225.— (1) In this section:

“accounting period” shall be construed in accordance with section 27 of the Taxes Consolidation Act 1997;

“surcharge” means the tax referred to in subsection (3);

“underlying loss” means the amount, if any, by which the aggregate of losses incurred by NAMA (including NAMA group entities) exceeds the aggregate of the profits arising to NAMA (including those entities) in the period from the date of its establishment to the date referred to in the direction under subsection (2) or the date of the occurrence of the event so referred to.

(2) If—

(a) the Minister decides under section 227 (3) (b) that the continuation of NAMA is unnecessary having regard to the purposes of this Act, the Minister shall, or

(b) (i) 10 years have elapsed since the establishment of NAMA, or

(ii) the Minister proposes to publish or has published a Bill for NAMA’s dissolution, restructuring or material alteration,

the Minister may,

direct NAMA to prepare a report and accounts as at a date specified by the Minister or as at the date of the occurrence of an event so specified—

(I) showing the aggregate profits and losses arising to and incurred by NAMA (including NAMA group entities), respectively, from its activities in the period from the date of its establishment to the date or the occurrence of the event so specified, and

(II) duly certified by the Comptroller and Auditor General,

and NAMA shall send such report and accounts so certified to the Minister.

(3) Where—

(a) the report and accounts sent to the Minister under subsection (2) disclose an underlying loss has been incurred by NAMA (including NAMA group entities), and

(b) the Minister is of the opinion that such underlying loss is unlikely to be otherwise made good,

then the Minister may cause—

(i) a provision to be included in a Money Bill, or

(ii) a provision to like effect to be included in any other Bill initiated in Dáil Éireann,

providing for the imposition of a special tax by way of a surcharge on participating institutions in accordance with subsection (4).

(4) The aggregate tax by way of a surcharge to be imposed on participating institutions on their respective profits (within the meaning of section 4 of the Taxes Consolidation Act, 1997) if any—

(a) shall not exceed the amount of the underlying loss, if any, incurred by NAMA (including NAMA group entities),

(b) shall be apportioned to each participating institution on the basis of the book value of the bank assets acquired from each participating institution concerned as a proportion of the total book value of the bank assets acquired from all of the participating institutions,

and the surcharge so apportioned shall be imposed on each institution accordingly and paid by each of them over such period and at such times as provided for by the subsequent Act giving effect to this section and to which subsection (3) relates.

(5) Any surcharge due to be paid by a participating institution in accordance with subsection (4) may not exceed 100 per cent of the corporation tax, if any, due and payable by that participating institution for the accounting period or periods as the case may be, falling within the period referred to in that subsection.

(6) No surcharge shall become payable until either—

(a) 10 years after the passing of this Act, or

(b) NAMA is dissolved or restructured, or there is a material alteration of NAMA’s functions,

whichever last occurs.