IE
(LRC Revised)
Statutory Text (1 Articles)
Number 34 of 2009
NATIONAL ASSET MANAGEMENT AGENCY ACT 2009
REVISED
Updated to 31 December 2025
Changes to legislation
as of 10 July 2026, this Act is up to date with all changes known to be in force.
This Revised Act is an administrative consolidation of the
National Asset Management Agency Act 2009
. It is prepared by the Law Reform Commission in accordance with its function under
the
Law Reform Commission Act 1975
(3/1975) to keep the law under review and to undertake revision and consolidation
of statute law.
All Acts up to and including the
National Training Fund (Amendment) Act 2025
(21/2025), enacted 23 December 2025, and all statutory instruments up to and including
the
European Union (Restrictive Measures concerning Iraq) Regulations 2026
(S.I. No. 1 of 2026), made 6 January 2026, were considered in the preparation of
this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act,
the Law Reform Commission can assume no responsibility for and give no guarantees,
undertakings or warranties concerning the accuracy, completeness or up to date nature
of the information provided and does not accept any liability whatsoever arising from
any errors or omissions. Please notify any errors, omissions and comments by email
to
revisedacts@lawreform.ie.
Number
34
of
2009
NATIONAL ASSET MANAGEMENT AGENCY ACT 2009
REVISED
Updated to 31 December 2025
ARRANGEMENT OF SECTIONS
PART 1
Preliminary
Section
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
Chapter 1
Establishment, Functions and Powers
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
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
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
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
44. Power to engage service providers, etc.
45. Professional standards and audit.
PART 3
Finance, Planning, Accountability and Reporting
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
Chapter 1
Designation of Participating Institutions
61. Definition (
Chapter 1
).
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
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
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
Chapter 1
Acquisition of Bank Assets
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
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
Chapter 1
Expert Reviewer
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
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
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
Chapter 1
Definitions
137. Definitions (
Part 9
).
Chapter 2
General Powers of NAMA in Relation to Assets
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
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
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
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
172. Limitations on certain dealings in land, etc.
173. Set-off of compensation.
Chapter 7
Powers in Relation to Development of Land
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
Chapter 1
Interpretation
180. Interpretation (
Part 10
).
Chapter 2
Legal Proceedings Commenced on or after 30 July 2009
181. Application (
Chapter 2
).
182. Damages to be only remedy for certain claims.
Chapter 3
Legal Proceedings Generally
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
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
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
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
226. Triennial review of NAMA’s progress.
227. Review of achievement of NAMA’s purposes.
PART 15
Amendment and Modification of other Enactments
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 Receivers
SCHEDULE 2
Redress for Contravention of
section 223
(3)
SCHEDULE 3
Amendments of Other Acts
PART 1
Amendment of Building Societies Act 1989
PART 2
Amendment of Central Bank Act 1942
PART 3
Amendment of Companies Act 1963
PART 4
Amendments of Companies (Amendment) Act 1990
PART 5
Amendment of Finance Act 1970
PART 6
Amendments of Landlord and Tenant (Amendment) Act 1980
