NAMA and its Implications for Construction Contracts, March 2010
08.04.2010
The National Asset Management Agency Act, 2009 (“the Act”) came into effect on 21 December 2009 and Regulations have since been introduced to deal with various procedures under the Act. NAMA has extremely broad powers to achieve its objectives, which are to remove non-performing development loans from the Irish banking sector and release finance back into the economy. Many of the powers and rights conferred upon NAMA by the Act impact directly upon the operation of various construction contracts that have been, or will be entered into in relation to development land.
