National Asset Management Agency Act 2009

Type Act

Publication 2009-11-22

Last updated 2025-12-31

State In force

Source Irish Statute Book

articles 241

(3) The Minister shall appoint a person as a member of the valuation panel only if the Minister is of the opinion that the person has relevant expertise or specialist knowledge.

(4) Without prejudice to the generality of subsection (3), a person has relevant expertise or specialist knowledge if he or she is qualified, or has experience at a senior level, in any one or more of the following:

(a) finance and economics;

(b) law;

(d) public administration;

(e) project finance;

(f) construction and land development;

(g) property management and sale;

(h) valuation;

(i) urban and land planning;

(j) banking and investment;

(k) insolvency and restructuring.

(5) The terms and conditions of appointment (including remuneration and reimbursement of expenses incurred) of a member of the valuation panel shall be as the Minister determines.

120. Procedure of valuation panel.

120.— (1) The Minister may make regulations providing for the procedure of the valuation panel and any matters relating to the review to be carried out.

(2) Subject to any regulations made by the Minister under subsection (1), the valuation panel shall determine, in its sole discretion, procedures for—

(a) the form and type of submissions to be made to the valuation panel,

(b) the means by which confidential information will be protected from public disclosure, and

(3) Without prejudice to subsection (1), the valuation panel may, if it thinks that it is appropriate to do so, conduct a review of the valuation of an acquired portfolio on the basis of a sample of the bank assets in the acquired portfolio concerned and if it does so, the advice to the Minister under section 124 shall be based on that sample and shall be as valid, for all purposes of this Chapter, as if it had been determined in relation to all the assets in the acquired portfolio.

121. Objection to value placed on bank assets acquired from participating institution.

121.— (1) If, after the service on a participating institution of an acquisition schedule, a participating institution objects to the acquisition value specified in that schedule in relation to a bank asset, the participating institution shall serve on NAMA a notice in writing of its objection invoking the provisions of this Chapter within 14 days after the service on it of the acquisition schedule.

(2) On receipt of a notice under subsection (1), NAMA may—

(a) remove the bank asset concerned from the relevant acquisition schedule,

(b) revoke the acquisition schedule, or

(3) NAMA shall notify the participating institution as soon as may be of its decision under subsection (2).

(4) Where NAMA continues with an acquisition in accordance with the acquisition schedule concerned, the participating institution may dispute only the total portfolio acquisition value and may do so only as provided for and in accordance with section 122, and is not otherwise entitled to dispute the valuation of any particular acquired bank asset.

(5) A participating institution is not entitled to challenge any valuation of NAMA including a total portfolio acquisition value, other than in accordance with this Chapter.

122. Dispute over total portfolio acquisition value.

122.— (1) If, after service of a completion notice on a participating institution, the participating institution wishes to dispute the total portfolio acquisition value, it shall do so only if—

(a) it is of the opinion that the aggregate market value of the acquired portfolio exceeds the total portfolio acquisition value, and

(b) it has served a notice or notices under section 121in relation to acquired bank assets comprising at least 12.5 per cent by value of the total portfolio acquisition value.

(2) A participating institution that wishes to dispute the total portfolio acquisition value shall serve on NAMA a notice in writing, in the form (if any) that the Minister prescribes by regulation, no later than 14 days after the service of the relevant completion notice, specifying the reasons for its opinion.

(3) If a participating institution serves notice under subsection (2), NAMA shall refer the dispute to the valuation panel for review.

(4) The service of notice by a participating institution under subsection (2) does not affect the acquisition by NAMA of the bank assets concerned.

123. Material, etc., to be made available to valuation panel.

123.— (1) A participating institution that has served a notice under section 122 (2) shall provide to the valuation panel and to NAMA, no later than 28 days after service of the relevant completion notice, all the material on which its dispute is based and any comments it wishes to make regarding the disputed total portfolio acquisition value.

(2) For the purposes of the valuation panel’s review, NAMA shall make available to the valuation panel and the participating institution concerned, no later than 28 days after service on it of the relevant notice under section 122 (2), the information on which NAMA based its determination of the market value of bank assets in the acquired portfolio concerned and any comments it wishes to make on the dispute.

(3) NAMA and the participating institution shall each be allowed an opportunity to respond to the other’s material and comments, and shall furnish any such responses, no later than 7 days after that material and those comments have been made available, to the valuation panel and to the participating institution or NAMA, as the case may be.

(4) The valuation panel may request NAMA or a participating institution to provide additional information in relation to the total portfolio acquisition value of the acquired portfolio concerned. NAMA or a participating institution shall comply with any such request without delay.

(5) The valuation panel shall take into account the material, comments, responses and any relevant additional information provided by the participating institution and NAMA.

124. Review by valuation panel.

124.— (1) The function of the valuation panel is to review whether the aggregate market value of an acquired portfolio is correct. In carrying out that review, the test to be applied by the valuation panel is whether the participating institution concerned has established, as a matter of probability, and taking into account the degree of expertise and specialist knowledge possessed by NAMA, and taking the process as a whole, that the determination of the aggregate market value was vitiated by a serious and significant error or a series of such errors.

(2) For the avoidance of doubt, for the purposes of a review under subsection (1), the market value of an acquired bank asset is its market value as at the date or event specified by NAMA under section 73.

(3) The valuation panel shall advise the Minister of its determination, including of the aggregate market value, and the reasons for it.

(4) The panel shall give its advice to the Minister in relation to a dispute under section 122 no later than 90 days after receiving the material, comments, responses and any additional information under section 123, or a longer period specified by the Minister by notice in writing, if he or she considers that to do so is warranted by exceptional circumstances.

125. Minister’s determination.

125.— (1) The Minister shall consider the advice of the valuation panel under section 124in relation to the acquired portfolio concerned and shall, no later than 28 days after receipt of that advice—

(a) confirm the aggregate market value of the acquired portfolio as advised by the valuation panel, or

(b) if the valuation panel’s determination of the aggregate market value is greater than the total portfolio acquisition value and he or she considers that the advice of the valuation panel is wrong in a material respect, remit the matter to the valuation panel for reconsideration setting out his or her reasons for doing so.

(2) Where the Minister remits the matter to the valuation panel under subsection (1) (b), subsections (4)and (5)of section 123 and section 124 apply to the reconsideration with any necessary modifications.

(3) The Minister shall send copies of his or her determination under subsection (1) to NAMA and to the participating institution concerned.

(4) Where the Minister confirms that the aggregate market value of the acquired portfolio is greater than the total portfolio acquisition value as determined by NAMA, the Minister shall direct NAMA to compensate the participating institution by, at NAMA’s option, doing either of the following (or both in any combination)—

(a) returning to the participating institution bank assets equal in value to the difference between the total portfolio acquisition value determined by NAMA and the aggregate market value determined by the Minister, or

(b) giving further consideration to the participating institution (in the form of cash, securities or Government-guaranteed securities or in any other form that NAMA considers appropriate) equal to the difference referred to in paragraph (a).

(5) The amount of compensation payable to a participating institution under subsection (4) is to be no greater than the amount by which the total portfolio acquisition value determined by NAMA is less than the aggregate market value of the portfolio as confirmed by the Minister.

(6) The value of a bank asset to be returned under subsection (4) (a) is its acquisition value.

(7) The payment for, or transfer of, bank assets under subsections (4)to (6) is subject to the laws of the European Communities governing State aid.

126. Withdrawal of dispute.

126.— A participating institution may withdraw a notice served under section 122 at any time before the Minister sends a copy of his or her determination to it under section 125 in relation to the review of the total portfolio acquisition value of the acquired portfolio concerned.

127. Costs of review of valuations.

127.— (1) The costs of a review under this Chapter are payable by the participating institution concerned unless the Minister’s determination under section 125 entitles the participating institution to compensation under that section.

(2) If a participating institution withdraws a notice under section 126, it is liable for the costs incurred up to the time of the withdrawal unless NAMA agrees otherwise.

(3) If NAMA and the participating institution concerned cannot reach agreement on costs, the costs of the review shall be determined by a Taxing Master of the Court. For that purpose, the Taxing Master has all the functions for the time being conferred on him or her under any enactment or in any rules of court (with any necessary modifications) in relation to the taxation of costs to be paid by one party to another in proceedings before the Court.

