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Irish Government moves to establish a National Agency to address Irelands Banking
17 September 2009
The Irish Government has published draft legislation to establish the National Asset
Management Agency (NAMA) which will be given sweeping powers to intervene in the Irish
property market. Unusually the legislation has been published for consultation in advance of
the Dail debate in September.
NAMA will have powers to acquire an estimated €90 billion worth of property loans and
property-backed securities at a discount from banks for the purposes of removing risky
loans from the banks' balance sheets.
Author: Finbarr Crowley
Firm: Crowley Millar Solicitors
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