47.— (1) The Minister may, whenever and so often as he or she thinks fit, create and issue such debt securities that he or she specifies by order, charged on the Central Fund or the growing produce of that Fund and ranking pari passu with debt securities issued by the Minister under section 54 of the Finance Act 1970—

(a) bearing interest at such rate as he or she thinks fit, or no interest,

(b) for such cash or non-cash consideration or deferred consideration as he or she thinks fit, and

(c) subject to such terms and conditions as to repayment, repurchase, cancellation and redemption or any other matter as he or she thinks fit.

(2) When the Minister issues securities under this section he or she shall specify which of the following is the purpose of the issue:

(a) the financing of the general operations of NAMA and NAMA group entities;

(b) the providing of consideration for the acquisition of bank assets.

(3) Securities issued under this section shall be used only for the purpose specified under subsection (2).