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34 2009

National Asset Management Agency Act 2009

Chapter 5

Contracted Service Providers

Power to engage service providers, etc.

44 .— (1) Without prejudice to the powers of NAMA under section 12 or otherwise, NAMA may engage the services of any expert adviser or other service provider where NAMA considers it necessary or expedient to do so in connection with the performance of its functions.

(2) Without prejudice to the generality of subsection (1), NAMA may engage a person (including a credit institution that is not a participating institution) to manage or dispose of acquired bank assets as it thinks fit on such terms and conditions as it thinks fit.

(3) The services that NAMA may engage an expert adviser or service provider to provide include relevant services (within the meaning given by section 128 ).

(4) In performing its functions under this Act, in particular in relation to the development of land, NAMA may take account of the resources available to it from the National Building Agency or any other appropriate State agency.

Professional standards and audit.

45 .— In contracts for the provision of services to NAMA by expert advisers and service providers, NAMA shall seek to ensure that each expert adviser or service provider—

(a) operates to the highest standards of honesty and fairness and with due skill, care, prudence and diligence in conducting its business activities under the mandate given to it so as to promote the best interests of NAMA,

(b) effectively employs the resources and procedures that are necessary for the proper performance of such business activities,

(c) makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to NAMA,

(d) complies with any regulatory regime to which it is subject,

(e) permits NAMA to engage auditors to carry out an audit of the books, accounts and other financial statements of the expert adviser or service provider so far as they relate to the services performed for NAMA, and

(f) is obliged to co-operate fully in such audits.