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10/09/2009
NAMA Bill To Be Published Today
A revised version of the Government's controversial asset management plan is to be published today.
The Bill, which will outline the functions and powers of the National Asset Management Agency (NAMA) will include a series of amendments that were, in an unusual move, outlined in a statement by junior coalition members the Green Party yesterday evening.
The Green Party revealed a number of agreed changes to the legislation, including a risk-sharing arrangement between the banks and NAMA, which will mean a in small proportion of the loans banks will not get all the money immediately and will have to wait until NAMA is running successfully.
Other amendements the Greens are claiming they have influenced are that it will be a criminal offence for banks or interested parties to lobby NAMA. All employees will be asked to report attempts to influence the operation of the agency to the Garda Síochána.
A windfall tax of 80% on profits gained from increases in land value due to re-zoning decisions will also be introduced to ensure land speculation is not rewarded, while the agency will also have the ability to make land banks available in a controlled manner to avoid future land price bubbles.
NAMA will also be obliged to report its activities to the Minister for Finance every tree months.
Other changes to be included in the bill are designed to tackle the banking culture, and from the passing of the bill bank directors appointed before 2008 will be required to stand down over the coming two years, and chief executives of banks will not be allowed become chairmen as happened in the case of Anglo Irish Bank.
Announcing the changes, Green Party Minister Eamon Ryan said: “Nobody would choose to be in a position in Government where the state must act to clean up and repair the banks.
"However, this is the position we have found ourselves in. Having examined the options available over the past six months, I believe that NAMA is the best option to mend a broken banking system and steer the economy to recovery."
The NAMA legislation will be published on the Oireachtas website later today.
(DW)
The Bill, which will outline the functions and powers of the National Asset Management Agency (NAMA) will include a series of amendments that were, in an unusual move, outlined in a statement by junior coalition members the Green Party yesterday evening.
The Green Party revealed a number of agreed changes to the legislation, including a risk-sharing arrangement between the banks and NAMA, which will mean a in small proportion of the loans banks will not get all the money immediately and will have to wait until NAMA is running successfully.
Other amendements the Greens are claiming they have influenced are that it will be a criminal offence for banks or interested parties to lobby NAMA. All employees will be asked to report attempts to influence the operation of the agency to the Garda Síochána.
A windfall tax of 80% on profits gained from increases in land value due to re-zoning decisions will also be introduced to ensure land speculation is not rewarded, while the agency will also have the ability to make land banks available in a controlled manner to avoid future land price bubbles.
NAMA will also be obliged to report its activities to the Minister for Finance every tree months.
Other changes to be included in the bill are designed to tackle the banking culture, and from the passing of the bill bank directors appointed before 2008 will be required to stand down over the coming two years, and chief executives of banks will not be allowed become chairmen as happened in the case of Anglo Irish Bank.
Announcing the changes, Green Party Minister Eamon Ryan said: “Nobody would choose to be in a position in Government where the state must act to clean up and repair the banks.
"However, this is the position we have found ourselves in. Having examined the options available over the past six months, I believe that NAMA is the best option to mend a broken banking system and steer the economy to recovery."
The NAMA legislation will be published on the Oireachtas website later today.
(DW)
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03 February 2011
NAMA Boss 'Disappointed' In McKillen Victory
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17 September 2009
Shares Rise As NAMA Debate Continues
The market has reacted positively to the ongoing debate on the National Asset Management Agency, (NAMA). This morning, shares in Irish banks rose in early trading with AIB up 29% in the first 20 minutes of trade in Dublin this morning, to stand at €3.40. Bank of Ireland shares also gained rising almost 17% to stand at €3.
Shares Rise As NAMA Debate Continues
The market has reacted positively to the ongoing debate on the National Asset Management Agency, (NAMA). This morning, shares in Irish banks rose in early trading with AIB up 29% in the first 20 minutes of trade in Dublin this morning, to stand at €3.40. Bank of Ireland shares also gained rising almost 17% to stand at €3.
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Ireland WeatherThis Evening and Tonight:A fine end to the day with some sunshine, then clear spells overnight. Low cloud could form around some Irish Sea coasts later in the night, or a few fog patches in prone spots.. Minimum temperature 9 °C.
