Minister for Finance Brian Lenihan hopes to release the legislation bringing the National Asset Management Agency (NAMA) into play over the coming weeks.
Yesterday was the deadline for Irish banks to report back with a detailed breakdown of their property portfolios, giving NAMA its first chance to review loans across several banks. ... This is probably the biggest decision to face Ireland since the creation of the state, and its effects could be felt for decades should we get it wrong.
However, there are two opposing views from the main parties in Ireland, Taoiseach Brian Cowen is insisting that the best advice has been sought on this topic:
"The proposal we have brought forward is on the basis of the best international advice, including the European Commission and the International Monetary Fund, and we are doing this in consultation with the European Central Bank"
And Enda Kenny's (Fine Gael) preference would be to setup a "Good Bank" because NAMA will:
" transfer the responsibility for dealing with toxic loans from the banks who made them, and the investors who funded them, to the Irish taxpayer"
Property Feedback Friday is back and we are asking for your view on NAMA.
Have your say:
- Should NAMA be giving money to developers to complete commercial projects?
- Are you worried how NAMA will value the toxic loans?
- Do you think NAMA is the right solution?
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