The National Asset Management Agency Act 2009

An invaluable reference guide to practitioners in comprehending the complex and technical provisions of this major piece of legislation whether considered in the domestic or international contexts.




'Uniquely, in a single work, this Reference Guide includes an excellent summary of the events that led to NAMA, thought provoking commentaries on key aspects of the legislation and a truly comprehensive annotated text of the 2009 Act itself. The combined result is a guide that gives the user a complete and objective perspective on one of the most keenly debated pieces of legislation enacted in this country. It will be of great value to anybody interacting with NAMA or with an interest in the work of the Agency.' Frank Daly, Chairman, NAMA




A comprehensive, authoritative and accessible guide to Ireland's National Asset Management Agency Act 2009.




References a wide range of relevant sources including legal, administrative and accounting texts, text of Dail Eireann and Seanad Eireann debates, EU Commission pronouncements and, in relation to specific sections and amendments, the speaking notes and supporting papers of the Minister for Finance, the late Brian Lenihan.




Presented in two parts - commentaries and legislation with annotation.




Commentaries:


Annotators' commentaries deal with a number of high-level themes posed by the Great Recession as it has affected Ireland, including:






Resilience or the vulnerability of the Irish economy and banking system as shaped by the boom of the preceding decade.
The need to provide for a Special Resolution Regime (SRR) as has been done in the UK, US and elsewhere.
Consideration of the exceptionalist nature of certain provisions of the Act, by reference to relevant existing legislation in response to the economic crisis.
Commentary on the status of NAMA as an involuntary creditor.
Consideration of the role of the European Commission in the context of the development and implementation of the legislation.
Obligations placed on directors and senior management of participating institutions which suggest comparison with the US Sarbanes-Oxley provisions, as well as corporate governance issues more generally.


Legislation with annotation:






The text of the Act is reproduced in full with the legal significance of each and every section clearly explained. Relevant court decisions are identified and their significance considered.
There is particular emphasis on the European Union (EU) context and the impact of the law of the Union, specifically EU competition law, undistorted competition and the regime of the single market. An overview commentary locates the legislation in its wider, global context and relates it to themes of concern to policy-makers and to the realm of jurisprudence.
Includes amendments and statutory instruments enacted up to June 2010


NOTE: Updates to this title will be published at appropriate intervals.