such request without delay.

(5) The valuation panel shall take into account the material, comments, responses and any relevant additional information provided by the participating institution and NAMA.

124.— (1) The function of the valuation panel is to review whether the aggregate market value of an acquired portfolio is correct. In carrying out that review, the test to be applied by the valuation panel is whether the participating institution concerned has established, as a matter of probability, and taking into account the degree of expertise and specialist knowledge possessed by NAMA, and taking the process as a whole, that the determination of the aggregate market value was vitiated by a serious and significant error or a series of such errors.

(2) For the avoidance of doubt, for the purposes of a review under subsection (1), the market value of an acquired bank asset is its market value as at the date or event specified by NAMA under section 73.

(3) The valuation panel shall advise the Minister of its determination, including of the aggregate market value, and the reasons for it.

(4) The panel shall give its advice to the Minister in relation to a dispute under section 122 no later than 90 days after receiving the material, comments, responses and any additional information under section 123, or a longer period specified by the Minister by notice in writing, if he or she considers that to do so is warranted by exceptional circumstances.

125.— (1) The Minister shall consider the advice of the valuation panel under section 124 in relation to the acquired portfolio concerned and shall, no later than 28 days after receipt of that advice—

(a) confirm the aggregate market value of the acquired portfolio as advised by the valuation panel, or

(b) if the valuation panel’s determination of the aggregate market value is greater than the total portfolio acquisition value and he or she considers that the advice of the valuation panel is wrong in a material respect, remit the matter to the valuation panel for reconsideration setting out his or her reasons for doing so.

(2) Where the Minister remits the matter to the valuation panel under subsection (1) (b), subsections (4) and (5) of section 123 and section 124 apply to the reconsideration with any necessary modifications.

(3) The Minister shall send copies of his or her determination under subsection (1) to NAMA and to the participating institution concerned.

(4) Where the Minister confirms that the aggregate market value of the acquired portfolio is greater than the total portfolio acquisition value as determined by NAMA, the Minister shall direct NAMA to compensate the participating institution by, at NAMA’s option, doing either of the following (or both in any combination)—

(a) returning to the participating institution bank assets equal in value to the difference between the total portfolio acquisition value determined by NAMA and the aggregate market value determined by the Minister, or

(b) giving further consideration to the participating institution (in the form of cash, securities or Government-guaranteed securities or in any other form that NAMA considers appropriate) equal to the difference referred to in paragraph (a).

(5) The amount of compensation payable to a participating institution under subsection (4) is to be no greater than the amount by which the total portfolio acquisition value determined by NAMA is less than the aggregate market value of the portfolio as confirmed by the Minister.

(6) The value of a bank asset to be returned under subsection (4) (a) is its acquisition value.

(7) The payment for, or transfer of, bank assets under subsections (4) to (6) is subject to the laws of the European Communities governing State aid.

126.— A participating institution may withdraw a notice served under section 122 at any time before the Minister sends a copy of his or her determination to it under section 125 in relation to the review of the total portfolio acquisition value of the acquired portfolio concerned.

127.— (1) The costs of a review under this Chapter are payable by the participating institution concerned unless the Minister’s determination under section 125 entitles the participating institution to compensation under that section.

(2) If a participating institution withdraws a notice under section 126, it is liable for the costs incurred up to the time of the withdrawal unless NAMA agrees otherwise.

(3) If NAMA and the participating institution concerned cannot reach agreement on costs, the costs of the review shall be determined by a Taxing Master of the Court. For that purpose, the Taxing Master has all the functions for the time being conferred on him or her under any enactment or in any rules of court (with any necessary modifications) in relation to the taxation of costs to be paid by one party to another in proceedings before the Court.

137.— In this Part—

“charged land” means land that is subject to a charge that is part of an acquired bank asset;

“convey” and “conveyance” have the same meanings respectively as in the Land and Conveyancing Law Reform Act 2009, and “con veyed” shall be construed accordingly;

“vesting order” means an order under section 153.

138.— For the purposes of this Chapter, a reference in this Chapter to NAMA shall be construed, in relation to a bank asset that has been acquired by a NAMA group entity, as a reference to either NAMA or the NAMA group entity unless the contrary intention appears.

139.— NAMA may validly transfer, assign, convey, sell on or otherwise dispose of an acquired bank asset to any person notwithstanding—

(a) any restrictions on such a disposal at law or in equity,

(b) any contractual requirement, or any requirement under any enactment, for the consent of, for notice to, or for a document from, any person to such a disposal, or

(c) any provision of any enactment that would otherwise prohibit or restrict such a disposal.

140.— Where an acquired bank asset is secured by a charge (including a charge that is a collateral security), but the charge is a second or subsequent charge, NAMA may redeem or discharge any one (or more) of the prior charges in accordance with its terms.

141.— (1) Where an acquired bank asset is secured by a charge over land (including a charge that is a collateral security), and any one or more of the following paragraphs applies:

(a) the land or any building or structure on it has been abandoned;

(b) the land is or has become overgrown;

(c) the land or any building or structure on it is or has become infested with vermin;

(d) any building or structure on the land has fallen, or there is a serious risk of the building or structure falling, into disrepair;

(e) the land or any building or structure on it is at risk from trespassers or vandalism;

then NAMA may apply to a judge of the District Court for the time being assigned to the District Court district in which any part of the land concerned is situated, on notice to the owner and any occupier of the land, for an order (in this section referred to as an “entry and maintenance order”) authorising it to enter (by force, if the order so provides) upon the land or any building or structure on it for any one or more of the following purposes:

(i) to fence or otherwise secure the boundary of the land;

(ii) to clear the land of overgrown vegetation;

(iii) to clear or treat the land or any building or structure on it in a manner designed to remove vermin;

(iv) to repair or make secure any building or structure on the land.

(2) NAMA shall serve a copy of an application under subsection (1) on every person it knows to have an interest in the relevant land.

(3) The District Court may make an order in accordance with an application under subsection (1) and if it does so shall specify the period, being not greater than 6 months beginning on the date of the order, for which the order shall have effect.

