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30/07/2009
NAMA Plan Published
Legislation setting up the controversial National Asset Management Agency (Nama), will be published today by the Government.
NAMA is the State's new toxic assets agency, which will 'clean up' the nation's bank's toxic debts.
The €90 billion scheme will use Government bonds to buy property loans at a discount from banks, which will then be able to cash the bonds with the European Central Bank.
The draft legislation will be published at 5pm today on the Department of Finance website, but the Government intends to amend it next month when it is debated by the Oireachtas.
The 150 page draft will be poured over by opposition parties along with the banks, as many have criticised the Government's plans for the agency.
Fine Gael claimed, upon finalisation of the draft plans on Tuesday, the proposals were "guided by panic".
Fine Gael's Richard Bruton warned that the Government's proposal was putting short-term concerns ahead of the long-term future of the country.
"Panic today and misplaced optimism that tomorrow will look after itself should not guide this massive step," he said.
The opposition minister added: "It is not surprising that this shell-shocked Government is terrified of another liquidity crisis for Irish banks. But it cannot allow itself to be panicked into a solution that might save the banks now, only to hobble the country for the next ten years."
The next meeting of the Cabinet is expected to be held on 26 August, while the Dáil is due to return in mid-September to debate the legislation.
Government sources have stressed the importance of NAMA as the centrepiece of plans to solve the banking crisis.
(DW/BMcC)
NAMA is the State's new toxic assets agency, which will 'clean up' the nation's bank's toxic debts.
The €90 billion scheme will use Government bonds to buy property loans at a discount from banks, which will then be able to cash the bonds with the European Central Bank.
The draft legislation will be published at 5pm today on the Department of Finance website, but the Government intends to amend it next month when it is debated by the Oireachtas.
The 150 page draft will be poured over by opposition parties along with the banks, as many have criticised the Government's plans for the agency.
Fine Gael claimed, upon finalisation of the draft plans on Tuesday, the proposals were "guided by panic".
Fine Gael's Richard Bruton warned that the Government's proposal was putting short-term concerns ahead of the long-term future of the country.
"Panic today and misplaced optimism that tomorrow will look after itself should not guide this massive step," he said.
The opposition minister added: "It is not surprising that this shell-shocked Government is terrified of another liquidity crisis for Irish banks. But it cannot allow itself to be panicked into a solution that might save the banks now, only to hobble the country for the next ten years."
The next meeting of the Cabinet is expected to be held on 26 August, while the Dáil is due to return in mid-September to debate the legislation.
Government sources have stressed the importance of NAMA as the centrepiece of plans to solve the banking crisis.
(DW/BMcC)
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