Legislation
The NAMA Act
The National Asset Management Agency Act 2009 (the NAMA Act) was passed into law on 22 November 2009 and came into operation on 21 December 2009.
The European Commission gave its approval for the establishment of NAMA on 26 February 2010. The Commission’s approval was required by reference to its State Aid rules.
The NAMA Act is available via the electronic Irish Statute Book (eISB) which comprises the Acts of the Oireachtas, Statutory Instruments and Legislation Directory.
Guidelines, directions, regulations and orders issued under the NAMA Act
Under the NAMA Act, the Minister for Finance may issue guidelines or directions to the Agency and these are published in Iris Oifigiúil, the official State gazette. The Minister may also issue regulations and orders under the Act. Guidelines, directions, regulations and orders issued to date are listed below.
| Date issued | Description | Relevant section of the NAMA Act |
|---|---|---|
| 11 May 2011 | The Minister for Finance amends the terms and conditions of the Senior notes in order to retain the current valuation of the instruments to support the stability of those credit institutions that hold the notes.  Section 14 Direction 11 May 2011 (53.8 KB, pdf format) | Direction issued under Section 14 of the NAMA Act |
| 22 Oct. 2010 | The Minister for Finance amends the regulations issued on 3 March 2010 to allow for the accelerated acquisition of the remaining loans from the participating institutions. Statutory Instrument 504 of 2010 (42.5 KB, pdf format) | Regulations issued under Section 79 |
| 22 Oct. 2010 | The Minister for Finance directs the Agency to expedite the acquisition of remaining loans from the participating institutions. Section 14 Direction 2010 (28.0 KB, pdf format) | Direction issued under Section 14 |
| 22 Oct. 2010 | The Minister for Finance confers additional functions on the Agency in order to expedite the acquisition of the remaining loans from the participating institutions. Statutory Instrument 505 of 2010 (38.4 KB, pdf format) | Order issued under Section 11 |
| 14 May 2010 | The Minister for Finance makes a Direction concerning the issuance of government-guaranteed debt by NAMA. Section 14 Direction 2010 (275.3 KB, pdf format) | Direction issued under Section 14 |
| 3 Mar. 2010 | The Minister for Finance issues regulations in relation to the valuation methodology to be applied by NAMA when acquiring loans. Statutory Instrument 88 of 2010 (53.5 KB, pdf format) | Regulations issued under Sections 75, 76, and 79 |
| 23 Dec. 2009 | The Minister for Finance issues regulations prescribing certain classes of bank assets as eligible for acquisition by NAMA. Statutory Instrument 568 of 2009 (41.3 KB, pdf format) | Regulations issued under Section 69 |
| 21 Dec. 2009 | The Minister for Finance designates 21 December 2009 as establishment day for NAMA. Statutory Instrument 547 of 2009 (38.2 KB, pdf format) | Order issued under Section 8 |