(4) NAMA shall give each owner and, where the relevant land is occupied, each occupier of the relevant land at least 24 hours’ notice of its intention to enter on the land or any building or structure on it under the authority of an entry and maintenance order.

(5) An entry and maintenance order does not authorise forcible entry on the land, building or structure concerned unless the order expressly so provides.

(6) If NAMA enters on land or a building or structure under the authority of an entry and maintenance order, NAMA shall not be taken to be a mortgagee in possession of the land or any building or structure on it.

(7) Any cost, expense or liability that NAMA incurs pursuant to this section—

(a) is a debt due under the bank asset concerned, and

(b) is recoverable from the debtor, associated debtor, guarantor or surety concerned,

and the repayment of any such cost, expense or liability stands secured against the land.

142.— (1) In relation to any land in which NAMA has an interest, whether legal or beneficial, an instrument under seal of NAMA or the common seal of the NAMA group entity concerned that is expressed to convey that interest or any part of that interest in the land concerned to another person shall be taken for all purposes to be a deed of conveyance of the land executed under seal by the owner of the interest in the land concerned.

(2) An instrument referred to in subsection (1) extinguishes the interest of any other chargee or mortgagee in the land concerned other than a charge that has priority to the interest of NAMA concerned and has not been redeemed or discharged under section 140.

(3) Where the interest of a chargee or mortgagee in land is extinguished by the operation of this section the interest attaches to the proceeds of the sale concerned.

(4) Where the interests of more than one chargee or mortgagee are extinguished by the operation of this section the interests so extinguished attach to the proceeds of the sale concerned in the same order of priority as those interests had before the extinguishment.

143.— (1) Subject to subsection (2), a conveyance by NAMA (including a conveyance by way of an instrument referred to in section 142) to a purchaser of a legal estate or legal interest in land overreaches any equitable interest in the land so that the equitable interest ceases to affect that estate or interest, whether or not the purchaser has notice of the equitable interest.

(2) Subsection (1) does not apply to an equitable interest—

(a) to which the conveyance is expressly made subject,

(b) that arises by virtue of an equitable mortgage related to the land concerned,

(c) that, before the conveyance, is registered against the land in the Registry of Deeds or the Land Registry, or

(d) that—

(i) in the case of an interest in registered land, is a burden of a kind referred to in section 72(1)(j) of the Registration of Title Act 1964, or

(ii) in the case of an interest in unregistered land, would take effect as such a burden if the land were registered land.

(3) Where an equitable interest is overreached under this section it attaches to the proceeds arising from the conveyance, and effect shall be given to it accordingly.

(4) NAMA shall discharge any obligations under subsection (3) as soon as is practicable.

(5) For the avoidance of doubt, overreaching in accordance with subsections (1) and (2) has effect in relation to land that is or includes a person’s principal private residence.

(6) In this section “equitable mortgage” means a mortgage created by—

(a) the deposit of documents of title relating to the legal estate or legal interest in the land concerned, or

(b) an undertaking by a solicitor to hold the documents of title relating to the legal estate or legal interest in the land concerned in trust for a credit institution and which undertaking, where applicable, has been registered as a charge under section 99 or 111 of the Companies Act 1963.

144.— An assurance of charged land or a right or interest in charged land before the acquisition by, or vesting in, NAMA of the relevant charge (whether or not the land was charged at the date of the assurance) shall be taken to have created, for the benefit of the charged land, any easement or profit à prendre over any land retained by the grantor of the assurance that it is reasonable to assume, in the circumstances of the case, was within the contemplation of the parties at the date of the assurance as being included in it, or would have been within that contemplation at that time if they had adverted to the matter.

145.— (1) A receiver of the rents and profits of property appointed by NAMA pursuant to its powers as a chargee of the property is not obliged to sell the property at any particular time or at all, but is accountable for all profits and other monetary benefits arising directly from possession of the property.

(2) A receiver appointed to the property of a company by NAMA in its capacity as a creditor of the company is not obliged to sell any property of the company at any particular time or at all, but is accountable for all profits and other monetary benefits arising directly from possession of the property of the company.

146.— The enforcement of a security by NAMA is not subject to the restrictions in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009.

147.— (1) Where any of the following occurs under the terms of an acquired bank asset:

(a) a power of sale becomes exercisable;

(b) a power to appoint a receiver becomes exercisable;

then NAMA may appoint any person, including an officer of NAMA, as a statutory receiver of the property the subject of the bank asset.

(2) NAMA may remove a statutory receiver and may appoint a new statutory receiver in the place of a statutory receiver removed.

(3) The appointment of a statutory receiver is not subject to the restrictions in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009 on the appointment of a receiver.

(4) NAMA may fix the remuneration of a statutory receiver. A maximum rate imposed by law (including that specified in section 24(6) of the Conveyancing Act 1881 or prescribed by regulations under section 108(7) of the Land and Conveyancing Law Reform Act 2009) does not apply.

(5) NAMA’s power to appoint a statutory receiver under this Chapter does not affect any powers to appoint a receiver pursuant to any contractual power in any bank asset acquired by NAMA.

(6) The powers of NAMA under this section are exercisable by NAMA (and only by NAMA) in relation to a bank asset held by a NAMA group entity.

148.— (1) A statutory receiver has the powers, rights and obligations that a receiver has under the Companies Acts, and the powers, rights and obligations specified in Schedule 1 .

(2) In Schedule 1 a reference to a secured asset is, in relation to a particular statutory receiver, a reference to land or property that is subject to a charge or other security that is included in the bank asset pursuant to which the statutory receiver was appointed.

(3) Where a charge provides for a receiver appointed under it to have any power in addition to those referred to in subsection (1), a statutory receiver appointed in relation to the property subject to the charge also has that additional power. However, a statutory receiver exercising any such additional power is taken to do so by virtue of his or her appointment under this Chapter and is not bound by any restriction on its exercise specified in the charge.

(4) A statutory receiver is not subject to the restrictions on the powers of a receiver in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009.

(5) The enforcement of a security by a statutory receiver is not subject to the restrictions in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009.

(6) Section 100(2) of the Land and Conveyancing Law Reform Act 2009 does not apply to the exercise of a power of sale by NAMA or a statutory receiver.

