NAMA legislation ‘likely’ by September

TAOISEACH Brian Cowen has admitted it may be September before the legislation establishing the National Assets Management Agency [NAMA] is ready.

NAMA is being set up to take property loans from the banks in a bid to restore them to health, the goal being to strengthen the banks’ balance sheets and reduce uncertainty over bad debts.

NAMA was announced by Finance Minister Brian Lenihan in the April budget, and Labour leader Eamon Gilmore questioned yesterday when the legislation to establish the new agency would be brought before the Dáil.