Table of Contents
National Asset Management Agency Act 2009 (No. 34)Introductory TextActs Referred toPart 1 Preliminary (ss. 1-7)1. Short title, commencement and collective citation.2. Purposes of this Act.3. Regulatory functions not affected.4. Interpretation.5. Regulations.6. Expenses of Minister and NTMA.7. Offences.Part 2 National Asset Management Agency (ss. 8-45)Chapter 1 Establishment, Functions and Powers (ss. 8-17)8. Establishment day.9. Establishment of NAMA.10. Purposes of NAMA.11. Functions of NAMA.12. Powers of NAMA.13. Minister's powers to issue guidelines to NAMA.14. Minister's powers of direction.15. No shadow or de facto directorship.16. Prevention of corruption.17. Liability of NAMA, etc.Chapter 2 Membership of Board and Related Matters (ss. 18-36)18. Functions of Board.19. Membership of Board.20. Term of office of appointed members.21. Remuneration, etc., of appointed members.22. How appointed members cease to hold office.23. How ex-officio members cease to be Board members.24. Filling of casual vacancies, etc.25. Nomination and remuneration, etc., of Chairperson.26. Meetings of Board.27. Electronic meetings.28. Resolutions by circulation of copies.29. Seal of NAMA, etc.30. Disclosure of interests.31. Register of Board members' interests.32. Audit committee, credit committee, finance committee and risk-management committee.33. Other committees.34. Indemnification of members of Board and officers of NAMA, etc.35. Codes of practice.36. Application of certain provisions of this Chapter to directors of NAMA group entities.Chapter 3 Chief Executive Officer (ss. 37-40)37. Appointment of first Chief Executive Officer.38. Chief Executive Officer's functions.39. Resignation of Chief Executive Officer.40. Removal of Chief Executive Officer from office.Chapter 4 NAMA's Relationship with NTMA (ss. 41-43)41. NTMA to provide resources to NAMA.42. NTMA to provide staff to NAMA.43. Suspension of officers of NAMA.Chapter 5 Contracted Service Providers (ss. 44-45)44. Power to engage service providers, etc.45. Professional standards and audit.Part 3 Finance, Planning, Accountability and Reporting (ss. 46-60)46. Financing arrangements, expenses and advances from Central Fund.47. Financing arrangements - Minister may issue debt securities.48. Financing arrangements - NAMA, etc., may issue debt securities.49. Financing arrangements - NAMA, etc., may issue subordinated debt securities.50. Financing arrangements - limits on borrowings.51. Application of Borrowing Powers of Certain Bodies Act 1996.52. Financing arrangements - treasury services.53. Annual statements.54. Annual accounts.55. Quarterly reports.56. Other reports to Minister.57. Audit of accounts by Comptroller and Auditor General.58. Accountability to Committee of Public Accounts.59. Appearances before another Oireachtas Committee.60. Repayment to Central Fund to redeem debt.Part 4 Designation of Credit Institutions as Participating Institutions and Designation of Eligible Bank Assets (ss. 61-71)Chapter 1 Designation of Participating Institutions (ss. 61-68)61. Definition (Chapter).62. Applications for designation as participating institution.63. Effect of application for designation, etc.64. Information, etc., to be provided in support of application for designation.65. Capacity of applicant credit institutions, etc.66. Dealings by applicant credit institutions, etc., with eligible bank assets after application for designation.67. Designation of participating institutions.68. Obligations of participating institutions.Chapter 2 Designation of Eligible Bank Assets (ss. 69-71)69. Eligible bank assets.70. Meaning of "associated debtor" in this Act.71. Dealings by participating institutions with eligible bank assets.Part 5 Valuation Methodology (ss. 72-79)72. Interpretation (Part 5).73. Determination of acquisition values - valuation dates, etc.74. Determination of acquisition values - guidelines, etc.75. Acquisition values.76. Determination of long-term economic values.77. Market values.78. Regulations in relation to certain reports.79. Regulations in relation to determination of values.Part 6 Acquisition of Bank Assets and Related Matters (ss. 80-111)Chapter 1 Acquisition of Bank Assets (ss. 80-98)80. Applicant credit institutions and participating institutions to provide information about eligible bank assets.81. Production of documentation, books and records for inspection.82. Provision of information and explanations, etc.83. Obligations to co-operate and act in good faith, etc.84. Decision about acquisition of eligible bank assets.85. NAMA to identify eligible bank assets for acquisition.86. NAMA may specify general terms and conditions of acquisition.87. NAMA to prepare acquisition schedule.88. Errors or omissions in proposed acquisition schedules.89. Amendment of acquisition schedule.90. Effect of service of acquisition schedule.91. Effect of service of acquisition schedule in relation to foreign bank assets.92. Payment for bank assets.93. Clawback of overpayments.94. Dealings with bank assets after service of acquisition schedule until date of acquisition.95. Books, records and title documents of participating institutions.96. Notice to debtors, etc., of acquisition of bank assets.97. NAMA to notify participating institutions of