(7) A statutory receiver, in selling property the subject of a charge in favour of NAMA, shall exercise all reasonable care to obtain the best price reasonably obtainable for the property at the time of sale.

(8) If joint statutory receivers are appointed, each one severally may exercise any power or carry out any function of a statutory receiver.

149.— (1) A statutory receiver shall be taken to be the agent of the chargor for all purposes.

(2) The chargor is solely responsible for the remuneration, contracts, engagements, acts, omissions, defaults and losses of a statutory receiver and for liabilities incurred by a statutory receiver. NAMA does not incur any liability (either to the chargor or to any other person) by reason of the appointment of a statutory receiver or for the actions or inactions of a statutory receiver.

(3) A statutory receiver shall be taken to have been irrevocably appointed as an attorney of the chargor (with full powers of substitution and delegation) and to have the authority in the chargor’s name, on the chargor’s behalf and as the chargor’s act and deed, to—

(a) sign, seal, execute, deliver and perfect and do all deeds, instruments, acts and things that the chargor could do or ought to do pursuant to any bank asset that has been acquired by NAMA or a NAMA group entity,

(b) generally in the chargor’s name and on the chargor’s behalf exercise all or any of the powers, authorities and discretions—

(i) conferred by any enactment, or the common law or pursuant to any agreement forming part of any acquired bank asset, or

(ii) that NAMA or the statutory receiver thinks fit for carrying into effect a sale, lease, charge, mortgage or dealing by NAMA, the relevant NAMA group entity concerned or the statutory receiver,

and

(c) generally to use the chargor’s name in the exercise of any power, authority or discretion conferred on a statutory receiver.

150.— (1) Notwithstanding any provision of the Companies (Amendment) Act 1990, the appointment of an examiner to a company whose assets or any part of them are under the control of a statutory receiver does not—

(a) displace the statutory receiver or affect his or her powers, authority or agency,

(b) prevent the statutory receiver from enforcing any security held by NAMA or a NAMA group entity, or

(c) cause the de-crystallisation of any charge created as a floating charge over assets that are under the control of the statutory receiver.

(2) The appointment of a liquidator to a company whose assets or any part of them are under the control of a statutory receiver does not displace the statutory receiver and does not affect his or her powers, authority and agency.

151.— A statutory receiver is not obliged to sell a charged property at any particular time or at all, but is accountable for all profits and other monetary benefits arising directly from possession of the property.

152.— (1) NAMA may apply to the Court for a vesting order if—

(a) an acquired bank asset includes a charge over land,

(b) the chargee’s power of sale has become exercisable, and

(c) NAMA forms the view that it is unlikely that the sum secured by the charge can be recovered by a sale within 3 months after the application.

(2) An application under subsection (1) shall, where there is a charge secured over the land concerned that has priority to the charge referred to in paragraph (a) of that subsection, contain an undertaking by NAMA to discharge that charge in accordance with section 154.

(3) An application under subsection (1) shall be supported by an affidavit to which is exhibited evidence—

(a) as to the price likely to be realised, within 3 months after the application, by a sale of the land concerned, and

(b) of any other interests in the land, including any prior charge referred to in subsection (2).

(4) NAMA shall serve notice of the application on—

(a) the chargor concerned,

(b) any chargee (whether prior or subsequent), and

(c) any guarantor of the relevant credit facility.

(5) NAMA shall publish a notice of an application for a vesting order in at least one daily newspaper circulating generally in the State.

(6) The Court shall set down an application under subsection (1) for preliminary hearing, at which it shall give directions for the taking of accounts in relation to the credit facility concerned. At the preliminary hearing the Court may stay the proceedings if a subsequent chargee wishes to offer to redeem in full the charge held by NAMA or a NAMA group entity.

(7) At a preliminary hearing under subsection (6), the Court may direct that notice of the application shall be given to any other person.

(8) The Court may, in any application under this Chapter where it seems to the Court appropriate to do so, direct that evidence be given on affidavit. The Court may deal with the application summarily on consideration of any affidavits presented to it.

153.— (1) If the Court is satisfied, after considering the accounts and other relevant matters, that—

(a) it is unlikely that the sum secured by the charge would be recovered were the land to be sold within 3 months after the application, and

(b) there is no reasonable prospect of the chargor redeeming the charge concerned,

the Court shall make an order (in this Part referred to as a “vesting order”) vesting in NAMA, or a NAMA group entity nominated by NAMA, the interest of the chargor, subject to any undertaking under section 152 (2), in the land concerned.

(2) If the Court makes a vesting order, the Court shall also—

(a) determine the amount likely to be realised were the land to be sold within 3 months after the application, and

(b) make an order for possession of the land concerned in favour of NAMA or the nominated NAMA group entity.

154.— (1) In this section “value” means the amount determined by the court under section 153 (2) (a).

(2) Where the Court makes a vesting order in relation to land that is subject to a charge that is either prior to, or ranks equally with, that held by NAMA or the NAMA group entity concerned, the Court shall also order NAMA or the NAMA group entity—

(a) if there is only one such chargee, to pay to that chargee whichever is the lesser of the amount secured by its charge and the value, or

(b) if there is more than one such chargee, to pay to each such chargee, in the order of their priority, whichever is the lesser of—

(i) the amount secured by its charge, and

(ii) the value or the remainder of the value, as the case requires.

155.— (1) Notwithstanding any other enactment or rule of law, a vesting order—

(a) extinguishes the chargor’s equity of redemption in the land concerned,

(b) vests title to the land in NAMA or the NAMA group entity nominated by NAMA for that purpose,

(c) extinguishes the interest in the land of any other chargee, and

(d) satisfies the requirements of the Land Registration Rules 1972 to 2008.

(2) The extinguishing of the interest of a chargee by subsection (1) (c) does not extinguish the debt secured by the charge concerned. However, a payment ordered to be made under section 154 (2) shall be applied in reduction of the debt secured by the relevant charge.

(3) The debt or debts owed by the chargor to NAMA or the NAMA group entity shall be reduced by the extent, if any, to which the value (within the meaning given by section 154) of the charged land exceeds the amount paid under that section.