PART 7
Amendments of National Treasury Management Agency Act 1990
PART 8
Amendment of Planning and Development Act 2000
PART 9
Amendment of Stamp Duties Consolidation Act 1999
PART 10
Amendments of Taxes Consolidation Act 1997
PART 11
Amendments of Value-Added Tax Act 1972
Acts Referred to
Acquisition of Land (Assessment of Compensation) Act 1919
9 & 10 Geo. 5, c. 57
Agricultural Credit Act 1978
1978,No. 2
Bankers’ Books Evidence Act 1879
42 & 43 Vict., c. 11
Bankruptcy Act 1988
1988,No. 27
Bills of Sale (Ireland) Acts 1879 and 1883
Borrowing Powers of Certain Bodies Act 1996
1996,No. 22
Building Societies Act 1989
1989,No. 17
Capital Gains Tax Acts
Central Bank Act 1942
1942,No. 22
Central Bank Act 1997
1997,No. 8
Central Bank Acts 1942 to 2001
Central Bank and Financial Services Authority of Ireland Act 2003
2003,No. 12
Central Bank and Financial Services Authority of Ireland Act 2004
2004,No. 21
Civil Service Regulation Act 1956
1956,No. 46
Companies Act 1963
1963,No. 33
Companies Act 1990
1990,No. 33
Companies Acts
Companies (Amendment) Act 1982
1982,No. 10
Companies (Amendment) Act 1983
1983,No. 13
Companies (Amendment) Act 1990
1990,No. 27
Competition Act 2002
2002,No. 14
Comptroller and Auditor General (Amendment) Act 1993
1993,No. 8
Conveyancing Act 1634
10 Chas. 1 sess. 2, c. 3
Conveyancing Act 1881
44 & 45 Vict., c. 41
Corporation Tax Acts
Courts Act 1981
1981,No. 11
Credit Institutions (Financial Support) Act 2008
2008,No. 18
Data Protection Acts 1988 and 2003
Ethics in Public Office Act 1995
1995,No. 22
European Communities Act 1972
1972,No. 27
European Parliament Elections Act 1997
1997,No. 2
Family Home Protection Act 1976
1976,No. 27
Finance Act 1970
1970,No. 14
Health Contributions Act 1979
1979,No. 4
Housing Act 1966
1966,No. 21
Income Tax Acts
Industrial and Commercial Property (Protection) Act 1927
1927,No. 16
Interpretation Act 1937
1937,No. 38
Investment Funds, Companies and Miscellaneous Provisions Act 2005
2005, No. 12
Investment Funds, Companies and Miscellaneous Provisions Act 2006
2006, No. 41
Land and Conveyancing Law Reform Act 2009
2009,No. 27
Lands Clauses Acts
Land Clauses Consolidation Act 1845
8 & 9 Vict., c. 18
Landlord and Tenant (Amendment) Act 1980
1980,No. 10
Local Government Act 2001
2001,No. 37
Markets in Financial Instruments and Miscellaneous Provisions Act 2007
2007,No. 37
National Treasury Management Agency Act 1990
1990,No. 18
Netting of Financial Contracts Act 1995
1995,No. 25
Official Languages Act 2003
2003,No. 32
Patents Act 1992
1992,No. 1
Planning and Development Act 2000
2000,No. 30
Planning and Development Acts 2000 to 2007
Prevention of Corruption Act 1906
6 Edw. 7, c. 34
Prevention of Corruption Acts 1889 to 2001
Public Bodies Corrupt Practices Act 1889
52 & 53 Vict., c. 69
Redundancy Payments Act 1967
1967,No. 21
Registration of Deeds and Title Act 2006
2006,No. 12
Registration of Deeds and Title Acts 1964 and 2006
Registration of Title Act 1964
1964,No. 16
Safety, Health and Welfare at Work Act 2005
2005, No. 10
Social Welfare Consolidation Act 2005
2005,No. 26
Stamp Duties Consolidation Act 1999
1999,No. 31
Statutory Instruments Act 1947
1947,No. 44
Tax Acts
Taxes Consolidation Act 1997
1997,No. 39
Trade Marks Act 1996
1996,No. 6
Unfair Dismissals Acts 1977 to 2005
Value-Added Tax Act 1972
1972, No. 22
Number
34
of
2009
NATIONAL ASSET MANAGEMENT AGENCY ACT 2009
REVISED
Updated to 31 December 2025
AN ACT—
TO ADDRESS A SERIOUS THREAT TO THE ECONOMY AND TO THE SYSTEMIC STABILITY OF CREDIT
INSTITUTIONS IN THE STATE GENERALLY BY PROVIDING, IN PARTICULAR, FOR THE ESTABLISHMENT
OF A BODY TO BE KNOWN AS THE NATIONAL ASSET MANAGEMENT AGENCY FOR THE PURPOSES OF—
(
A
)THE ACQUISITION BY THAT AGENCY OF CERTAIN ASSETS FROM CERTAIN PERSONS TO BE DESIGNATED
BY THE MINISTER FOR FINANCE,
(
B
) EFFECTING THE EXPEDITIOUS AND EFFICIENT TRANSFER OF THOSE ASSETS TO THAT AGENCY,
(
C
) THE HOLDING, MANAGING AND REALISING OF THOSE ASSETS BY THAT AGENCY (INCLUDING THE
COLLECTION OF INTEREST AND CAPITAL DUE, THE TAKING OR TAKING OVER OF COLLATERAL WHERE