PART 8 Relationship between NAMA and Participating Institutions

128. Definition (Part 8).

128.— In this Part “relevant service” includes management, administration, restructuring and enforcement services in relation to bank assets, including any activity specified as part of a direction by NAMA or an arrangement or agreement to which NAMA or a NAMA group entity is a party.

129. Participating institutions to act in utmost good faith.

129.— (1) A participating institution shall act in utmost good faith at all times in its dealings with the Minister, NAMA, NAMA group entities, their agents, the expert reviewer and the valuation panel pursuant to this Act.

(2) A participating institution shall inform the Minister, NAMA and any NAMA group entity concerned of any fact or thing that may impede—

(a) the achievement of the purposes of this Act,

(b) the performance by the Minister of his or her functions, or NAMA of its functions, under this Act, or

(3) If a participating institution identifies such an impediment the participating institution shall take all reasonable steps to address the impediment in a manner that best furthers the achievement of the purposes of the Act.

130. Breach of statutory requirements.

130.— A participating institution that fails to comply with any obligation under this Act is liable to NAMA and any NAMA group entity concerned in damages in addition to any other consequence of the failure under this Act.

131. Servicing of acquired bank assets by participating institutions.

131.— (1) For the purposes of this section, in the event of a conflict between—

(a) a direction by NAMA, and

(b) a term of an arrangement or agreement to which NAMA or a NAMA group entity is a party in relation to the provision of a relevant service,

then a direction by NAMA, a term of such an arrangement and a term of such an agreement shall have effect in that order of priority.

(2) The participating institution from which NAMA or a NAMA group entity has acquired or intends to acquire a bank asset shall, until NAMA or the NAMA group entity directs otherwise, continue to perform relevant services in respect of the bank asset. NAMA or the NAMA group entity shall reimburse the participating institution in respect of the agreed cost of such service.

(3) NAMA may direct a participating institution to perform a relevant service in connection with a bank asset that NAMA or a NAMA group entity has acquired or intends to acquire from that participating institution or any other participating institution. NAMA or the NAMA group entity shall reimburse the participating institution for the agreed cost of such service.

(4) A direction under subsection (3)—

(a) may require a participating institution to enter into an arrangement or agreement that includes an obligation to provide access for and permit the use by NAMA or a NAMA group entity of facilities, books, records and systems, and

(b) may require a participating institution concerned to provide a relevant service for the benefit of a NAMA group entity.

(5) NAMA may at any time amend, suspend or revoke a direction pursuant to this section.

(6) A participating institution shall—

(a) comply with a direction, and any amendment, suspension or revocation of a direction, pursuant to this section, and

(b) ensure that any subsidiary to which such a direction extends also complies with it.

(7) A participating institution shall ensure that it and each of its subsidiaries—

(a) obtains and maintains in effect any authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration required (in the State or in any other place) in connection with the provision of the services required by a direction pursuant to this section, and

(b) complies with the terms and conditions of, and any requirement of or under any law in relation to, any such authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

(8) NAMA may give a debtor, associated debtor, guarantor or surety in relation to a bank asset in which NAMA or a NAMA group entity has acquired an interest, or any other person, notice of any direction given pursuant to this section. However, NAMA and the NAMA group entity are not liable to any debtor, associated debtor, guarantor or surety or any other person for failure to give such a notice.

(9) Any receivable or other amount received or recovered by a participating institution pursuant to the performance by it of a relevant service shall be held by that participating institution on trust absolutely for and to the order of NAMA or a NAMA group entity, as the case may be, and any amount so held shall be accounted for to NAMA or the NAMA group entity as NAMA from time to time directs. A trust constituted by this subsection—

(a) does not form part of the assets of the participating institution whether for the purposes of laws generally applicable to winding up, reorganisations, liquidations or otherwise,

(b) is effective for all purposes, and

132. Other servicing arrangements.

132.— (1) Where in relation to an acquired bank asset NAMA or a NAMA group entity has arranged with a service provider other than the participating institution from which the bank asset was acquired for the provision of relevant services in respect of an acquired bank asset, then—

(a) the terms of the bank asset shall be taken to require each debtor, associated debtor, guarantor or surety in respect of a bank asset to deal with the service provider concerned,

(b) NAMA or the NAMA group entity may give such a debtor, associated debtor, guarantor or surety notice of any arrangement for the provision of a relevant service in respect of that bank asset, and

(c) NAMA and the NAMA group entity concerned are not liable to any such debtor, associated debtor, guarantor or surety or any other person for failure to give such a notice.

(2) Where NAMA or a NAMA group entity has arranged with a service provider for the provision of relevant services in respect of a bank asset that has been acquired or is to be acquired by NAMA or the NAMA group entity, the participating institution from which the bank asset is to be or was acquired shall do all such acts or things that NAMA or the NAMA group entity directs to facilitate the provision by the service provider of those relevant services.

133. NAMA may give directions about certain bank assets not acquired.

133.— (1) Where NAMA or a NAMA group entity has acquired a bank asset from a participating institution NAMA may, for the furtherance of the achievement of its purposes under this Act, direct the participating institution to deal in a specified way with any part of the bank asset not acquired, being a way in which the participating institution may lawfully deal, or has the authority to deal, with the bank asset or part.

(2) A participating institution shall comply with a direction by NAMA under subsection (1).

134. Additional payment on servicing of acquired bank assets.

134.— (1) With the consent of the Minister, NAMA or a NAMA group entity may agree with a participating institution on an arrangement in relation to the servicing of acquired bank assets.

(2) Without prejudice to the generality of subsection (1), an arrangement referred to in that subsection may provide for—

(a) an adjustment to the total portfolio acquisition value,

(b) performance fees, and the reimbursement of costs and expenses, on terms approved by the Minister, or

135. Participating institutions to indemnify NAMA.

135.— (1) If NAMA so directs, a participating institution shall indemnify NAMA or a NAMA group entity and each of their officers against any liability or loss (however arising, and regardless of any default on the part of NAMA or a NAMA group entity)—

(a) arising from any error, omission or misstatement in any information, explanation, instrument, document, record, book or certificate provided to NAMA or the NAMA group entity by or on behalf of the participating institution,

(b) in respect of any claim, award, payment or damages which NAMA or the NAMA group entity becomes liable to pay to any person by reason of the operation of the European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 (S.I. No. 131 of 2003) where the liability arises in connection with a cause of action accruing before the relevant acquisition date (or any proportion of the liability or loss is attributable to a period before the relevant acquisition date) including any claim made by or on behalf of such a person that relates to an act or omission of the participating institution in connection with that person’s employment before the acquisition date, and

(c) in respect of any redundancy payment, or any other severance payment, paid by NAMA or the NAMA group entity, or that NAMA or the NAMA group entity is ordered to pay, to any person whose employment transfers to NAMA or the NAMA group entity by reason of the operation of those Regulations and whose employment is terminated by NAMA or the NAMA group entity by reason of redundancy.

(2) Where the Court determines ownership of a bank asset in favour of a third party and as a result NAMA or a NAMA group entity is obliged to transfer the bank asset to the third party or pay damages in lieu, the participating institution shall indemnify NAMA or the NAMA group entity against that liability and all losses suffered by it.

(3) The Court and any other court or tribunal in which legal proceedings are brought in respect of a matter referred to in subsection (1) shall not make NAMA or a NAMA group entity a party to the proceedings in any capacity where the liability is that of the participating institution.

(4) If NAMA or a NAMA group entity so directs, and without prejudice to section 105, a participating institution shall indemnify NAMA or the NAMA group entity and its officers against any liability or loss in respect of a legal or equitable wrong referred to in that section.

136. Participating institutions to be agent of subsidiaries, etc.

136.— (1) A participating institution is for all purposes of this Act the agent of each other legal entity in its group with full power to bind each other such entity.

(2) The service of a notice on, or any communication with, a participating institution referred to in subsection (1) is for all purposes of this Act effective as service of the notice on, or communication with, any other entity in the participating institution’s group.