(4) NAMA shall cause a vesting order to be sent to the Property Registration Authority under the Registration of Title Act 1964 and the Registration of Deeds and Title Act 2006. The Property Registration Authority shall cause NAMA or the nominated NAMA group entity, as the case requires, to be registered as owner of the land in accordance with the order.

(5) For the avoidance of doubt, the making of a vesting order in relation to land does not impose on NAMA or any NAMA group entity any obligation to sell the land within any particular period or at all.

156.— (1) The title of a purchaser from NAMA or a NAMA group entity of land in relation to which NAMA has obtained a vesting order is not impeachable on the ground of any irregularity in the vesting order or any irregularity or impropriety in the obtaining of it.

(2) No purchaser from NAMA or a NAMA group entity, and no subsequent purchaser, of land referred to in subsection (1) is either required or entitled to raise any requisition or make any objection on title specific to the vesting order.

157.— (1) In this Chapter—

“acquisition order” means an order under section 163;

“compulsory transfer order” means an order under section 167;

“initial notice” means a notice referred to in section 160.

(2) In this Chapter—

(a) a reference to charged land includes land in relation to which a vesting order has been made, and

(b) a reference to the nominated NAMA group entity in relation to land is a reference to the NAMA group entity nominated by NAMA under section 163 (1) in relation to the land.

158.— (1) NAMA may compulsorily acquire land if in its opinion it is necessary to do so—

(a) to enable NAMA to perform the functions referred to in section 10 (1) (b) and (c),

(b) to enable a building constructed on charged land to be used or enjoyed for the purpose for which it was developed, or

(c) to enable NAMA or a NAMA group entity to vest in a prudent and experienced purchaser good and marketable title to charged land but only if the land sought to be acquired is only of material benefit to the owner in so far as it affects the use or development of charged land.

(2) In addition, NAMA may compulsorily acquire land where—

(a) the land is owned by a person who is a debtor, associated debtor, guarantor or surety in relation to an acquired bank asset, and that person is in material default of his or her obligations to NAMA or a NAMA group entity and the default has caused, or is likely to cause, NAMA or the NAMA group entity substantial loss,

(b) the land was intended to form part of a security in relation to a credit facility provided by a participating institution but was not included in the security through an error or omission, or

(c) a debtor, associated debtor, guarantor or surety in relation to an acquired bank asset is using or intends to use his or her ownership of the land to materially impede the disposition, at a fair and reasonable price, of land by NAMA or a NAMA group entity.

(3) NAMA may compulsorily acquire land only if it has first made a reasonable attempt to acquire the land by agreement.

159.— (1) If NAMA proposes to compulsorily acquire any land, NAMA shall apply to the Court for an order (in this Chapter called an “acquisition order”) authorising it to acquire the land.

(2) The application under subsection (1) shall be accompanied by the maps, plans and books of reference to be deposited in accordance with section 161.

160.— (1) NAMA shall publish a notice (in this Chapter called the “initial notice”), in the form (if any) prescribed by the Minister by regulations, of an application under section 159 in a daily newspaper circulating in the State generally.

(2) NAMA shall serve a copy of an initial notice on every person who appears to NAMA to have an estate or interest in the land concerned, so far as it is reasonably practicable to ascertain those persons. However, failure to serve an initial notice on every such person does not invalidate the acquisition order concerned.

(3) An initial notice—

(a) shall include a statement that persons claiming an estate or interest in the land concerned have the right to lodge with the Court, within 21 days after the publication of the notice, an objection to the making of an acquisition order in relation to the land, and

(b) shall specify the times and places where the maps, plans and books of reference deposited in accordance with section 161 can be inspected.

161.— (1) NAMA shall cause maps, plans and books of reference to be deposited in accordance with this section.

(2) The maps and plans shall be sufficient in quantity and character to show the land at an adequate scale.

(3) The books of reference shall so far as practicable contain the names of the owners or reputed owners, lessees or reputed lessees, and occupiers of the land that is proposed to be acquired.

(4) The maps, plans and books of reference shall be deposited at such place or places as NAMA considers suitable and shall remain so deposited for at least 21 days after publication of the initial notice. While so deposited, they shall be open to inspection, free of charge, between 10 o’clock in the morning and 4 o’clock in the afternoon on every day except Saturdays, Sundays and public holidays.

162.— (1) A person claiming an estate or interest in land in relation to which an initial notice has been published and served may lodge with the Court, within 21 days after the publication of the initial notice, an objection to the making of an acquisition order in relation to the land, setting out the grounds on which the objection is based.

(2) In determining an application by NAMA under this Chapter, the Court shall consider any objection lodged with the Court in accordance with subsection (1).

(3) The Court is not obliged to consider any objection—

(a) that is not lodged within the period allowed by subsection (1), or

(b) that does not show on its face the objector’s estate or interest in the land concerned.

(4) In considering an objection under subsection (1), the Court shall have regard to the nature of the objector’s estate or interest in the land.

163.— (1) If no objection to NAMA’s application is lodged with the Court within the period referred to in section 162 (1), the Court shall make an order authorising NAMA or a NAMA group entity nominated by NAMA to acquire the land concerned compulsorily in accordance with the terms of its application.

(2) If an objection to NAMA’s application is lodged with the Court within the period referred to in section 162 (1) the Court shall make an order referred to in subsection (1) if the Court is satisfied that—

(a) one of the following applies:

(i) NAMA has reasonably formed the opinion referred to in section 158 (1);

(ii) a condition set out in section 158 (2) is satisfied;

(b) NAMA has complied with the obligation in section 158 (3), and

(c) it is just and equitable to make the order.

(3) The Third Schedule to the Housing Act 1966 applies to an acquisition order subject to the following modifications:

(a) references to a sum of money shall be construed as references to the equivalent sum in euro;

(b) references to a housing authority or an authority shall be construed as references to NAMA;

(c) references to the Minister shall be construed as a reference to the Court in the exercise of its functions under this Chapter;

(d) the omission of Article 4, paragraphs (1) to (4) of Article 5 and Article 5(5)(d).