NECESSARY AND THE PROVISION OF FUNDS WHERE APPROPRIATE),
(
D
) THE TAKING BY THAT AGENCY OF ALL STEPS NECESSARY OR EXPEDIENT TO PROTECT, ENHANCE
AND BETTER REALISE THE VALUE OF ASSETS TRANSFERRED TO IT,
(
E
) THE PERFORMANCE BY THAT AGENCY OF SUCH OTHER FUNCTIONS, RELATED TO THE MANAGEMENT
OR REALISATION OF THOSE ASSETS, AS PROVIDED IN THIS ACT OR AS DIRECTED BY THE MINISTER,
AND
(
F
) THE FACILITATION OF RESTRUCTURING OF CREDIT INSTITUTIONS OF SYSTEMIC IMPORTANCE
TO THE ECONOMY, AND
TO PROVIDE FOR THE VALUATION OF THE ASSETS CONCERNED AND THE REVIEW OF ANY SUCH VALUATION,
TO GIVE THE NATIONAL ASSET MANAGEMENT AGENCY CERTAIN POWERS AND OTHER FUNCTIONS IN
RESPECT OF LAND OR AN INTEREST IN LAND ACQUIRED BY THAT AGENCY, INCLUDING POWERS RELATING
TO THE DEVELOPMENT OF LAND,
TO PROVIDE FOR THE ISSUING OF DEBT SECURITIES BY THE MINISTER FOR FINANCE AND BY
THAT AGENCY IN THE PERFORMANCE OF ITS FUNCTIONS UNDER THIS ACT,
TO PROVIDE FOR CERTAIN LEGAL PROCEEDINGS RELATING TO ASSETS ACQUIRED BY THAT AGENCY,
TO AMEND THE CENTRAL BANK ACT 1942, AND TO PROVIDE FOR RELATED MATTERS.
[22
nd November
, 2009]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS
Annotations
Modifications (not altering text)
C1
Application of collectively cited
Central Bank Acts 1942 to 2014
restricted (15.07.2015) by
European Union (Bank Recovery and Resolution) Regulations 2015
(S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).
Effect of special management.
119. ...
(2) The special management of the institution under resolution has effect notwithstanding
anything in—
(a) the Act of 1989, the
Act of 2014 or the Central Bank Acts 1942 to 2014,
...
C2
Act ceased to apply to IBRC
(1 July 2023 or other date) by
Irish Bank Resolution Corporation Act 2013
(2/2013), s. 16(1), commenced on enactment.
IBRC to continue to be a
participating institution.
16.
— (1) Until 1 July 2013
or such later date as may be fixed by the Minister by order, the Act of 2009 shall
continue to apply to IBRC as if IBRC were a participating institution within the
meaning of that Act.
(2) NAMA shall have the power to
employ staff in the NAMA group entity which is to acquire assets pursuant to a
direction given under
section 13 (1)(a)
.
(3) An order made by the Minister
under
subsection (1)
shall be laid before each House of the Oireachtas as
soon as may be after it is made and, if a resolution annulling the order is passed
by either such House within the next 21 days on which that House has sat after the
order is laid before it, the order shall be annulled accordingly, but without
prejudice to the validity of anything previously done thereunder.
C3
References in collectively cited
Central Bank Acts 1942 to 2011
to the winding-up of an authorised credit institution or a body that was formerly
an authorised credit institution construed (28.10.2011) by
Central Bank and Credit Institutions (Resolution) Act 2011
(27/2011), s. 90, S.I. No. 548 of 2011.
Application of this Part to
bodies incorporated outside State
.
90
.— (1) In the
case of the winding-up of an authorised credit institution, or a body that was
formerly an authorised credit institution, that is a company incorporated outside
the State, references in the Central Bank Acts 1942 to 2011 to—
(
a
) the winding-up of an
authorised credit institution or a body that was formerly an authorised credit
institution, or
(
b
) any provision of the
Companies Acts which relates to winding-up,
shall be construed as references
to the corresponding provisions in the law of the foreign jurisdiction concerned
if the context so admits and the circumstances so require.
(2) For the purposes of a winding-up referred to in
subsection (1)
, the Court may order that the Central Bank Acts 1942 to
2011 apply, if necessary, with such modifications as the Court orders.
C4
Application of collectively cited
Central Bank Acts 1942 to 2011
affected (28.10.2011) by
Central Bank and Credit Institutions (Resolution) Act 2011
(27/2011), s. 69(6), S.I. No. 548 of 2011.
Effect of appointment of
special manager
.
