The Minister for Finance has published the Draft National Assets Management Agency Bill 2009 . The Draft Bill sets out the basis on which the Agency will operate. and will be progressed in the Oireachtas when the House reconvene after the summer recess.
The proposed legislation would provide for the establishment of a statutory body to be known as the National Asset Management Agency (NAMA). NAMA’s objectives would include:
- acquiring certain assets from certain persons designated by the Minister
- effecting the expeditious and efficient transfer of those assets to NAMA
- holding, managing and realising those assets
- performing such other functions relating to the management or realisation of those assets as provided for in the Act or as directed by the Minister
- facilitating restructuring of credit institutions of systemic importance to the economy; and
- taking all steps necessary or expedient to protect, enhance and better realise the value of assets transferred to NAMA.
This proposed legislation would also provide for the valuation of assets transferring to NAMA and the review of any such valuation (ii) the giving to NAMA of certain powers and functions in respect of land, or an interest in land, acquired by NAMA . It would also provide for the issuing of debt securities by NAMA in the performance of its functions under the Act and for matters regarding certain legal proceedings relating to assets acquired by NAMA.
Further information on the National Assets Management Agency is available on its website