(3) In this section “group”, in relation to a participating institution, means—

(a) the participating institution,

(b) any subsidiary of the participating institution, and

PART 9 Powers of NAMA in Relation to Assets

Chapter 1

137. Definitions (Part 9).

137.— In this Part—

“charged land” means land that is subject to a charge that is part of an acquired bank asset;

“convey” and “conveyance” have the same meanings respectively as in the Land and Conveyancing Law Reform Act 2009, and “con veyed” shall be construed accordingly;

“vesting order” means an order under section 153.

Chapter 2

138. Interpretation (Chapter 2).

138.— For the purposes of this Chapter, a reference in this Chapter to NAMA shall be construed, in relation to a bank asset that has been acquired by a NAMA group entity, as a reference to either NAMA or the NAMA group entity unless the contrary intention appears.

139. NAMA’s powers to dispose of bank assets.

139.— NAMA may validly transfer, assign, convey, sell on or otherwise dispose of an acquired bank asset to any person notwithstanding—

(a) any restrictions on such a disposal at law or in equity,

(b) any contractual requirement, or any requirement under any enactment, for the consent of, for notice to, or for a document from, any person to such a disposal, or

140. Power to discharge prior charge.

140.— Where an acquired bank asset is secured by a charge (including a charge that is a collateral security), but the charge is a second or subsequent charge, NAMA may redeem or discharge any one (or more) of the prior charges in accordance with its terms.

141. Power of entry to protect value or condition of land or buildings.

141.— (1) Where an acquired bank asset is secured by a charge over land (including a charge that is a collateral security), and any one or more of the following paragraphs applies:

(a) the land or any building or structure on it has been abandoned;

(b) the land is or has become overgrown;

(d) any building or structure on the land has fallen, or there is a serious risk of the building or structure falling, into disrepair;

(e) the land or any building or structure on it is at risk from trespassers or vandalism;

then NAMA may apply to a judge of the District Court for the time being assigned to the District Court district in which any part of the land concerned is situated, on notice to the owner and any occupier of the land, for an order (in this section referred to as an “entry and maintenance order”) authorising it to enter (by force, if the order so provides) upon the land or any building or structure on it for any one or more of the following purposes:

(i) to fence or otherwise secure the boundary of the land;

(ii) to clear the land of overgrown vegetation;

(iii) to clear or treat the land or any building or structure on it in a manner designed to remove vermin;

(iv) to repair or make secure any building or structure on the land.

(2) NAMA shall serve a copy of an application under subsection (1) on every person it knows to have an interest in the relevant land.

(3) The District Court may make an order in accordance with an application under subsection (1) and if it does so shall specify the period, being not greater than 6 months beginning on the date of the order, for which the order shall have effect.

(4) NAMA shall give each owner and, where the relevant land is occupied, each occupier of the relevant land at least 24 hours’ notice of its intention to enter on the land or any building or structure on it under the authority of an entry and maintenance order.

(5) An entry and maintenance order does not authorise forcible entry on the land, building or structure concerned unless the order expressly so provides.

(6) If NAMA enters on land or a building or structure under the authority of an entry and maintenance order, NAMA shall not be taken to be a mortgagee in possession of the land or any building or structure on it.

(7) Any cost, expense or liability that NAMA incurs pursuant to this section—

(a) is a debt due under the bank asset concerned, and

(b) is recoverable from the debtor, associated debtor, guarantor or surety concerned,

and the repayment of any such cost, expense or liability stands secured against the land.

142. Certain instruments by NAMA to be taken to be deeds.

142.— (1) In relation to any land in which NAMA has an interest, whether legal or beneficial, an instrument under seal of NAMA or the common seal of the NAMA group entity concerned that is expressed to convey that interest or any part of that interest in the land concerned to another person shall be taken for all purposes to be a deed of conveyance of the land executed under seal by the owner of the interest in the land concerned.

(2) An instrument referred to in subsection (1)extinguishes the interest of any other chargee or mortgagee in the land concerned other than a charge that has priority to the interest of NAMA concerned and has not been redeemed or discharged under section 140.

(3) Where the interest of a chargee or mortgagee in land is extinguished by the operation of this section the interest attaches to the proceeds of the sale concerned.

(4) Where the interests of more than one chargee or mortgagee are extinguished by the operation of this section the interests so extinguished attach to the proceeds of the sale concerned in the same order of priority as those interests had before the extinguishment.

143. Overreaching for protection of purchasers.

143.— (1) Subject to subsection (2), a conveyance by NAMA (including a conveyance by way of an instrument referred to in section 142) to a purchaser of a legal estate or legal interest in land overreaches any equitable interest in the land so that the equitable interest ceases to affect that estate or interest, whether or not the purchaser has notice of the equitable interest.

(2) Subsection (1)does not apply to an equitable interest—

(a) to which the conveyance is expressly made subject,

(b) that arises by virtue of an equitable mortgage related to the land concerned,

(d) that—

(i) in the case of an interest in registered land, is a burden of a kind referred to in section 72(1)(j) of the Registration of Title Act 1964, or

(ii) in the case of an interest in unregistered land, would take effect as such a burden if the land were registered land.

(3) Where an equitable interest is overreached under this section it attaches to the proceeds arising from the conveyance, and effect shall be given to it accordingly.

(4) NAMA shall discharge any obligations under subsection (3) as soon as is practicable.

(5) For the avoidance of doubt, overreaching in accordance with subsections (1) and (2) has effect in relation to land that is or includes a person’s principal private residence.

(6) In this section “equitable mortgage” means a mortgage created by—

(a) the deposit of documents of title relating to the legal estate or legal interest in the land concerned, or

(b) an undertaking by a solicitor to hold the documents of title relating to the legal estate or legal interest in the land concerned in trust for a credit institution and which undertaking, where applicable, has been registered as a charge under section 99 or 111 of the Companies Act 1963.

144. Effect of certain assurances of land.

144.— An assurance of charged land or a right or interest in charged land before the acquisition by, or vesting in, NAMA of the relevant charge (whether or not the land was charged at the date of the assurance) shall be taken to have created, for the benefit of the charged land, any easement or profit à prendre over any land retained by the grantor of the assurance that it is reasonable to assume, in the circumstances of the case, was within the contemplation of the parties at the date of the assurance as being included in it, or would have been within that contemplation at that time if they had adverted to the matter.

145. Certain receivers not obliged to sell property, etc.

145.— (1) A receiver of the rents and profits of property appointed by NAMA pursuant to its powers as a chargee of the property is not obliged to sell the property at any particular time or at all, but is accountable for all profits and other monetary benefits arising directly from possession of the property.

(2) A receiver appointed to the property of a company by NAMA in its capacity as a creditor of the company is not obliged to sell any property of the company at any particular time or at all, but is accountable for all profits and other monetary benefits arising directly from possession of the property of the company.

146. Powers of NAMA to enforce securities, etc.

146.— The enforcement of a security by NAMA is not subject to the restrictions in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009.

Chapter 3

147. NAMA’s power to appoint statutory receivers.

147.— (1) Where any of the following occurs under the terms of an acquired bank asset:

(a) a power of sale becomes exercisable;

(b) a power to appoint a receiver becomes exercisable;

then NAMA may appoint any person, including an officer of NAMA, as a statutory receiver of the property the subject of the bank asset.

(2) NAMA may remove a statutory receiver and may appoint a new statutory receiver in the place of a statutory receiver removed.

(3) The appointment of a statutory receiver is not subject to the restrictions in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009 on the appointment of a receiver.

(4) NAMA may fix the remuneration of a statutory receiver. A maximum rate imposed by law (including that specified in section 24(6) of the Conveyancing Act 1881 or prescribed by regulations under section 108(7) of the Land and Conveyancing Law Reform Act 2009) does not apply.

(5) NAMA’s power to appoint a statutory receiver under this Chapter does not affect any powers to appoint a receiver pursuant to any contractual power in any bank asset acquired by NAMA.

(6) The powers of NAMA under this section are exercisable by NAMA (and only by NAMA) in relation to a bank asset held by a NAMA group entity.

148. Powers of statutory receivers.

148.— (1) A statutory receiver has the powers, rights and obligations that a receiver has under the Companies Acts, and the powers, rights and obligations specified in Schedule 1.