completion of acquisition process.98. Dispute over acquisition value.Chapter 2 Effects of Acquisition of Bank Assets (ss. 99-111)99. NAMA to have rights of creditors after acquisition of bank assets.100. Exercise of certain rights of set-off.101. Enforcement of certain representations, etc.102. Acquisition of bank assets not to affect conditions, etc.103. Acquisition of bank assets not to give rise to cause of action, etc.104. NAMA to be notified of certain matters.105. Acquisition of bank assets not to render NAMA liable for wrongs by participating institutions.106. Rights of others not affected by acquisition of bank assets, etc.107. NAMA not required to register certain instruments, etc.108. NAMA, etc., may give certificates in relation to bank assets held.109. NAMA, etc., may give certain directions in relation to bank assets.110. Effect of acquisition of bank assets on certain other rights.111. Minister's power to modify application of section 110.Part 7 Review of Decisions Relating to Acquisition (ss. 112-127)Chapter 1 Expert Reviewer (ss. 112-118)112. Appointment and functions of expert reviewer.113. Procedure of expert reviewer.114. Objections to proposed acquisition of bank assets.115. Materials, etc., to be made available to expert reviewer.116. Opinion of expert reviewer.117. Confirmation by Minister of acquisition, etc.118. Costs.Chapter 2 Review of Valuations (ss. 119-127)119. Appointment of valuation panel.120. Procedure of valuation panel.121. Objection to value placed on bank assets acquired from participating institution.122. Dispute over total portfolio acquisition value.123. Material, etc., to be made available to valuation panel.124. Review by valuation panel.125. Minister's determination.126. Withdrawal of dispute.127. Costs of review of valuations.Part 8 Relationship between NAMA and Participating Institutions (ss. 128-136)128. Definition (Part 8).129. Participating institutions to act in utmost good faith.130. Breach of statutory requirements.131. Servicing of acquired bank assets by participating institutions.132. Other servicing arrangements.133. NAMA may give directions about certain bank assets not acquired.134. Additional payment on servicing of acquired bank assets.135. Participating institutions to indemnify NAMA.136. Participating institutions to be agent of subsidiaries, etc.Part 9 Powers of NAMA in Relation to Assets (ss. 137-179)Chapter 1 Definitions (s. 137)137. Definitions (Part 9).Chapter 2 General Powers of NAMA in Relation to Assets (ss. 138-146)138. Interpretation (Chapter 2).139. NAMA's powers to dispose of bank assets.140. Power to discharge prior charge.141. Power of entry to protect value or condition of land or buildings.142. Certain instruments by NAMA to be taken to be deeds.143. Overreaching for protection of purchasers.144. Effect of certain assurances of land.145. Certain receivers not obliged to sell property, etc.146. Powers of NAMA to enforce securities, etc.Chapter 3 Statutory Receivers (ss. 147-151)147. NAMA's power to appoint statutory receivers.148. Powers of statutory receivers.149. Statutory receiver to be agent of chargor, etc.150. Appointment of liquidator or examiner to companies whose assets are under control of statutory receiver.151. Statutory receiver not obliged to sell property, etc.Chapter 4 Vesting Orders (ss. 152-156)152. Application to Court.153. Vesting orders.154. Prior chargee's right to payment.155. Effect of vesting order.156. Title of purchaser not impeachable.Chapter 5 Compulsory Acquisition of Land (ss. 157-171)157. Definitions (Chapter 5).158. NAMA's powers to acquire land compulsorily.159. Application to Court for acquisition order.160. Initial notice of acquisition.161. Maps, plans and books to be deposited.162. Consideration by Court of objections.163. Acquisition order.164. Notice to treat.165. NAMA's power to take possession.166. Determination of compensation.167. Court may make compulsory transfer order.168. NAMA to inform Revenue Commissioners if certain liabilities exist.169. Form and effect of compulsory transfer order.170. Effect of compulsory acquisition without compulsory transfer order.171. Service of notices.Chapter 6 General Powers in Relation to Land (ss. 172-173)172. Limitations on certain dealings in land, etc.173. Set-off of compensation.Chapter 7 Powers in Relation to Development of Land (ss. 174-179)174. Interpretation (Chapter 7).175. Application (Chapter 7).176. Development of land.177. NAMA to have certain contractual rights of land developers.178. Designs and planning documents for land development.179. Limitation of right to renewal of certain business tenancies.Part 10 Legal Proceedings (ss. 180-195)Chapter 1 Interpretation (s. 180)180. Interpretation (Part 10).Chapter 2 Legal Proceedings Commenced on or after 30 July 2009 (ss. 181-182)181. Application (Chapter 2).182. Damages to be only remedy for certain claims.Chapter 3 Legal Proceedings Generally (ss. 183-195)183. Application (Chapter 3).184. Conduct of legal proceedings in relation to acquired bank assets.185. Effect of acquisition, etc., of bank assets on legal proceedings - participating institution plaintiff, etc.186. Effect of acquisition of bank assets on legal proceedings - NAMA, etc., may enforce judgment.187. Effect of acquisition