49L. (1) In relation to a relevant bank asset—

(a) notwithstanding anything in any Act referred to in subsection (2) or any other Act that provides for the registration of loans, assets, security or details of them, the Agency or a subsidiary of the Agency, as the case may be, is not required to become registered as owner of any security that is part of the relevant bank asset,

(b) notwithstanding sections 62 and 64 of the Registration of Title Act 1964, the Agency or a subsidiary of the Agency, as the case may be, has, in relation to any charges referred to in those sections, the powers of a mortgagee under a mortgage by deed, even though the Agency or the subsidiary of the Agency, as the case may be, is not registered as owner of any such charge, and

(c) the Agency or the subsidiary of the Agency has the powers and rights conferred on the registered owner of a charge by the Registration of Title Act 1964.

(2) The Acts referred to in subsection (1)(a) are as follows:

(a) the Bills of Sale (Ireland) Acts 1879 and 1883;

(b) the Registration of Deeds and Title Acts 1964 and 2006;

(c) the Agricultural Credit Act 1978;

(d) the Patents Acts 1992 to 2019;

(e) the Trade Marks Act 1996;

(f) the Taxes Consolidation Act 1997;

(g) the Companies Act 2014.

(3) Nothing in this section prevents the Agency or a subsidiary of the Agency, as the case may be, from registering any interest capable of registration.

(4) Nothing in this section has the effect of relieving the Agency or subsidiary of the Agency, as the case may be, from any obligation under a relevant foreign law.

(5) Sections 23 and 25 of the Registration of Title Act 1964 do not apply to the Agency or a subsidiary of the Agency, as the case may be.

(6) In this section, "foreign law" means the law of a state other than the State.]