164.— (1) Where an acquisition order has been made, NAMA may serve a notice (referred to as a notice to treat) on every owner, lessee and occupier of the land (except tenants for a month or a shorter period).

(2) A notice to treat—

(a) shall state that NAMA is willing to treat for the purchase of the several interests in the land, and

(b) shall require each owner, lessee and occupier—

(i) to state within a specified period (not less than one month from the date of service of the notice to treat) the exact nature of the interest in respect of which he or she claims compensation and details of the compensation claimed, and

(ii) if NAMA so requires, to distinguish separate amounts of that compensation in such manner as NAMA specifies in the notice to treat and show how each such amount is calculated.

(3) A notice to treat served under subsection (1) shall be taken to be a notice to treat for the purposes of the Acquisition of Land (Assessment of Compensation) Act 1919.

165.— (1) At any time after the making of an acquisition order and before conveyance or ascertainment of price, NAMA or the NAMA group entity nominated by NAMA under section 163 (1) may, subject to subsection (2), enter on and take possession of the land to be acquired.

(2) NAMA or the nominated NAMA group entity referred to in subsection (1) shall not enter on or take possession of land under this section without giving any occupier or owner of the land at least 14 days’ notice in writing of its intention to do so.

166.— (1) The amount of the price to be paid by NAMA for land shall, in default of agreement, be fixed under and in accordance with the Acquisition of Land (Assessment of Compensation) Act 1919.

(2) Section 63 and sections 69 to 79 of the Lands Clauses Consolidation Act 1845 apply to the price and, subject to sections 167 and 169 of this Act, to the land acquired. For the purpose of the application of those sections a reference to the promoters of an undertaking shall be construed as a reference to NAMA.

(3) If NAMA or a NAMA group entity exercises its power of entry under section 165, NAMA is liable to pay compensation as if the provisions of the Lands Clauses Acts (within the meaning given by the Schedule to the Interpretation Act 1937) relating to entry on lands had been complied with and to pay interest upon that compensation from the date of entry at the rate applicable to compulsory purchase orders by local authorities in accordance with the provisions of the Housing Act 1966.

167.— (1) Where NAMA or a NAMA group entity has entered on and taken possession of land in accordance with section 165 and the Court is satisfied that—

(a) the several estates or interests in the land have not been conveyed or transferred to NAMA or the nominated NAMA group entity,

(b) it is necessary, in connection with the purposes for which NAMA has been authorised to acquire the land compulsorily, that the acquisition of the land should be completed, and

(c) NAMA has made an offer in writing to each person having an estate or interest in the land who has furnished sufficient particulars of that estate or interest to enable NAMA to make an offer for it,

then the Court may make an order (in this Chapter referred to as a “compulsory transfer order”) vesting the land in NAMA or the nominated NAMA group entity subject to any terms and conditions that the Court thinks fit.

(2) After the Court makes a compulsory transfer order, NAMA shall within 7 days after having received notification from the Court of the making of the order—

(a) publish in a newspaper circulating in the area of the land to which the order relates a notice stating that the order has been made, describing the land and naming a place where a copy of the order may be seen at all reasonable times, and

(b) serve on every person appearing to NAMA to have an estate or interest in the land a notice that the order has been made and the effect of the order.

168.— Where NAMA becomes aware, before the making of a compulsory transfer order, that a person from whom an estate or interest in the land is to be transferred by the order is subject to a liability for estate duty, succession duty or inheritance tax, NAMA shall notify the Revenue Commissioners of the Court’s intention to make the order.

169.— (1) A compulsory transfer order shall have attached to it a map of the land to which it relates.

(2) A compulsory transfer order vests in NAMA or the NAMA group entity nominated by NAMA under section 163 (1) the land specified in it in fee simple free from encumbrances and all estates, rights, titles and interests of whatever kind (other than any public right of way) with effect from a date (not earlier than 21 days after the making of the order) specified in the order.

(3) NAMA shall cause a compulsory transfer order to be sent to the Property Registration Authority under the Registration of Title Act 1964 and the Registration of Deeds and Title Act 2006. The Property Registration Authority shall cause NAMA or the nominated NAMA group entity referred to in section 163 (1) to be registered as owner of the land in accordance with the order.

170.— (1) Upon the completion of a compulsory acquisition otherwise than by compulsory transfer order, all private rights of way and all rights of laying down, erecting, continuing or maintaining pipes, sewers, drains, wires or cables on, under or over the land concerned (together with the property in those pipes, sewers, drains, wires or cables) and all other rights or easements in or relating to the land shall (except so far as otherwise agreed by NAMA or the NAMA group entity nominated by NAMA under section 163 (1) and the person entitled to the right) vest in NAMA or the nominated NAMA group entity without any conveyance or transfer.

(2) A person who suffers loss by the vesting, by virtue of subsection (1), of a right or property is entitled to be paid compensation by NAMA.

(3) Compensation payable by virtue of subsection (2) shall be determined under and in accordance with the Acquisition of Land (Assessment of Compensation) Act 1919.

171.— (1) A notice under this Chapter may be served on a person by sending it by registered post in an envelope addressed to him or her at his or her usual or last known address.

(2) If for any reason the envelope cannot be so addressed, it may be served on the person for whom it is intended by—

(a) sending it by registered post in an envelope addressed to “the occupier” without stating his or her name, at the land to which the notice relates, or

(b) affixing a copy of the notice prominently on the land.

172.— (1) If a person owns charged land and—

(a) the person—

(i) owns other land (in this subsection referred to as the “relevant land”) or holds an option to acquire such land, or

(ii) holds an interest in other land, or an option to acquire such an interest,

and

(b) unless the relevant land, the interest or the option were owned or held (as the case requires) by NAMA, the charged land would be unable to realise its full value for development, sale, leasing or any other use,

the person shall not deal with the relevant land, the interest or the option without giving reasonable written notice to NAMA.

(2) A dealing in contravention of subsection (1) is voidable at NAMA’s option except against a person who has in good faith and for value acquired an interest in the land concerned.