(2) In Schedule 1 a reference to a secured asset is, in relation to a particular statutory receiver, a reference to land or property that is subject to a charge or other security that is included in the bank asset pursuant to which the statutory receiver was appointed.

(3) Where a charge provides for a receiver appointed under it to have any power in addition to those referred to in subsection (1), a statutory receiver appointed in relation to the property subject to the charge also has that additional power. However, a statutory receiver exercising any such additional power is taken to do so by virtue of his or her appointment under this Chapter and is not bound by any restriction on its exercise specified in the charge.

(4) A statutory receiver is not subject to the restrictions on the powers of a receiver in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009.

(5) The enforcement of a security by a statutory receiver is not subject to the restrictions in the Conveyancing Act 1881 or the Land and Conveyancing Law Reform Act 2009.

(6) Section 100(2) of the Land and Conveyancing Law Reform Act 2009 does not apply to the exercise of a power of sale by NAMA or a statutory receiver.

(7) A statutory receiver, in selling property the subject of a charge in favour of NAMA, shall exercise all reasonable care to obtain the best price reasonably obtainable for the property at the time of sale.

(8) If joint statutory receivers are appointed, each one severally may exercise any power or carry out any function of a statutory receiver.

149. Statutory receiver to be agent of chargor, etc.

149.— (1) A statutory receiver shall be taken to be the agent of the chargor for all purposes.

(2) The chargor is solely responsible for the remuneration, contracts, engagements, acts, omissions, defaults and losses of a statutory receiver and for liabilities incurred by a statutory receiver. NAMA does not incur any liability (either to the chargor or to any other person) by reason of the appointment of a statutory receiver or for the actions or inactions of a statutory receiver.

(3) A statutory receiver shall be taken to have been irrevocably appointed as an attorney of the chargor (with full powers of substitution and delegation) and to have the authority in the chargor’s name, on the chargor’s behalf and as the chargor’s act and deed, to—

(a) sign, seal, execute, deliver and perfect and do all deeds, instruments, acts and things that the chargor could do or ought to do pursuant to any bank asset that has been acquired by NAMA or a NAMA group entity,

(b) generally in the chargor’s name and on the chargor’s behalf exercise all or any of the powers, authorities and discretions—

(i) conferred by any enactment, or the common law or pursuant to any agreement forming part of any acquired bank asset, or

(ii) that NAMA or the statutory receiver thinks fit for carrying into effect a sale, lease, charge, mortgage or dealing by NAMA, the relevant NAMA group entity concerned or the statutory receiver,

and

(c) generally to use the chargor’s name in the exercise of any power, authority or discretion conferred on a statutory receiver.

150. Appointment of liquidator or examiner to companies whose assets are under control of statutory receiver.

150.— (1) Notwithstanding any provision of the Companies (Amendment) Act 1990, the appointment of an examiner to a company whose assets or any part of them are under the control of a statutory receiver does not—

(a) displace the statutory receiver or affect his or her powers, authority or agency,

(b) prevent the statutory receiver from enforcing any security held by NAMA or a NAMA group entity, or

(c) cause the de-crystallisation of any charge created as a floating charge over assets that are under the control of the statutory receiver.

(2) The appointment of a liquidator to a company whose assets or any part of them are under the control of a statutory receiver does not displace the statutory receiver and does not affect his or her powers, authority and agency.

151. Statutory receiver not obliged to sell property, etc.

151.— A statutory receiver is not obliged to sell a charged property at any particular time or at all, but is accountable for all profits and other monetary benefits arising directly from possession of the property.

Chapter 4

152. Application to Court.

152.— (1) NAMA may apply to the Court for a vesting order if—

(a) an acquired bank asset includes a charge over land,

(b) the chargee’s power of sale has become exercisable, and

(c) NAMA forms the view that it is unlikely that the sum secured by the charge can be recovered by a sale within 3 months after the application.

(2) An application under subsection (1) shall, where there is a charge secured over the land concerned that has priority to the charge referred to in paragraph (a) of that subsection, contain an undertaking by NAMA to discharge that charge in accordance with section 154.

(3) An application under subsection (1) shall be supported by an affidavit to which is exhibited evidence—

(a) as to the price likely to be realised, within 3 months after the application, by a sale of the land concerned, and

(b) of any other interests in the land, including any prior charge referred to in subsection (2).

(4) NAMA shall serve notice of the application on—

(a) the chargor concerned,

(b) any chargee (whether prior or subsequent), and

(5) NAMA shall publish a notice of an application for a vesting order in at least one daily newspaper circulating generally in the State.

(6) The Court shall set down an application under subsection (1) for preliminary hearing, at which it shall give directions for the taking of accounts in relation to the credit facility concerned. At the preliminary hearing the Court may stay the proceedings if a subsequent chargee wishes to offer to redeem in full the charge held by NAMA or a NAMA group entity.

(7) At a preliminary hearing under subsection (6), the Court may direct that notice of the application shall be given to any other person.

(8) The Court may, in any application under this Chapter where it seems to the Court appropriate to do so, direct that evidence be given on affidavit. The Court may deal with the application summarily on consideration of any affidavits presented to it.

153. Vesting orders.

153.— (1) If the Court is satisfied, after considering the accounts and other relevant matters, that—

(a) it is unlikely that the sum secured by the charge would be recovered were the land to be sold within 3 months after the application, and

(b) there is no reasonable prospect of the chargor redeeming the charge concerned,

the Court shall make an order (in this Part referred to as a “vesting order”) vesting in NAMA, or a NAMA group entity nominated by NAMA, the interest of the chargor, subject to any undertaking under section 152 (2), in the land concerned.

(2) If the Court makes a vesting order, the Court shall also—

(a) determine the amount likely to be realised were the land to be sold within 3 months after the application, and

(b) make an order for possession of the land concerned in favour of NAMA or the nominated NAMA group entity.

154. Prior chargee’s right to payment.

154.— (1) In this section “value” means the amount determined by the court under section 153 (2) (a).

(2) Where the Court makes a vesting order in relation to land that is subject to a charge that is either prior to, or ranks equally with, that held by NAMA or the NAMA group entity concerned, the Court shall also order NAMA or the NAMA group entity—

(a) if there is only one such chargee, to pay to that chargee whichever is the lesser of the amount secured by its charge and the value, or

(b) if there is more than one such chargee, to pay to each such chargee, in the order of their priority, whichever is the lesser of—

(i) the amount secured by its charge, and

(ii) the value or the remainder of the value, as the case requires.

155. Effect of vesting order.

155.— (1) Notwithstanding any other enactment or rule of law, a vesting order—

(a) extinguishes the chargor’s equity of redemption in the land concerned,

(b) vests title to the land in NAMA or the NAMA group entity nominated by NAMA for that purpose,

(d) satisfies the requirements of the Land Registration Rules 1972 to 2008.

(2) The extinguishing of the interest of a chargee by subsection (1) (c) does not extinguish the debt secured by the charge concerned. However, a payment ordered to be made under section 154 (2) shall be applied in reduction of the debt secured by the relevant charge.

(3) The debt or debts owed by the chargor to NAMA or the NAMA group entity shall be reduced by the extent, if any, to which the value (within the meaning given by section 154) of the charged land exceeds the amount paid under that section.

(4) NAMA shall cause a vesting order to be sent to the Property Registration Authority under the Registration of Title Act 1964 and the Registration of Deeds and Title Act 2006. The Property Registration Authority shall cause NAMA or the nominated NAMA group entity, as the case requires, to be registered as owner of the land in accordance with the order.

(5) For the avoidance of doubt, the making of a vesting order in relation to land does not impose on NAMA or any NAMA group entity any obligation to sell the land within any particular period or at all.

156. Title of purchaser not impeachable.

156.— (1) The title of a purchaser from NAMA or a NAMA group entity of land in relation to which NAMA has obtained a vesting order is not impeachable on the ground of any irregularity in the vesting order or any irregularity or impropriety in the obtaining of it.

(2) No purchaser from NAMA or a NAMA group entity, and no subsequent purchaser, of land referred to in subsection (1) is either required or entitled to raise any requisition or make any objection on title specific to the vesting order.

Chapter 5

157. Definitions (Chapter 5).

157.— (1) In this Chapter—

“acquisition order” means an order under section 163;

“compulsory transfer order” means an order under section 167;

“initial notice” means a notice referred to in section 160.

