49H.(1) Where, in relation to a NAMA bank asset—

(a) it is alleged that a representation was made to, a consent was given to, an undertaking was given to, or any other obligation was undertaken (by agreement or otherwise) in favour of the debtor or another person by the participating institution or by some person acting or claiming to act on its behalf,

(b) the records transferred to the Agency under section 12 of the Act of 2026 do not contain a note or memorandum recording that any such representation, consent, undertaking or obligation was disclosed to NAMA before the service by NAMA on the participating institution of the relevant acquisition schedule under the Act of 2009,

(c) the records of the participating institution do not contain a note or memorandum in writing of the terms of any such representation, consent, undertaking or obligation or do not contain a record of any consideration paid in relation to any such representation, consent, undertaking or obligation, and

(d) the representation, consent, undertaking or obligation, if made, given or undertaken, would affect the creditor’s rights in relation to the NAMA bank asset,

then, that representation, consent, undertaking or obligation—

(i) is not enforceable, and cannot be relied on, by the debtor or any other person against the Agency or a subsidiary of the Agency,

(ii) is enforceable, and can be relied on, by the debtor or any other person, if at all, only against a person other than the Agency or a subsidiary of the Agency, and

(iii) is not enforceable, and cannot be relied on, by the Agency or a subsidiary of the Agency against the debtor.

(2) Where a claim based on a representation, consent, undertaking or obligation referred to in subsection (1) is made, the claim shall, if upheld, give rise only to a remedy in damages or other relief that does not in any way affect the NAMA bank asset, its acquisition or the interest of the Agency or a subsidiary of the Agency or (for the avoidance of doubt) any property the subject of any security that is part of such a bank asset.]