This evening, nearly a month after they were issued, NAMA has finally published four Directions issued to it by Minister for Finance Michael Noonan in respect of the liquidation of Irish Bank Resolution Corporation. There are three Directions dated 7th February 2013 and one dated 20th February 2013. Interestingly the four Direction letters are dated in a mix of handwriting and typescript whereas the Direction issued to NAMA in March 2012 to pay the Anglo promissory note was entirely in typescript.
Perhaps more interesting, at this time, NAMA has not published the Transfer, Deed, Facility Agreement or Schedules referred to in the Directions. The Facility Agreement is presumably the letter that compels NAMA to make up to €1bn available to IBRC at 1.52% per annum, but there is no direct reference to these details in the Directions. It seems the Minister is still trying his damnedest to suppress what NAMA has been directed to do.
There are four directions
7th February 2013 – The Minister for Finance makes a Direction that a draft Deed of Assignment and Transfer be entered into between the Central Bank of Ireland (as seller) and NAMA (as buyer)
7th February 2013 – The Minister for Finance makes a Direction to the Board of NAMA that it make a bid for assets of IBRC
7th February 2013 – The Minister for Finance makes a Direction to the Board of NAMA to provide a short-term facility to the Special Liquidators of IBRC
20th February 2013 – The Minister for Finance makes a Direction that a draft Deed of Assignment and Transfer be entered into between the Central Bank of Ireland (as seller) and NAMA (as buyer)
The Directions will be studied carefully with an update posted later.
UPDATE: 6th March, 2013. Just a footnote on getting the Directions published, the following parliamentary question was asked yesterday.
Deputy Pearse Doherty: To ask the Minister for Finance further to Parliamentary Question No. 285 of 19 February 2013, the reason he did not publish the directions issued to the National Asset Management Agency on or around 6 February 2013 at that time; the reason NAMA has not itself published the directions; and the reason he failed to publish the directions last week as stated in his reply..
Minister for Finance, Michael Noonan : I can advise that the directions to which the Deputy is referring were laid before the Houses of the Oireachtas by me on Monday 4th March 2013. I am advised that, following this, NAMA also published the directions on Monday 4th March 2013.
NAMA Wine Lake 
the difference between nama/1/13/1brc and nama/4/13/ibrc is the addition of the following text, ‘and/or cash in the amounts determined by NAMA.’ in part B.
A SPiV creates a SPiV to purchase the ‘Assets’ of 2 bust banks; you obviously could make it up.