(2) In this Chapter—

(a) a reference to charged land includes land in relation to which a vesting order has been made, and

(b) a reference to the nominated NAMA group entity in relation to land is a reference to the NAMA group entity nominated by NAMA under section 163 (1) in relation to the land.

158. NAMA’s powers to acquire land compulsorily.

158.— (1) NAMA may compulsorily acquire land if in its opinion it is necessary to do so—

(a) to enable NAMA to perform the functions referred to in section 10 (1) (b) and (c),

(b) to enable a building constructed on charged land to be used or enjoyed for the purpose for which it was developed, or

(c) to enable NAMA or a NAMA group entity to vest in a prudent and experienced purchaser good and marketable title to charged land but only if the land sought to be acquired is only of material benefit to the owner in so far as it affects the use or development of charged land.

(2) In addition, NAMA may compulsorily acquire land where—

(a) the land is owned by a person who is a debtor, associated debtor, guarantor or surety in relation to an acquired bank asset, and that person is in material default of his or her obligations to NAMA or a NAMA group entity and the default has caused, or is likely to cause, NAMA or the NAMA group entity substantial loss,

(b) the land was intended to form part of a security in relation to a credit facility provided by a participating institution but was not included in the security through an error or omission, or

(c) a debtor, associated debtor, guarantor or surety in relation to an acquired bank asset is using or intends to use his or her ownership of the land to materially impede the disposition, at a fair and reasonable price, of land by NAMA or a NAMA group entity.

(3) NAMA may compulsorily acquire land only if it has first made a reasonable attempt to acquire the land by agreement.

159. Application to Court for acquisition order.

159.— (1) If NAMA proposes to compulsorily acquire any land, NAMA shall apply to the Court for an order (in this Chapter called an “acquisition order”) authorising it to acquire the land.

(2) The application under subsection (1) shall be accompanied by the maps, plans and books of reference to be deposited in accordance with section 161.

160. Initial notice of acquisition.

160.— (1) NAMA shall publish a notice (in this Chapter called the “initial notice”), in the form (if any) prescribed by the Minister by regulations, of an application under section 159 in a daily newspaper circulating in the State generally.

(2) NAMA shall serve a copy of an initial notice on every person who appears to NAMA to have an estate or interest in the land concerned, so far as it is reasonably practicable to ascertain those persons. However, failure to serve an initial notice on every such person does not invalidate the acquisition order concerned.

(3) An initial notice—

(a) shall include a statement that persons claiming an estate or interest in the land concerned have the right to lodge with the Court, within 21 days after the publication of the notice, an objection to the making of an acquisition order in relation to the land, and

(b) shall specify the times and places where the maps, plans and books of reference deposited in accordance with section 161 can be inspected.

161. Maps, plans and books to be deposited.

161.— (1) NAMA shall cause maps, plans and books of reference to be deposited in accordance with this section.

(2) The maps and plans shall be sufficient in quantity and character to show the land at an adequate scale.

(3) The books of reference shall so far as practicable contain the names of the owners or reputed owners, lessees or reputed lessees, and occupiers of the land that is proposed to be acquired.

(4) The maps, plans and books of reference shall be deposited at such place or places as NAMA considers suitable and shall remain so deposited for at least 21 days after publication of the initial notice. While so deposited, they shall be open to inspection, free of charge, between 10 o’clock in the morning and 4 o’clock in the afternoon on every day except Saturdays, Sundays and public holidays.

162. Consideration by Court of objections.

162.— (1) A person claiming an estate or interest in land in relation to which an initial notice has been published and served may lodge with the Court, within 21 days after the publication of the initial notice, an objection to the making of an acquisition order in relation to the land, setting out the grounds on which the objection is based.

(2) In determining an application by NAMA under this Chapter, the Court shall consider any objection lodged with the Court in accordance with subsection (1).

(3) The Court is not obliged to consider any objection—

(a) that is not lodged within the period allowed by subsection (1), or

(b) that does not show on its face the objector’s estate or interest in the land concerned.

(4) In considering an objection under subsection (1), the Court shall have regard to the nature of the objector’s estate or interest in the land.

163. Acquisition order.

163.— (1) If no objection to NAMA’s application is lodged with the Court within the period referred to in section 162 (1), the Court shall make an order authorising NAMA or a NAMA group entity nominated by NAMA to acquire the land concerned compulsorily in accordance with the terms of its application.

(2) If an objection to NAMA’s application is lodged with the Court within the period referred to in section 162 (1) the Court shall make an order referred to in subsection (1) if the Court is satisfied that—

(a) one of the following applies:

(i) NAMA has reasonably formed the opinion referred to in section 158 (1);

(ii) a condition set out in section 158 (2) is satisfied;

(b) NAMA has complied with the obligation in section 158 (3), and

(3) The Third Schedule to the Housing Act 1966 applies to an acquisition order subject to the following modifications:

(a) references to a sum of money shall be construed as references to the equivalent sum in euro;

(b) references to a housing authority or an authority shall be construed as references to NAMA;

(c) references to the Minister shall be construed as a reference to the Court in the exercise of its functions under this Chapter;

(d) the omission of Article 4, paragraphs (1) to (4) of Article 5 and Article 5(5)(d).

164. Notice to treat.

164.— (1) Where an acquisition order has been made, NAMA may serve a notice (referred to as a notice to treat) on every owner, lessee and occupier of the land (except tenants for a month or a shorter period).

(2) A notice to treat—

(a) shall state that NAMA is willing to treat for the purchase of the several interests in the land, and

(b) shall require each owner, lessee and occupier—

(i) to state within a specified period (not less than one month from the date of service of the notice to treat) the exact nature of the interest in respect of which he or she claims compensation and details of the compensation claimed, and

(ii) if NAMA so requires, to distinguish separate amounts of that compensation in such manner as NAMA specifies in the notice to treat and show how each such amount is calculated.

(3) A notice to treat served under subsection (1) shall be taken to be a notice to treat for the purposes of the Acquisition of Land (Assessment of Compensation) Act 1919.

165. NAMA’s power to take possession.

165.— (1) At any time after the making of an acquisition order and before conveyance or ascertainment of price, NAMA or the NAMA group entity nominated by NAMA under section 163 (1) may, subject to subsection (2), enter on and take possession of the land to be acquired.

(2) NAMA or the nominated NAMA group entity referred to in subsection (1) shall not enter on or take possession of land under this section without giving any occupier or owner of the land at least 14 days’ notice in writing of its intention to do so.

166. Determination of compensation.

166.— (1) The amount of the price to be paid by NAMA for land shall, in default of agreement, be fixed under and in accordance with the Acquisition of Land (Assessment of Compensation) Act 1919.

(2) Section 63 and sections 69 to 79 of the Lands Clauses Consolidation Act 1845 apply to the price and, subject to sections 167and 169 of this Act,to the land acquired. For the purpose of the application of those sections a reference to the promoters of an undertaking shall be construed as a reference to NAMA.

(3) If NAMA or a NAMA group entity exercises its power of entry under section 165, NAMA is liable to pay compensation as if the provisions of the Lands Clauses Acts (within the meaning given by the Schedule to the Interpretation Act 1937) relating to entry on lands had been complied with and to pay interest upon that compensation from the date of entry at the rate applicable to compulsory purchase orders by local authorities in accordance with the provisions of the Housing Act 1966.

167. Court may make compulsory transfer order.

167.— (1) Where NAMA or a NAMA group entity has entered on and taken possession of land in accordance with section 165 and the Court is satisfied that—

(a) the several estates or interests in the land have not been conveyed or transferred to NAMA or the nominated NAMA group entity,

(b) it is necessary, in connection with the purposes for which NAMA has been authorised to acquire the land compulsorily, that the acquisition of the land should be completed, and

(c) NAMA has made an offer in writing to each person having an estate or interest in the land who has furnished sufficient particulars of that estate or interest to enable NAMA to make an offer for it,

then the Court may make an order (in this Chapter referred to as a “compulsory transfer order”) vesting the land in NAMA or the nominated NAMA group entity subject to any terms and conditions that the Court thinks fit.

