Greens Push For More NAMA Adjustments

The Green Party has put forward yet further adjustments to the Government's new toxic debt agency legislation during a special weekend meeting.

Green Party Finance Spokesperson Dan Boyle revealed more than 80% of party members had voted for more changes to the National Asset Management Agency (NAMA) bill, which is expected to come before the Daíl later this week.

The coalition party proposed the inclusion of a “social dividend” so that benefits, if any, from the proposed agency are extended beyond bank shareholders and developers.

Speaking on RTÉ’s Morning Ireland, Mr Boyle said: “We want to see a social dividend. That was very much a strong feeling that came from the meeting on Saturday, that the State has an ability to acquire assets and properties and the benefits shouldn’t be seen to be going entirely to bank shareholders, shouldn’t be seen to be helping developers who helped bring about this situation.”

Around 150 members of the Green Party met in Athlone on Saturday to discuss NAMA, and voted on their preferred choice of talking the problem of defaulting loans around the country.

The NAMA proposal, which will establish an agency to buy up toxic loans from banks, taking over €90bn worth of debt from Irish banks and into public ownership, was ranked fourth out of six options put before delegates at the all-day Athlone meeting.

The most popular choice at 23% was for an agency that would pay only the current market rate for loans transferred to the banks.

In second place, at 20-21%, was the so-called “Swedish solution”, which would also mean paying only the market price for loans.

Last week, the party announced it had made a number of significant alterations to the original Fianna Fail legislation, including a way that risks could be shared between banks and the State.

(DW/KMcA)