49C. (1) The Agency shall have the following functions in respect of relevant residual matters:

(a) to deal with the relevant residual matters in such manner as it considers appropriate, including, in the case of any relevant bank assets, by the collection of interest, principal and capital due, the taking or taking over of collateral where necessary and the provision of funds where appropriate;

(b) in the case of any relevant bank assets, to take all steps necessary or expedient to protect, enhance or realise the value of the relevant bank assets concerned in the interests of the State, so as to obtain, so far as possible, the best achievable financial return for the State having regard to the costs of holding, managing or realising those relevant bank assets and any other factors the Agency considers appropriate for that purpose, 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) the holding, managing, refinancing, realising and disposing of any relevant security.

(2) The Agency shall, without prejudice to its powers under any other provision of this Act or any other enactment, have all powers necessary or expedient for, or incidental to, the performance of its functions under this Part and, in particular, for the purpose of, and in performing those functions, may—

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

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

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

(d) enter into contract options and other derivative financial instruments (including instruments expressed in currencies other than the currency of the State), the purposes of which 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 costs of other transactions carried out in the ordinary course of business,

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

(f) draw, accept and negotiate negotiable instruments,

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

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

(i) enforce any security, guarantee or indemnity,

(j) bring, defend, prosecute, enforce or settle any proceedings of any nature or kind (including legal proceedings) or compromise any claims,

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

(l) form or cause to be formed one or more than one company or other body corporate or acquire control of one or more than one company or other body corporate, or enter into joint ventures, partnerships, co-ownerships or other similar arrangements,

(m) give security for any debt, obligation or liability of a company or other body corporate formed under paragraph (l) or of any other subsidiary of the Agency,

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

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

(p) acquire and dispose of property or any other assets,

(q) invest its funds as the Agency determines,

(r) sell or dispose of the whole or any part of the property or investments of the Agency relating to the performance by the Agency of its functions under this Part, either together or in portions, for such consideration and on such terms as the Agency thinks fit,

(s) discharge any debt, obligation or liability,

(t) purchase, hold and sell any licence,

(u) carry on any business that the Agency considers—

(i) can be conveniently carried on in connection with any of its functions under this Part, or

(ii) is calculated directly or indirectly to enhance the value of, or facilitate the realisation of, or render profitable any of, the Agency’s property or rights,

and

(v) do all such other things as the Agency considers incidental to, or conducive to the effective performance by the Agency of, its functions under this Part.

(3) Section 67 (2) of the Credit Institutions (Stabilisation) Act 2010 and any regulations made under that section shall not apply to any securing of the payment of money under subsection (2)(b), a guarantee under subsection (2)(e) or any security given under subsection (2)(m).

(4) A reference in another provision of this Part to a function or the performance of a function referred to in this section does not limit by implication the operation of this section unless the contrary intention is expressed.

(5) The Agency may perform any of its functions under this Part by or through a subsidiary of the Agency.

(6) The Agency may perform any of its functions under this Part for the benefit of a subsidiary of the Agency.]