(3) A person who is the debtor in relation to an acquired bank asset, who is a person referred to in any of subparagraphs (i), (ii), (iii), (v) or (vi) of section 70(1)(b) or who is a person on whose behalf the debtor or the person referred to in one of those subparagraphs acts as a nominee or trustee in relation to an acquired bank asset shall not, if any of those persons is in default in relation to any acquired bank asset, acquire from NAMA or a NAMA group entity, any legal or beneficial interest in property comprised in the security forming part of any acquired bank asset in relation to which the default has occurred.

(4) The Minister may, if in the opinion of the Minister it is necessary to do so having regard to the purposes of this Act and, in particular, to the interests of taxpayers and the nature and extent of the default, make regulations—

(a) prohibiting or restricting the acquisition by a person who is in a prescribed class of debtors, or of persons directly or indirectly connected to debtors, of any legal or beneficial interest in property comprised in the security forming part of any acquired bank asset or any acquired bank asset of a prescribed class of acquired bank assets, where the debtor concerned is in material default of any payment obligation to NAMA or a NAMA group entity for which a satisfactory arrangement to remedy the default has not been made, and

(b) prescribing the requirements which such persons would be required to meet in order to acquire property comprised in the security forming part of any acquired bank asset or any acquired bank asset of a specified class of acquired bank assets from NAMA or a NAMA group entity.

(5) A draft of every regulation proposed to be made under subsection (4) shall be laid before each House of the Oireachtas and the regulation shall not be made until a resolution approving of the draft has been passed by each such House.

173.— Where a person is indebted to NAMA or a NAMA group entity (whether under an acquired bank asset or otherwise) the amount of any compensation payable by NAMA or any other payment due by NAMA or a NAMA group entity to that person under this Act may, without prejudice to any other right of set-off arising as a matter of law, be applied towards satisfaction of the debt due to NAMA or the NAMA group entity.

174.— For the purposes of this Chapter, a reference in this Chapter to NAMA shall be construed, in relation to a bank asset that has been acquired by a NAMA group entity, as a reference to either NAMA or the NAMA group entity unless the contrary intention appears.

175.— This Chapter applies where an acquired bank asset includes a charge over development land and—

(a) the Court has made a vesting order in relation to the land, or

(b) the chargee’s power of sale has become exercisable, or

(c) a statutory receiver has been appointed.

176.— (1) Where this Chapter applies, NAMA may enter into an agreement (including an agreement with the person who was the debtor in relation to the bank asset concerned) for the purpose of developing the land.

(2) NAMA’s objective in entering into an agreement under subsection (1) shall be the orderly development of the land concerned to secure the best return reasonably possible.

177.— (1) Where this Chapter applies, NAMA has, without prejudice to any rights arising at law, the same rights as the participating institution and the debtor and any associated debtor, guarantor or surety in relation to the acquired bank asset concerned in relation to any breach of contract or obligation (including defective design or workmanship in any building or other structure constructed or to be constructed, or works to be carried out, on, in or under the land concerned). All such rights shall be taken to have been assigned to NAMA by the acquisition by NAMA of the bank asset, subject to—

(a) any obligations or liabilities of the participating institution under the relevant bank asset, and

(b) any exclusion of obligations and liabilities from the acquisition set out in the relevant acquisition schedule.

(2) Where under subsection (1) NAMA acquires a right in relation to any breach of contract or obligation, NAMA may, by certificate under its seal, confer that right on another person.

178.— (1) Where—

(a) this Chapter applies, and

(b) there is an agreement with a person in relation to the development of the land concerned,

then—

(i) the person shall deliver to NAMA, on demand, a copy of the agreement (and, if under the agreement any design, plan or other document has been prepared for the purposes of the development of the land, a copy of the design, plan or other document prepared), and

(ii) NAMA may elect to continue, in accordance with its terms, the agreement (with or without entering into a further agreement with the person) as it thinks fit and if it does continue the agreement, NAMA shall assume the rights and obligations under that agreement.

(2) Where an agreement referred to in subsection (1) (b) creates a lien over any design, plan or document prepared for the purposes of the development, the lien is void as against NAMA, without prejudice to the claim underlying the lien.

(3) Without prejudice to subsection (1) (b) (ii), where an agreement referred to in subsection (1) (b) confers a right to do so on a participating institution, NAMA may direct the participating institution to assign the agreement to NAMA and when NAMA does so, the participating institution shall comply with the direction.

(4) Where an agreement referred to in subsection (1) (b) is assigned to NAMA in accordance with a direction under subsection (3), or NAMA makes an election under subsection (1) (b) (ii), NAMA is not liable for any breach of the agreement that occurs, or liability that arises, before the assignment or the election to continue the agreement.

(5) Where a participating institution cannot assign to NAMA any licence that it holds, then NAMA, at its option, shall, by virtue of this section, be taken to hold a licence from the person referred to in subsection (1) (b)—

(a) authorising the reproduction, making available, adaptation, distribution and use by NAMA of any intellectual property of the person in any drawings, designs, plans or other documents referred to in that subsection, and

(b) authorising NAMA to grant a sub-licence of that licence.

(6) Where a licence held by a participating institution—

(a) does not authorise the reproduction, making available, adaptation, distribution and use by the participating institution of any intellectual property of the person referred to in subsection (1) (b) in any drawings, designs, plans or other documents referred to in that subsection, or

(b) does not authorise the participating institution to grant a sub-licence of the licence,

then, at its option, NAMA shall, by virtue of this section, be taken to hold a licence from the person authorising it to do the things mentioned in paragraphs (a) and (b).

(7) Nothing in this section deprives a person of—

(a) fair and reasonable remuneration for work already done, or

(b) a fair and reasonable licence fee in relation to a licence referred to in subsection (5).

179.— Section 16 of the Landlord and Tenant (Amendment) Act 1980 does not apply in relation to a tenancy (other than a renewal of an existing tenancy) granted by NAMA or a NAMA group entity of a tenement (within the meaning given by section 5 of that Act) unless NAMA or the NAMA group entity specifies otherwise in writing.

180.— In this Part:

“Court” means the High Court;

“court” includes an arbitrator;

“defendant” includes a respondent in arbitration proceedings;

“plaintiff” includes an applicant in arbitration proceedings.

