The National Asset Management Agency is established as a statutory body corporate and its powers, functions and governance arrangements derive from the National Asset Management Agency Act 2009. The Board must carry out its functions independently but is closely guided by its obligations under the Act.
Under the Act the Minister can issue written guidelines and directions, which are binding, to NAMA. All guidelines and directions must be published as soon as possible following issue.
NAMA has adopted Codes of Practice to govern certain matters including, amongst others, the conduct of its officers, servicing standards for acquired bank assets, risk management, disposal of bank assets and the manner in which NAMA is to take account of the commercial interests of non-participating banks. The Codes of Practice are a requirement under the Act and have been approved by the Minister for Finance.
The Act also contains a number of public accountability provisions in relation to the work of the Agency. These include the requirement to submit to the Minister a detailed set of annual accounts, an Annual Statement and quarterly reports on the Agency’s activities. Each of these is laid before both Houses of the Oireachtas.
The Board has adopted the Code of Practice for the Governance of State Bodies and adapted it to take account of NAMA’s particular governance framework and the statutory requirements of the Act. The Board has established a Governance framework. Where appropriate, it is putting arrangements in place to ensure compliance with the Code.