The National Asset Management Agency acquired loans through a special statutory mechanism in the National Management Agency Act 2009.\u00a0 The National Asset Management Agency acquired by transfer order, the development loans and connected loans of the six major participating institutions.\u00a0 NAMA itself, due to the illiquidity of the property market, undertook many loan sales.<\/p>\n
The NAMA acquisition mechanism was designed to circumvent contractual and other restrictions that would otherwise have applied to the acquisition of the assets, i.e., \u00a0the benefit of the loan agreements and attendant security.<\/p>\n
The \u00a0Irish Bank Resolution Corporation (to which the assets of the Irish Nationwide Building Society and Anglo-Irish Bank Corporation plc) had been transferred was wound up. The Irish Bank Resolution Corporation Act 2013 contained similar provisions, designed to facilitate the transfer of loans in the course of winding of IBRC.<\/p>\n
The Code of Conduct on the \u00a0transfer of mortgages was published by the Financial Regulator long before the financial crisis. It may have implications in the transfer of loans.\u00a0 Generally, it applies to loans and mortgages of residential property.\u00a0 It provides that written consent of the borrower is required before the transfer of a loan.\u00a0 Sufficient information to enable the borrower to make an informed decision must be provided.<\/p>\n
This raises the questions as to whether the regulatory code is legally binding on lenders as and whether and to what extent it affects the \u00a0contractual relationship with the borrower.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
Assignment and Securitisation Modern larger scale bank loan facilities commonly provide for loan assignment and securitisation.\u00a0 This enables the bank to transfer the loan of the benefit of the loan to another, enabling it to make fresh loans and earn additional profit. \u00a0The bulk of the work is likely to be involved in setting up […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[52],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/656"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=656"}],"version-history":[{"count":3,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/656\/revisions"}],"predecessor-version":[{"id":669,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/656\/revisions\/669"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}