48.— (1) NAMA or a NAMA group entity may, whenever and so often as it thinks fit, create and issue debt securities—

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

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

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

(2) When NAMA or a NAMA group entity issues debt securities under this section NAMA or the NAMA group entity shall specify which of the following is the purpose of the issue:

(a) the financing of the general operations of NAMA or the NAMA group entity, as the case may be;

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

(3) The Minister may guarantee debt securities issued by NAMA or a NAMA group entity under this section.

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