69
.— ...
(6) A special management order has
effect notwithstanding anything in—
(
a
) the Companies Acts,
the Building Societies Act 1989, the Credit Union Act 1997 or the Central Bank
Acts 1942 to 2011,
...
except to any extent to which the
special management order expressly provides otherwise.
C5
Application of collectively cited
Central Bank Acts 1942 to 2010
restricted by
Central Bank Act 1942
(22/1942), ss. 6(1A) and 6(1B), as inserted (1.10.2010) by
Central Bank Reform Act 2010
(23/2010), s. 14(1) and sch. 1 part 1 item 23, S.I. No. 469 of 2010.
Bank to perform functions of
European System of Central Banks
.
6
.— ...
(1A) Nothing in the Central Bank
Acts 1942 to 2010 affects the independence of the Bank, the Governor and the
Commission required by the Rome Treaty and the ESCB Statute.
(1B) Without limiting the
generality of subsection (1A), nothing in the Central Bank Acts 1942 to 2010
authorises any person or authority to give any direction to, or require any action
(including the provision of information) by, the Bank, the Governor or the
Commission if compliance by the Bank, the Governor or the Commission (as the case
may be) with the direction or requirement would be inconsistent with the Rome
Treaty or the ESCB Statute.
...
Editorial Notes
E1
Collectively cited
Central Bank Acts 1942 to 2012
included in
definition of “financial services legislation” for purposes of
Central Bank Reform Act 2010
(23/2010) by
Central Bank Reform Act
2010
(23/2010), s. 3, as amended (19.12.2012) by
Credit Union and
Co-operation with Overseas Regulators Act 2012
(40/2012), s. 69(a), S.I.
No. 557 of 2012.
E2
Certain classes of bank assets prescribed as classes of eligible bank
assets for purposes of Act (23.12.2009) by
National Asset Management Agency
(Designation of Eligible Bank Assets) Regulations 2009
(S.I. No. 568 of
2009).
Annotations
Modifications (not altering text)
C1
Application of collectively cited
Central Bank Acts 1942 to 2014
restricted (15.07.2015) by
European Union (Bank Recovery and Resolution) Regulations 2015
(S.I. No. 289 of 2015), reg. 119(2)(a), in effect as per reg. 1(2).
Effect of special management.
119. ...
(2) The special management of the institution under resolution has effect notwithstanding
anything in—
(a) the Act of 1989, the
Act of 2014 or the Central Bank Acts 1942 to 2014,
...
C2
Act ceased to apply to IBRC
(1 July 2023 or other date) by
Irish Bank Resolution Corporation Act 2013
(2/2013), s. 16(1), commenced on enactment.
IBRC to continue to be a
participating institution.
16.
— (1) Until 1 July 2013
or such later date as may be fixed by the Minister by order, the Act of 2009 shall
continue to apply to IBRC as if IBRC were a participating institution within the
meaning of that Act.
(2) NAMA shall have the power to
employ staff in the NAMA group entity which is to acquire assets pursuant to a
direction given under
section 13 (1)(a)
.
(3) An order made by the Minister
under
subsection (1)
shall be laid before each House of the Oireachtas as
soon as may be after it is made and, if a resolution annulling the order is passed
by either such House within the next 21 days on which that House has sat after the
order is laid before it, the order shall be annulled accordingly, but without
prejudice to the validity of anything previously done thereunder.
C3
References in collectively cited
Central Bank Acts 1942 to 2011
to the winding-up of an authorised credit institution or a body that was formerly
an authorised credit institution construed (28.10.2011) by
Central Bank and Credit Institutions (Resolution) Act 2011
(27/2011), s. 90, S.I. No. 548 of 2011.
Application of this Part to
bodies incorporated outside State
.
90
.— (1) In the
case of the winding-up of an authorised credit institution, or a body that was
formerly an authorised credit institution, that is a company incorporated outside
the State, references in the Central Bank Acts 1942 to 2011 to—
(
a
) the winding-up of an
authorised credit institution or a body that was formerly an authorised credit
institution, or
(
b
) any provision of the
Companies Acts which relates to winding-up,
shall be construed as references
to the corresponding provisions in the law of the foreign jurisdiction concerned
if the context so admits and the circumstances so require.
(2) For the purposes of a winding-up referred to in
subsection (1)
, the Court may order that the Central Bank Acts 1942 to
2011 apply, if necessary, with such modifications as the Court orders.