(2) After the Court makes a compulsory transfer order, NAMA shall within 7 days after having received notification from the Court of the making of the order—

(a) publish in a newspaper circulating in the area of the land to which the order relates a notice stating that the order has been made, describing the land and naming a place where a copy of the order may be seen at all reasonable times, and

(b) serve on every person appearing to NAMA to have an estate or interest in the land a notice that the order has been made and the effect of the order.

168. NAMA to inform Revenue Commissioners if certain liabilities exist.

168.— Where NAMA becomes aware, before the making of a compulsory transfer order, that a person from whom an estate or interest in the land is to be transferred by the order is subject to a liability for estate duty, succession duty or inheritance tax, NAMA shall notify the Revenue Commissioners of the Court’s intention to make the order.

169. Form and effect of compulsory transfer order.

169.— (1) A compulsory transfer order shall have attached to it a map of the land to which it relates.

(2) A compulsory transfer order vests in NAMA or the NAMA group entity nominated by NAMA under section 163 (1) the land specified in it in fee simple free from encumbrances and all estates, rights, titles and interests of whatever kind (other than any public right of way) with effect from a date (not earlier than 21 days after the making of the order) specified in the order.

(3) NAMA shall cause a compulsory transfer order to be sent to the Property Registration Authority under the Registration of Title Act 1964 and the Registration of Deeds and Title Act 2006. The Property Registration Authority shall cause NAMA or the nominated NAMA group entity referred to in section 163 (1) to be registered as owner of the land in accordance with the order.

170. Effect of compulsory acquisition without compulsory transfer order.

170.— (1) Upon the completion of a compulsory acquisition otherwise than by compulsory transfer order, all private rights of way and all rights of laying down, erecting, continuing or maintaining pipes, sewers, drains, wires or cables on, under or over the land concerned (together with the property in those pipes, sewers, drains, wires or cables) and all other rights or easements in or relating to the land shall (except so far as otherwise agreed by NAMA or the NAMA group entity nominated by NAMA under section 163 (1) and the person entitled to the right) vest in NAMA or the nominated NAMA group entity without any conveyance or transfer.

(2) A person who suffers loss by the vesting, by virtue of subsection (1), of a right or property is entitled to be paid compensation by NAMA.

(3) Compensation payable by virtue of subsection (2) shall be determined under and in accordance with the Acquisition of Land (Assessment of Compensation) Act 1919.

171. Service of notices.

171.— (1) A notice under this Chapter may be served on a person by sending it by registered post in an envelope addressed to him or her at his or her usual or last known address.

(2) If for any reason the envelope cannot be so addressed, it may be served on the person for whom it is intended by—

(a) sending it by registered post in an envelope addressed to “the occupier” without stating his or her name, at the land to which the notice relates, or

(b) affixing a copy of the notice prominently on the land.

Chapter 6

172. Limitations on certain dealings in land, etc.

172.— (1) If a person owns charged land and—

(a) the person—

(i) owns other land (in this subsection referred to as the “relevant land”) or holds an option to acquire such land, or

(ii) holds an interest in other land, or an option to acquire such an interest,

and

(b) unless the relevant land, the interest or the option were owned or held (as the case requires) by NAMA, the charged land would be unable to realise its full value for development, sale, leasing or any other use,

the person shall not deal with the relevant land, the interest or the option without giving reasonable written notice to NAMA.

(2) A dealing in contravention of subsection (1) is voidable at NAMA’s option except against a person who has in good faith and for value acquired an interest in the land concerned.

(3) A person who is the debtor in relation to an acquired bank asset, who is a person referred to in any of subparagraphs (i), (ii), (iii), (v) or (vi) of section 70(1)(b) or who is a person on whose behalf the debtor or the person referred to in one of those subparagraphs acts as a nominee or trustee in relation to an acquired bank asset shall not, if any of those persons is in default in relation to any acquired bank asset, acquire from NAMA or a NAMA group entity, any legal or beneficial interest in property comprised in the security forming part of any acquired bank asset in relation to which the default has occurred.

(4) The Minister may, if in the opinion of the Minister it is necessary to do so having regard to the purposes of this Act and, in particular, to the interests of taxpayers and the nature and extent of the default, make regulations—

(a) prohibiting or restricting the acquisition by a person who is in a prescribed class of debtors, or of persons directly or indirectly connected to debtors, of any legal or beneficial interest in property comprised in the security forming part of any acquired bank asset or any acquired bank asset of a prescribed class of acquired bank assets, where the debtor concerned is in material default of any payment obligation to NAMA or a NAMA group entity for which a satisfactory arrangement to remedy the default has not been made, and

(b) prescribing the requirements which such persons would be required to meet in order to acquire property comprised in the security forming part of any acquired bank asset or any acquired bank asset of a specified class of acquired bank assets from NAMA or a NAMA group entity.

(5) A draft of every regulation proposed to be made undersubsection (4) shall be laid before each House of the Oireachtas and the regulation shall not be made until a resolution approving of the draft has been passed by each such House.

173. Set-off of compensation.

173.— Where a person is indebted to NAMA or a NAMA group entity (whether under an acquired bank asset or otherwise) the amount of any compensation payable by NAMA or any other payment due by NAMA or a NAMA group entity to that person under this Act may, without prejudice to any other right of set-off arising as a matter of law, be applied towards satisfaction of the debt due to NAMA or the NAMA group entity.

Chapter 7

174. Interpretation (Chapter 7).

174.— For the purposes of this Chapter, a reference in this Chapter to NAMA shall be construed, in relation to a bank asset that has been acquired by a NAMA group entity, as a reference to either NAMA or the NAMA group entity unless the contrary intention appears.

175. Application ( Chapter 7 ).

175.— This Chapter applies where an acquired bank asset includes a charge over development land and—

(a) the Court has made a vesting order in relation to the land, or

(b) the chargee’s power of sale has become exercisable, or

176. Development of land.

176.— (1) Where this Chapter applies, NAMA may enter into an agreement (including an agreement with the person who was the debtor in relation to the bank asset concerned) for the purpose of developing the land.

(2) NAMA’s objective in entering into an agreement under subsection (1) shall be the orderly development of the land concerned to secure the best return reasonably possible.

177. NAMA to have certain contractual rights of land developers.

177.— (1) Where this Chapter applies, NAMA has, without prejudice to any rights arising at law, the same rights as the participating institution and the debtor and any associated debtor, guarantor or surety in relation to the acquired bank asset concerned in relation to any breach of contract or obligation (including defective design or workmanship in any building or other structure constructed or to be constructed, or works to be carried out, on, in or under the land concerned). All such rights shall be taken to have been assigned to NAMA by the acquisition by NAMA of the bank asset, subject to—

(a) any obligations or liabilities of the participating institution under the relevant bank asset, and

(b) any exclusion of obligations and liabilities from the acquisition set out in the relevant acquisition schedule.

(2) Where under subsection (1) NAMA acquires a right in relation to any breach of contract or obligation, NAMA may, by certificate under its seal, confer that right on another person.

178. Designs and planning documents for land development.

178.— (1) Where—

(a) this Chapter applies, and

(b) there is an agreement with a person in relation to the development of the land concerned,

then—

(i) the person shall deliver to NAMA, on demand, a copy of the agreement (and, if under the agreement any design, plan or other document has been prepared for the purposes of the development of the land, a copy of the design, plan or other document prepared), and

(ii) NAMA may elect to continue, in accordance with its terms, the agreement (with or without entering into a further agreement with the person) as it thinks fit and if it does continue the agreement, NAMA shall assume the rights and obligations under that agreement.

(2) Where an agreement referred to in subsection (1) (b)creates a lien over any design, plan or document prepared for the purposes of the development, the lien is void as against NAMA, without prejudice to the claim underlying the lien.

(3) Without prejudice to subsection (1) (b) (ii), where an agreement referred to in subsection (1) (b)confers a right to do so on a participating institution, NAMA may direct the participating institution to assign the agreement to NAMA and when NAMA does so, the participating institution shall comply with the direction.

(4) Where an agreement referred to in subsection (1) (b) is assigned to NAMA in accordance with a direction under subsection (3), or NAMA makes an election under subsection (1) (b) (ii), NAMA is not liable for any breach of the agreement that occurs, or liability that arises, before the assignment or the election to continue the agreement.

