Irish Bank Resolution Corporation Act 2013
Absorption
"Subsequent to the appointment of Special Liquidators to IBRC on 7th February 2013, a number of Directions have issued to NAMA under the IBRC Act 2013. These Directions included a requirement for NAMA to acquire the floating charge over the IBRC assets for €12.9 billion. NAMA is also required to acquire the underlying assets from the IBRC Special Liquidators in the event that the Special Liquidators are unable to sell the assets to the market (i.e. NAMA is the reserve buyer). NAMA has no control over the bid price or valuation and sales process...NAMA expects to acquire unsold assets at the price set by the Special Liquidators in a number of tranches during Quarters 1 and 2, 2014. NAMA will then manage these assets on a similar basis as its current portfolio."