Irish Bank Resolution Corporation Act 2013

13.

Minister’s power of direction.

13.— (1) The Minister may give any of the following directions in writing to NAMA:

( a) to bid for such bank assets of IBRC and to acquire from IBRC, acting through a special liquidator, such bank assets of IBRC on such terms and conditions (including the consideration), as are specified in the direction;

( b) to acquire from the Bank, such assets, liabilities or obligations on such terms and conditions (including the consideration), as are specified in the direction;

( c) to provide such credit facilities to a special liquidator or IBRC on such terms and conditions, as are specified in the direction;

( d) to take or refrain from taking any action, as specified in the direction, where the Minister is of the opinion that such a direction is necessary for the achievement of any of the purposes of this Act.

(2) NAMA shall comply with a direction given by the Minister under subsection (1).

(3) NAMA may, at its discretion, elect to acquire the bank assets, assets, liabilities or obligations referred to in subsection (1) itself or arrange for their acquisition by a NAMA group entity.

(4) The acquisition of any asset, liability or obligation by NAMA or a NAMA group entity from the Bank pursuant to a direction under subsection (1)(b) shall be taken to be valid and enforceable in all respects and to take effect notwithstanding—

( a) any provision of any enactment, rule of law, code of practice, contract, or other agreement—

(i) providing for or requiring—

(I) notice to be given to any person,

(II) the consent, approval or concurrence of any person, or

(III) any other step, consent, notification, authorisation, licence or document to similar effect,

or

(ii) prohibiting that acquisition,

or

( b) any other legal or equitable restriction, inability or incapacity relating to the sale or transfer of any asset, liability or obligation.

(5) In this section and section 14 “bank asset” has the same meaning as in the Act of 2009, save that the reference in paragraph ( d) of the definition of “bank asset” in section 4(1) of that Act to a participating institution shall be construed as a reference to IBRC.