Brian Lenihan Jnr (Dublin West, Fianna Fail)

These sections deal with applications for designation as an institution and with the designation of assets. A legal definition of an asset is provided in the Bill. The purpose of that definition is to ensure there is a uniform categorisation of the assets which are transferred to NAMA. The reference to local law must be read in that context.

Deputy Burton raised the question of the Isle of Man. There is a memorandum of understanding between our authorities and those in the Isle of Man on the exchange of information in tax matters.

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