Seanad debates

Wednesday, 11 November 2009

National Asset Management Agency Bill 2009: Committee Stage (Resumed)

 

11:00 am

Photo of Paschal DonohoePaschal Donohoe (Fine Gael)

My point relates to the amendment. Section 130 states:

A participating institution that fails to comply with any obligation under this Act is liable to NAMA and any NAMA group entity concerned in damages in addition to any other consequence of the failure under this Act.

The section provides clear guidance with regard to what will be the relationship between NAMA and participating institutions, in this case the banks. However, that fact is neither laid down nor implied in section 210. What will happen if the banks decide to disregard the guidelines laid down in that section?

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