181.— (1) The provisions of this Chapter apply in relation to legal proceedings commenced on or after 30 July 2009 by a person who is a debtor, associated debtor, guarantor or surety in relation to a bank asset, or a participating institution in connection with a bank asset if the bank asset is specified (whether at the commencement of the proceedings or afterwards) in an acquisition schedule.

(2) The provisions of this Chapter apply in relation to legal proceedings referred to in subsection (1) on and from the time at which the bank asset concerned is specified in an acquisition schedule.

182.— (1) Subject to subsection (2), a claim to which this Chapter applies gives rise only to a remedy in damages or other relief that does not in any way affect the bank asset, its acquisition, or the interest of NAMA or the NAMA group entity or (for the avoidance of doubt) any property the subject of any security that is part of such a bank asset.

(2) A person may apply for an order that the person may apply for a remedy other than or in addition to that permitted by subsection (1) in relation to a claim to which this Chapter applies.

(3) An application for an order mentioned in subsection (2) shall be made only by leave of the Court. An application for such leave may be made ex parte.

(4) Leave shall not be granted to apply for an order under subsection (2) unless the Court is satisfied that the application raises a substantial issue for the Court’s determination and—

(a) the application for leave is made to the Court within 30 days after the later of—

(i) the notification by the participating institution to the relevant debtor, associated debtor, guarantor or surety under section 96, and

(ii) the accrual of the cause of action in respect of which the legal proceedings arose,

or

(b) the Court is satisfied that—

(i) there are substantial reasons why the application was not made within that period, and

(ii) it is just and equitable in all the circumstances to grant leave having regard to the interests of any affected person.

(5) If the Court grants leave to apply for an order under subsection (2), the applicant shall serve on NAMA the order granting leave and the application.

(6) The Court shall make an order under subsection (2) if and only if the Court is satisfied that if the applicant’s claim were established, damages would not be an adequate remedy.

(7) For the avoidance of doubt, this Chapter applies to proceedings in being at the time of specification in an acquisition schedule of a relevant bank asset.

(8) Nothing in this section prevents a party—

(a) defending proceedings in rem in respect of a bank asset instituted against it by NAMA, a NAMA group entity, a participating institution or a statutory receiver, in a manner which might affect the bank asset, its acquisition by NAMA or a NAMA group entity or any property the subject of any security, or

(b) in the defence of such proceedings, making any claim in relation to such a bank asset.

(9) Nothing in the section affects the operation of the Family Home Protection Act 1976.

183.— This Chapter applies in relation to all legal proceedings—

(a) to which NAMA or a NAMA group entity is or becomes a party,

(b) relating to a designated bank asset or acquired bank asset, or

(c) otherwise relating to NAMA.

184.— (1) Where NAMA or a NAMA group entity is a party to any legal proceedings affecting an acquired bank asset, the participating institution from which the bank asset was acquired shall, without prejudice to any other obligation arising under this Act, if NAMA or the NAMA group entity so requests, provide NAMA or the NAMA group entity with any assistance reasonably required by NAMA or the NAMA group entity for the purpose of the proceedings, including—

(a) the provision of documents or information,

(b) the making available of witnesses, and

(c) the provision of evidence by affidavit or otherwise.

(2) A participating institution has, and shall be taken always to have had, as part of its functions and objects, the power and capacity to give the assistance required by subsection (1).

185.— (1) If legal proceedings were in being in relation to a bank asset immediately before the time when it was acquired under this Act, and the participating institution concerned was a plaintiff in those proceedings, those proceedings shall continue. After the bank asset is acquired, NAMA or the NAMA group entity concerned may elect to be substituted for the participating institution, in its capacity as plaintiff, in the proceedings.

(2) If NAMA or a NAMA group entity is substituted under subsection (1), subject to this section it assumes all of the rights and obligations in relation to the relevant proceedings that the participating institution had immediately before that time, other than the obligations in relation to the defence of or liability for any counterclaim or cross-claim. The participating institution has full rights in relation to, and is solely liable for any remedy awarded in relation to, any such counterclaim or cross-claim.

(3) Notwithstanding subsection (1), where NAMA or a NAMA group entity is substituted under subsection (1), the participating institution remains a party to the proceedings as defendant or respondent to any counterclaim or cross-claim in the proceedings.

(4) Where NAMA or a NAMA group entity is substituted under subsection (1)—

(a) the court may order the participating institution to make discovery or answer interrogatories as if it were still a party to the proceedings, and

(b) NAMA or the NAMA group entity shall not be ordered to make discovery or answer interrogatories unless the court considers it necessary to do so for any special reason in the interests of justice.

(5) Notwithstanding subsection (1), an election by NAMA or a NAMA group entity to be substituted under subsection (1) does not render NAMA or the NAMA group entity liable in relation to any counterclaim or cross-claim, or claim to set off, in those proceedings.

(6) Where NAMA or a NAMA group entity has elected to be substituted under subsection (1), NAMA or the NAMA group entity shall as soon as may be file a notice in the court concerned of the election and shall serve a copy of the notice on the participating institution and each other party to the proceedings. No amendment to the proceedings is to be required.

(7) Where NAMA or a NAMA group entity is substituted under subsection (1), without prejudice to any application for costs by the participating institution against any person other than NAMA or a NAMA group entity, the participating institution continues to be liable for—

(a) its own costs in the proceedings before the substitution of NAMA or the NAMA group entity as a party and any potential costs liability incurred to other parties to the proceedings as a result of the participating institution being a party to the proceedings before that substitution, and

(b) any subsequent costs that it may incur in any capacity in which it remains a party to the proceedings.

(8) A party to legal proceedings referred to in this section is not entitled to join NAMA or a NAMA group entity as a party to the proceedings.

(9) The provisions of this section apply with any necessary modifications to arbitration proceedings.

186.— (1) Where a participating institution has obtained judgment in legal proceedings in relation to an acquired bank asset, the judgment so obtained shall be taken to have been assigned to NAMA or the NAMA group entity concerned.

