(1) In this section:

'acquired bank asset', 'bank asset' and 'participating institution' have, respectively, the meanings given by section 4(1) of the Act of 2009;

'Act of 2009' means the National Asset Management Agency Act 2009;

'NAMA' means the National Asset Management Agency;

'NAMA-subsidiary', in relation to an instrument referred to in subsection (3), means a body corporate which at the time of execution of the instrument is associated with NAMA in accordance with the provisions of section 79.

(2)

(a) Where NAMA directly owns any part of the ordinary share capital, within the meaning of section 79, of another body corporate (in this subsection referred to as the 'first body corporate'), then NAMA shall be deemed to be associated with the first body corporate in accordance with the provisions of section 79.