National Asset Management Agency Act 2009

In short

This law establishes the National Asset Management Agency (NAMA) to acquire eligible bank assets from designated credit institutions. Its purpose is to address issues arising from the financial crisis by managing and disposing of these assets.

What it regulates

• The establishment, functions, and powers of the National Asset Management Agency (NAMA).
• The process for designating credit institutions as "participating institutions" and identifying "eligible bank assets."
• The methodology for valuing and acquiring these bank assets.
• The relationship between NAMA and the participating institutions, including their obligations and NAMA's powers over the acquired assets.

Who it concerns

• Credit institutions designated as "participating institutions."
• Individuals or entities whose assets are related to the "eligible bank assets" acquired by NAMA.

Key points

• NAMA is established to manage and dispose of eligible bank assets.
• The Act outlines how NAMA will acquire these assets, including valuation methods and acquisition schedules.
• Participating institutions have obligations to cooperate with NAMA and act in good faith.
• NAMA has powers to appoint statutory receivers and, in certain circumstances, compulsorily acquire land.