National Asset Management Agency Bill 2009

— to address a serious threat to the economy and to the systemic stability of credit institutions in the State generally by providing, in particular, for the establishment of a body to be known as the National Asset Management Agency for the purposes of— (a) the acquisition by that Agency of certain assets from certain persons to be designated by the Minister for Finance, (b) effecting the expeditious and efficient transfer of those assets to that Agency, (c) the holding, managing and realising of those assets by that Agency (including the collection of interest and capital due, the taking or taking over of collateral where necessary and the provision of funds where appropriate), (d) the taking by that Agency of all steps necessary or expedient to protect, enhance and better realise the value of assets transferred to it, (e) the performance by that Agency of such other functions, related to the management or realisation of those assets, as provided in this Act or as directed by the Minister, (f) the facilitation of restructuring of credit institutions of systemic importance to the economy, andto provide for the valuation of the assets concerned and the review of any such valuation, to give the National Asset Management Agency certain powers and other functions in respect of land or an interest in land acquired by that Agency, including powers relating to the development of land, to provide for the issuing of debt securities by the Minister for Finance and by that Agency in the performance of its functions under this Act, to provide for certain legal proceedings relating to assets acquired by that Agency and to provide for related matters