(2) NAMA or the NAMA group entity concerned may enforce a judgment referred to in subsection (1) by any means (including by issuing execution). In particular, NAMA or the NAMA group entity may apply for a judgment mortgage pursuant to the judgment.

187.— (1) If the participating institution from which NAMA or a NAMA group entity acquires a bank asset is, at the time of acquisition of the bank asset, a party (otherwise than as plaintiff) in legal proceedings in relation to the bank asset, the participating institution remains a party to the proceedings in the same capacity.

(2) NAMA or a NAMA group entity may elect to become a party to any legal proceedings referred to in subsection (1). In a case where the participating institution has brought a counterclaim NAMA or the NAMA group entity may at its election be substituted for the participating institution as counterclaimant but does not become liable in respect of the claim.

188.— If NAMA or a NAMA group entity elects not to be substituted for a participating institution in relation to legal proceedings, or elects only to be substituted as plaintiff under section 185—

(a) the participating institution shall conduct the proceedings with all due vigour in a way that protects the interests of NAMA and the NAMA group entity and in accordance with any directions given by NAMA or the NAMA group entity, and

(b) NAMA or the NAMA group entity may at its election join the proceedings as a notice party.

189.— (1) At the conclusion of each interlocutory application in any legal proceedings to which this Chapter applies, the court concerned shall make orders as to costs in respect of the application and, having received submissions from the parties as to the levels of those costs, the court shall measure those costs.

(2) Costs measured under subsection (1) shall be enforceable against the party directed to pay those costs. If the party fails to discharge those costs within 30 days of the court order measuring those costs, the court may on the application of any party to the proceedings or of its own motion impose terms as to the continuation of the proceedings pending the discharge of the costs.

190.— In any proceedings for the recovery by NAMA or a NAMA group entity of money, a certificate in writing under the seal of NAMA or the common seal of the NAMA group entity that a specified sum of money was owing to NAMA or the NAMA group entity at the date of the certificate by a specified person on a specified account is, at any time within one month after the date of the certificate, evidence that the sum specified in the certificate is and remains owing to NAMA or the NAMA group entity by the person and on the account specified in the certificate.

191.— (1) In this section “Act of 1879” means the Bankers’ Books Evidence Act 1879.

(2) Where—

(a) a copy of an entry in a bankers’ book (within the meaning given by section 9(2) of the Act of 1879) falls to be produced in evidence,

(b) the book is in the custody or under the control of NAMA or a NAMA group entity, and

(c) an officer of NAMA or a NAMA group entity gives evidence (orally or by affidavit) that—

(i) he or she truly believes that the book or record was kept in the ordinary course of the bank’s business, and

(ii) the book is in the custody or under the control of NAMA or the NAMA group entity,

then the requirement for proof in section 4 of the Act of 1879 shall be taken to have been satisfied.

(3) The Act of 1879 has effect in relation to the books and records of NAMA or a NAMA group entity as if—

(a) NAMA or the NAMA group entity were a bank,

(b) references to bankers’ books in that Act were to the ordinary books and records of NAMA or the NAMA group entity, and

(c) references in that Act to an officer of a bank were references to an officer of NAMA or the NAMA group entity.

192.— (1) Where injunctive relief is sought on an interim or interlocutory basis in proceedings to which this Chapter applies—

(a) to compel NAMA or a NAMA group entity to take or refrain from taking any action, or

(b) to compel any other person to take or refrain from taking any action where the relief if granted would adversely affect NAMA or a NAMA group entity,

the Court shall have regard, in determining whether to grant such relief, to the public interest.

(2) In considering the public interest, the Court shall have regard to—

(a) the purposes of this Act, and

(b) the importance of permitting NAMA to discharge its functions in an expeditious and efficient manner.

(3) Unless the Court is satisfied that not granting injunctive relief would give rise to an injustice, the Court shall not grant such relief where a remedy in damages would be available to the person who seeks that relief.

(4) For the purposes of subsection (3), the possibility that the action against which injunctive relief is sought would or might result in a person being declared bankrupt or ordered to be wound up or otherwise adversely affected is not, of itself, sufficient to establish that not granting such relief would give rise to an injustice.

193.— (1) Leave shall not be granted for judicial review of a decision under this Act unless—

(a) either—

(i) the application for leave to seek judicial review is made to the Court within one month after the decision is notified to the person concerned, or

(ii) the Court is satisfied that—

(I) there are substantial reasons why the application was not made within that period, and

(II) it is just, in all the circumstances, to grant leave, having regard to the interests of other affected persons and the public interest,

and

(b) the Court is satisfied that the application raises a substantial issue for the Court’s determination.

(2) The Court may make such order on the hearing of the judicial review as it thinks fit, including an order remitting the matter back to the maker of the decision with such directions as the Court thinks appropriate or necessary.

(3) This section applies to NAMA and a NAMA group entity in the same manner as it applies to any other applicant for judicial review of a decision under or pursuant to this Act.

194.— (1) The determination of the Court of an application for leave to apply for judicial review, of an application for judicial review, of an application for leave to apply for an order, or an application for an order, under section 182, is final and no appeal lies from the decision of the Court to the Supreme Court in either case, except with the leave of the Court.

(2) The Court shall grant leave under subsection (1) only if that Court certifies that its decision involves a point of law of exceptional public importance and that it is desirable in the public interest that an appeal should be taken to the Supreme Court.

F16[ (2A) On an appeal from a determination of the Court in respect of an application referred to in subsection (1), the Supreme Court—

(a) has jurisdiction to determine only the point of law certified by the Court under subsection (2), and to make only such order in the proceedings as follows from that determination, and

(b) shall, in determining the appeal, act as expeditiously as possible consistent with the administration of justice. ]

(3) This section does not apply to a determination of the Court in so far as it involves a question as to the validity of any law having regard to the provisions of the Constitution.

195.— Where NAMA or a NAMA group entity has acquired a bank asset, a lis pendens, caution or inhibition registered on or after 30 July 2009 shall be of no effect against NAMA, a NAMA group entity or a person who acquires that bank asset from NAMA or a NAMA group entity, even if it is registered against the title to any registered land that forms part of the bank asset unless the party registering it has secured or secures an order under section 182 (2).