(5) Where a participating institution cannot assign to NAMA any licence that it holds, then NAMA, at its option, shall, by virtue of this section, be taken to hold a licence from the person referred to in subsection (1) (b)—

(a) authorising the reproduction, making available, adaptation, distribution and use by NAMA of any intellectual property of the person in any drawings, designs, plans or other documents referred to in that subsection, and

(b) authorising NAMA to grant a sub-licence of that licence.

(6) Where a licence held by a participating institution—

(a) does not authorise the reproduction, making available, adaptation, distribution and use by the participating institution of any intellectual property of the person referred to in subsection (1) (b) in any drawings, designs, plans or other documents referred to in that subsection, or

(b) does not authorise the participating institution to grant a sub-licence of the licence,

then, at its option, NAMA shall, by virtue of this section, be taken to hold a licence from the person authorising it to do the things mentioned in paragraphs (a) and (b).

(7) Nothing in this section deprives a person of—

(a) fair and reasonable remuneration for work already done, or

(b) a fair and reasonable licence fee in relation to a licence referred to in subsection (5).

179. Limitation of right to renewal of certain business tenancies.

179.— Section 16 of the Landlord and Tenant (Amendment) Act 1980 does not apply in relation to a tenancy (other than a renewal of an existing tenancy) granted by NAMA or a NAMA group entity of a tenement (within the meaning given by section 5 of that Act) unless NAMA or the NAMA group entity specifies otherwise in writing.

PART 10 Legal Proceedings

Chapter 1

180. Interpretation (Part 10).

180.— In this Part:

“Court” means the High Court;

“court” includes an arbitrator;

“defendant” includes a respondent in arbitration proceedings;

“plaintiff” includes an applicant in arbitration proceedings.

Chapter 2

181. Application (Chapter 2).

181.— (1) The provisions of this Chapter apply in relation to legal proceedings commenced on or after 30 July 2009 by a person who is a debtor, associated debtor, guarantor or surety in relation to a bank asset, or a participating institution in connection with a bank asset if the bank asset is specified (whether at the commencement of the proceedings or afterwards) in an acquisition schedule.

(2) The provisions of this Chapter apply in relation to legal proceedings referred to in subsection (1) on and from the time at which the bank asset concerned is specified in an acquisition schedule.

182. Damages to be only remedy for certain claims.

182.— (1) Subject to subsection (2), a claim to which this Chapter applies gives rise only to a remedy in damages or other relief that does not in any way affect the bank asset, its acquisition, or the interest of NAMA or the NAMA group entity or (for the avoidance of doubt) any property the subject of any security that is part of such a bank asset.

(2) A person may apply for an order that the person may apply for a remedy other than or in addition to that permitted by subsection (1) in relation to a claim to which this Chapter applies.

(3) An application for an order mentioned in subsection (2) shall be made only by leave of the Court. An application for such leave may be made ex parte.

(4) Leave shall not be granted to apply for an order under subsection (2) unless the Court is satisfied that the application raises a substantial issue for the Court’s determination and—

(a) the application for leave is made to the Court within 30 days after the later of—

(i) the notification by the participating institution to the relevant debtor, associated debtor, guarantor or surety under section 96, and

(ii) the accrual of the cause of action in respect of which the legal proceedings arose,

(b) the Court is satisfied that—

(i) there are substantial reasons why the application was not made within that period, and

(ii) it is just and equitable in all the circumstances to grant leave having regard to the interests of any affected person.

(5) If the Court grants leave to apply for an order under subsection (2), the applicant shall serve on NAMA the order granting leave and the application.

(6) The Court shall make an order under subsection (2) if and only if the Court is satisfied that if the applicant’s claim were established, damages would not be an adequate remedy.

(7) For the avoidance of doubt, this Chapter applies to proceedings in being at the time of specification in an acquisition schedule of a relevant bank asset.

(8) Nothing in this section prevents a party—

(a) defending proceedings in rem in respect of a bank asset instituted against it by NAMA, a NAMA group entity, a participating institution or a statutory receiver, in a manner which might affect the bank asset, its acquisition by NAMA or a NAMA group entity or any property the subject of any security, or

(b) in the defence of such proceedings, making any claim in relation to such a bank asset.

(9) Nothing in the section affects the operation of the Family Home Protection Act 1976.

Chapter 3

183. Application (Chapter 3).

183.— This Chapter applies in relation to all legal proceedings—

(a) to which NAMA or a NAMA group entity is or becomes a party,

(b) relating to a designated bank asset or acquired bank asset, or

184. Conduct of legal proceedings in relation to acquired bank assets.

184.— (1) Where NAMA or a NAMA group entity is a party to any legal proceedings affecting an acquired bank asset, the participating institution from which the bank asset was acquired shall, without prejudice to any other obligation arising under this Act, if NAMA or the NAMA group entity so requests, provide NAMA or the NAMA group entity with any assistance reasonably required by NAMA or the NAMA group entity for the purpose of the proceedings, including—

(a) the provision of documents or information,

(b) the making available of witnesses, and

(2) A participating institution has, and shall be taken always to have had, as part of its functions and objects, the power and capacity to give the assistance required by subsection (1).

185. Effect of acquisition, etc., of bank assets on legal proceedings — participating institution plaintiff, etc.

185.— (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.

(3) Notwithstanding subsection (1), where NAMA or a NAMA group entity is substituted under subsection (1), the participating institution remains a party to the proceedings as defendant or respondent to any counterclaim or cross-claim in the proceedings.

(4) Where NAMA or a NAMA group entity is substituted under subsection (1)—

(a) the court may order the participating institution to make discovery or answer interrogatories as if it were still a party to the proceedings, and

(b) NAMA or the NAMA group entity shall not be ordered to make discovery or answer interrogatories unless the court considers it necessary to do so for any special reason in the interests of justice.

(5) Notwithstanding subsection (1), an election by NAMA or a NAMA group entity to be substituted under subsection (1) does not render NAMA or the NAMA group entity liable in relation to any counterclaim or cross-claim, or claim to set off, in those proceedings.

(6) Where NAMA or a NAMA group entity has elected to be substituted under subsection (1), NAMA or the NAMA group entity shall as soon as may be file a notice in the court concerned of the election and shall serve a copy of the notice on the participating institution and each other party to the proceedings. No amendment to the proceedings is to be required.

(7) Where NAMA or a NAMA group entity is substituted under subsection (1), without prejudice to any application for costs by the participating institution against any person other than NAMA or a NAMA group entity, the participating institution continues to be liable for—

(a) its own costs in the proceedings before the substitution of NAMA or the NAMA group entity as a party and any potential costs liability incurred to other parties to the proceedings as a result of the participating institution being a party to the proceedings before that substitution, and

(b) any subsequent costs that it may incur in any capacity in which it remains a party to the proceedings.

(8) A party to legal proceedings referred to in this section is not entitled to join NAMA or a NAMA group entity as a party to the proceedings.

(9) The provisions of this section apply with any necessary modifications to arbitration proceedings.

186. Effect of acquisition of bank assets on legal proceedings — NAMA, etc., may enforce judgment.

186.— (1) Where a participating institution has obtained judgment in legal proceedings in relation to an acquired bank asset, the judgment so obtained shall be taken to have been assigned to NAMA or the NAMA group entity concerned.

(2) NAMA or the NAMA group entity concerned may enforce a judgment referred to in subsection (1) by any means (including by issuing execution). In particular, NAMA or the NAMA group entity may apply for a judgment mortgage pursuant to the judgment.

187. Effect of acquisition of bank assets on legal proceedings where participating institution not plaintiff.

187.— (1) If the participating institution from which NAMA or a NAMA group entity acquires a bank asset is, at the time of acquisition of the bank asset, a party (otherwise than as plaintiff) in legal proceedings in relation to the bank asset, the participating institution remains a party to the proceedings in the same capacity.

(2) NAMA or a NAMA group entity may elect to become a party to any legal proceedings referred to in subsection (1). In a case where the participating institution has brought a counterclaim NAMA or the NAMA group entity may at its election be substituted for the participating institution as counterclaimant but does not become liable in respect of the claim.