C4
Application of collectively cited
Central Bank Acts 1942 to 2011
affected (28.10.2011) by
Central Bank and Credit Institutions (Resolution) Act 2011
(27/2011), s. 69(6), S.I. No. 548 of 2011.
Effect of appointment of
special manager
.
69
.— ...
(6) A special management order has
effect notwithstanding anything in—
(
a
) the Companies Acts,
the Building Societies Act 1989, the Credit Union Act 1997 or the Central Bank
Acts 1942 to 2011,
...
except to any extent to which the
special management order expressly provides otherwise.
C5
Application of collectively cited
Central Bank Acts 1942 to 2010
restricted by
Central Bank Act 1942
(22/1942), ss. 6(1A) and 6(1B), as inserted (1.10.2010) by
Central Bank Reform Act 2010
(23/2010), s. 14(1) and sch. 1 part 1 item 23, S.I. No. 469 of 2010.
Bank to perform functions of
European System of Central Banks
.
6
.— ...
(1A) Nothing in the Central Bank
Acts 1942 to 2010 affects the independence of the Bank, the Governor and the
Commission required by the Rome Treaty and the ESCB Statute.
(1B) Without limiting the
generality of subsection (1A), nothing in the Central Bank Acts 1942 to 2010
authorises any person or authority to give any direction to, or require any action
(including the provision of information) by, the Bank, the Governor or the
Commission if compliance by the Bank, the Governor or the Commission (as the case
may be) with the direction or requirement would be inconsistent with the Rome
Treaty or the ESCB Statute.
...
Editorial Notes
E1
Collectively cited
Central Bank Acts 1942 to 2012
included in
definition of “financial services legislation” for purposes of
Central Bank Reform Act 2010
(23/2010) by
Central Bank Reform Act
2010
(23/2010), s. 3, as amended (19.12.2012) by
Credit Union and
Co-operation with Overseas Regulators Act 2012
(40/2012), s. 69(a), S.I.
No. 557 of 2012.
E2
Certain classes of bank assets prescribed as classes of eligible bank
assets for purposes of Act (23.12.2009) by
National Asset Management Agency
(Designation of Eligible Bank Assets) Regulations 2009
(S.I. No. 568 of
2009).
ARRANGEMENT OF SECTIONS
PART 1
Preliminary
Section
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
Chapter 1
Establishment, Functions and Powers
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
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
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
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
44. Power to engage service providers, etc.
45. Professional standards and audit.
PART 3
Finance, Planning, Accountability and Reporting
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
Chapter 1
Designation of Participating Institutions
61. Definition (
Chapter 1
).
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
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
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
Chapter 1
Acquisition of Bank Assets
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
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
Chapter 1
Expert Reviewer
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
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
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
Chapter 1
Definitions
137. Definitions (
Part 9
).
Chapter 2
General Powers of NAMA in Relation to Assets
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
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
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
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
172. Limitations on certain dealings in land, etc.
173. Set-off of compensation.
Chapter 7
Powers in Relation to Development of Land
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
Chapter 1
Interpretation
180. Interpretation (
Part 10
).
Chapter 2
Legal Proceedings Commenced on or after 30 July 2009
181. Application (
Chapter 2
).
182. Damages to be only remedy for certain claims.
Chapter 3
Legal Proceedings Generally
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
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
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
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
226. Triennial review of NAMA’s progress.
227. Review of achievement of NAMA’s purposes.
PART 15
Amendment and Modification of other Enactments
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 Receivers
SCHEDULE 2
Redress for Contravention of
section 223
(3)
SCHEDULE 3
Amendments of Other Acts
PART 1
Amendment of Building Societies Act 1989
PART 2
Amendment of Central Bank Act 1942
PART 3
Amendment of Companies Act 1963
PART 4
Amendments of Companies (Amendment) Act 1990
PART 5
Amendment of Finance Act 1970
PART 6
Amendments of Landlord and Tenant (Amendment) Act 1980
PART 7
Amendments of National Treasury Management Agency Act 1990
PART 8
Amendment of Planning and Development Act 2000
PART 9
Amendment of Stamp Duties Consolidation Act 1999
PART 10
Amendments of Taxes Consolidation Act 1997
PART 11
Amendments of Value-Added Tax Act 1972
Number
34
of
2009