Government set to publish revised Nama legislation

The Government is expected to publish a revised version of the bill setting up the National Asset Management Agency (Nama) today.

The Green Party is claiming credit for a series of changes to the controversial legislation, which is designed to fix the crisis in the financial system.

The changes include a risk-sharing mechanism between Nama and the banks and an 80% windfall tax for profits on rezoned land.

It will also be an offence for banks or developers to lobby Nama, which is being set up to buy bad loans from the main Irish banks in an effort to get them lending normally again.

The Green Party says the changes will ensure the taxpayer is protected, but Fine Gael says the only way this can be done is if all transactions being undertaken by Nama are disclosed in full to the public.

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