188. Conduct of proceedings.

188.— If NAMA or a NAMA group entity elects not to be substituted for a participating institution in relation to legal proceedings, or elects only to be substituted as plaintiff under section 185—

(a) the participating institution shall conduct the proceedings with all due vigour in a way that protects the interests of NAMA and the NAMA group entity and in accordance with any directions given by NAMA or the NAMA group entity, and

(b) NAMA or the NAMA group entity may at its election join the proceedings as a notice party.

189. Costs.

189.— (1) At the conclusion of each interlocutory application in any legal proceedings to which this Chapter applies, the court concerned shall make orders as to costs in respect of the application and, having received submissions from the parties as to the levels of those costs, the court shall measure those costs.

(2) Costs measured under subsection (1) shall be enforceable against the party directed to pay those costs. If the party fails to discharge those costs within 30 days of the court order measuring those costs, the court may on the application of any party to the proceedings or of its own motion impose terms as to the continuation of the proceedings pending the discharge of the costs.

190. Evidence — amount of debt due.

190.— In any proceedings for the recovery by NAMA or a NAMA group entity of money, a certificate in writing under the seal of NAMA or the common seal of the NAMA group entity that a specified sum of money was owing to NAMA or the NAMA group entity at the date of the certificate by a specified person on a specified account is, at any time within one month after the date of the certificate, evidence that the sum specified in the certificate is and remains owing to NAMA or the NAMA group entity by the person and on the account specified in the certificate.

191. Evidence — application of Bankers’ Books Evidence Act 1879.

191.— (1) In this section “Act of 1879” means the Bankers’ Books Evidence Act 1879.

(2) Where—

(a) a copy of an entry in a bankers’ book (within the meaning given by section 9(2) of the Act of 1879) falls to be produced in evidence,

(b) the book is in the custody or under the control of NAMA or a NAMA group entity, and

(i) he or she truly believes that the book or record was kept in the ordinary course of the bank’s business, and

(ii) the book is in the custody or under the control of NAMA or the NAMA group entity,

then the requirement for proof in section 4 of the Act of 1879 shall be taken to have been satisfied.

(3) The Act of 1879 has effect in relation to the books and records of NAMA or a NAMA group entity as if—

(a) NAMA or the NAMA group entity were a bank,

(b) references to bankers’ books in that Act were to the ordinary books and records of NAMA or the NAMA group entity, and

192. Limitation of power to grant injunctive relief.

192.— (1) Where injunctive relief is sought on an interim or interlocutory basis in proceedings to which this Chapter applies—

(a) to compel NAMA or a NAMA group entity to take or refrain from taking any action, or

(b) to compel any other person to take or refrain from taking any action where the relief if granted would adversely affect NAMA or a NAMA group entity,

the Court shall have regard, in determining whether to grant such relief, to the public interest.

(2) In considering the public interest, the Court shall have regard to—

(a) the purposes of this Act, and

(b) the importance of permitting NAMA to discharge its functions in an expeditious and efficient manner.

(3) Unless the Court is satisfied that not granting injunctive relief would give rise to an injustice, the Court shall not grant such relief where a remedy in damages would be available to the person who seeks that relief.

(4) For the purposes of subsection (3), the possibility that the action against which injunctive relief is sought would or might result in a person being declared bankrupt or ordered to be wound up or otherwise adversely affected is not, of itself, sufficient to establish that not granting such relief would give rise to an injustice.

193. Limitation of judicial review.

193.— (1) Leave shall not be granted for judicial review of a decision under this Act unless—

(a) either—

(i) the application for leave to seek judicial review is made to the Court within one month after the decision is notified to the person concerned, or

(ii) the Court is satisfied that—

(I) there are substantial reasons why the application was not made within that period, and

(II) it is just, in all the circumstances, to grant leave, having regard to the interests of other affected persons and the public interest,

and

(b) the Court is satisfied that the application raises a substantial issue for the Court’s determination.

(2) The Court may make such order on the hearing of the judicial review as it thinks fit, including an order remitting the matter back to the maker of the decision with such directions as the Court thinks appropriate or necessary.

(3) This section applies to NAMA and a NAMA group entity in the same manner as it applies to any other applicant for judicial review of a decision under or pursuant to this Act.

194. Limitation of certain rights of appeal to the Supreme Court.

194.— (1) The determination of the Court of an application for leave to apply for judicial review, of an application for judicial review, of an application for leave to apply for an order, or an application for an order, under section 182, is final and no appeal lies from the decision of the Court to the Supreme Court in either case, except with the leave of the Court.

(2) The Court shall grant leave under subsection (1) only if that Court certifies that its decision involves a point of law of exceptional public importance and that it is desirable in the public interest that an appeal should be taken to the Supreme Court.

F19[(2A) On an appeal from a determination of the Court in respect of an application referred to insubsection (1),the Supreme Court—

(a) has jurisdiction to determine only the point of law certified by the Court undersubsection (2), and to make only such order in the proceedings as follows from that determination, and

(b) shall, in determining the appeal, act as expeditiously as possible consistent with the administration of justice.]

(3) This section does not apply to a determination of the Court in so far as it involves a question as to the validity of any law having regard to the provisions of the Constitution.

195. Lites pendentes to have no effect, etc.

195.— Where NAMA or a NAMA group entity has acquired a bank asset, a lis pendens, caution or inhibition registered on or after 30 July 2009 shall be of no effect against NAMA, a NAMA group entity or a person who acquires that bank asset from NAMA or a NAMA group entity, even if it is registered against the title to any registered land that forms part of the bank asset unless the party registering it has secured or secures an order under section 182 (2).

PART 11 Use of Information

196. Definition (Part 11).

196.— In this Part “adviser” includes an investment adviser, an investment banker, a property valuer, a solicitor, an accountant and an auditor and any staff member or employee of, and any agent or other person acting on behalf of, an adviser.

197.— A participating institution shall be taken for all purposes to have consented to the disclosure of information in accordance with this Part.

198. Duty of confidentiality, etc., not contravened by provision of information or production of documents and books for inspection.

198.— (1) Disclosure by a credit institution to NAMA or the NTMA of information or records about a bank asset, or about any person connected with a bank asset, made on or after 30 July 2009, does not contravene any duty of confidentiality to which the credit institution or any other person is subject.

(2) The production by a person to NAMA, a NAMA group entity or the NTMA of a document that a person could not have been compelled to produce to a court on the grounds of legal professional privilege does not constitute a waiver of that privilege from production in relation to the document.

199. Duty of confidentiality, etc., not contravened by provision of information to, or production of documents and books for inspection by, potential purchasers.

199.— (1) The disclosure of information or a book, document or record in relation to a bank asset by NAMA or a NAMA group entity to a potential purchaser or to such a purchaser’s agent or adviser does not contravene any duty of confidentiality to which NAMA or the NAMA group entity would otherwise be subject.

(2) The production of any book, document or record under subsection (1) that NAMA or a NAMA group entity could not have been compelled to produce to any court on the grounds of legal professional privilege does not constitute a waiver of that privilege.

(3) NAMA or a NAMA group entity may disclose confidential information to a participating institution, but only if to do so is necessary for the identification of bank assets, for the purposes of NAMA’s making a decision whether or not to acquire bank assets, or for the proper management of acquired bank assets.

200. Obligation to provide information, etc., to NAMA, etc., extends to provision to advisers.

200.— An obligation under this Act of a person to provide information to NAMA or a NAMA group entity, to produce a book, document or record to NAMA or a NAMA group entity, or to provide facilities for the inspection of or taking copies from a book, document or record also has effect as an obligation of the person to provide such information, produce such a book, document or record or provide such facilities to an agent or adviser acting on behalf of NAMA or the NAMA group entity.

201. Operation of Data Protection Acts 1988 and 2003.

F20[201.—(1) For the avoidance of doubt, an obligation on a credit institution or any other person under this Act to disclose information to NAMA, a NAMA group entity or the NTMA extends to personal data within the meaning of the Data Protection Regulation.

(2) In this section, "Data Protection Regulation" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016^37on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).]

202. Disclosure of confidential information.

202.— (1) In this Act “confidential information” means—

(a) information relating to the commercial or business interests of a participating institution or of a person who is or has been in a relationship with a participating institution,

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