of bank assets on legal proceedings where participating institution not plaintiff.188. Conduct of proceedings.189. Costs.190. Evidence - amount of debt due.191. Evidence - application of Bankers' Books Evidence Act 1879.192. Limitation of power to grant injunctive relief.193. Limitation of judicial review.194. Limitation of certain rights of appeal to the Supreme Court.195. Lites pendentes to have no effect, etc.Part 11 Use of Information (ss. 196-205)196. Definition (Part 11).197. Deemed consent to disclosure of information.198. Duty of confidentiality, etc., not contravened by provision of information or production of documents and books for inspection.199. Duty of confidentiality, etc., not contravened by provision of information to, or production of documents and books for inspection by, potential purchasers.200. Obligation to provide information, etc., to NAMA, etc., extends to provision to advisers.201. Operation of Data Protection Acts 1988 and 2003.202. Disclosure of confidential information.203. Obligation to pass certain information to law-enforcement authorities.204. Provision of information to Revenue Commissioners.205. Disclosure by regulatory authorities.Part 12 Conduct of Participating Institutions (ss. 206-210)206. Directions in relation to conduct of participating institutions.207. Reporting by participating institutions.208. Restructuring plans.209. Compliance with directions.210. Guidelines regarding lending practices.Part 13 Miscellaneous (ss. 211-225)211. Avoidance of certain transactions.212. Provision of tax information to NAMA.213. NAMA, etc., not to make payments in certain circumstances.214. NAMA exempt from certain taxes.215. Disapplication of certain provisions of Competition Act 2002 and Credit Institutions (Financial Support) Act 2008.216. NAMA, etc., not to be taken to be carrying on banking business, etc.217. Application of laws in relation to netting agreements, etc.218. Certain bank assets not invalidated.219. Nothing done under Act to be reorganisation or winding-up measure.220. Operation of certain provisions of Land Registration Rules 1972 to 2008.221. Offence of lobbying NAMA, etc.222. Protection from civil liability of persons who report certain misconduct.223. Prohibition on penalisation.224. False statements.225. Surcharge on participating institutions.Part 14 Review of NAMA (ss. 226-227)226. Triennial review of NAMA's progress.227. Review of achievement of NAMA's purposes.Part 15 Amendment and Modification of other Enactments (ss. 228-241)228. Operation of certain provisions of Companies Act 1963.229. Operation of certain provisions of Companies (Amendment) Act 1983.230. Disapplication of section 7 of Official Languages Act 2003.231. Amendment of Building Societies Act 1989.232. Amendment of Central Bank Act 1942.233. Amendment of Companies Act 1963.234. Amendment of Companies (Amendment) Act 1990.235. Amendment of Finance Act 1970.236. Amendment of Landlord and Tenant (Amendment) Act 1980.237. Amendment of National Treasury Management Agency Act 1990.238. Amendment of Planning and Development Act 2000.239. Amendment of Stamp Duties Consolidation Act 1999.240. Amendment of Taxes Consolidation Act 1997.241. Amendment of Value-Added Tax Act 1972.Schedule 1 Powers of Statutory ReceiversSchedule 2 Redress for Contravention of section 223 (3)Schedule 3 Amendments of Other ActsSchedule 3, Part 1 Amendment of Building Societies Act 1989Schedule 3, Part 2 Amendment of Central Bank Act 1942Schedule 3, Part 3 Amendment of Companies Act 1963Schedule 3, Part 4 Amendments of Companies (Amendment) Act 1990Schedule 3, Part 5 Amendment of Finance Act 1970Schedule 3, Part 6 Amendments of Landlord and Tenant (Amendment) Act 1980Schedule 3, Part 7 Amendments of National Treasury Management Agency Act 1990Schedule 3, Part 8 Amendment of Planning and Development Act 2000Schedule 3, Part 9 Amendment of Stamp Duties Consolidation Act 1999Schedule 3, Part 10 Amendments of Taxes Consolidation Act 1997Schedule 3, Part 11 Amendments of Value-Added Tax Act 1972
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185. Effect of acquisition, etc., of bank assets on legal proceedings - participating institution plaintiff, etc.
DRAFT Text substituted Schedule 2 of the General Scheme - Conclusion of IBRC Special Liquidation and Dissolution of NAMA Bill
(1) If legal proceedings were in being in relation to a bank asset immediately before the time when it was acquired under this Act, and the participating institution concerned was a plaintiff in those proceedings, those proceedings shall continue. After the bank asset is acquired, NAMA or the NAMA group entity concerned may elect to be substituted for the participating institution, in its capacity as plaintiff, in the proceedings.
(2) If NAMA or a NAMA group entity is substituted under subsection (1), subject to this section it assumes all of the rights and obligations in relation to the relevant proceedings that the participating institution had immediately before that time, other than the obligations in relation to the defence of or liability for any counterclaim or cross-claim. The participating institution has full rights in relation to, and is solely liable for any remedy awarded in relation to, any such counterclaim or cross-claim.