Broad welcome by business, construction and banking sectors

THE reaction from the business, construction and banking sectors to the publication of the proposed bad bank legislation was broadly positive last night.

The Irish Banking Federation, the representative body of the Irish banks, said the setting up of NAMA was “central to strengthening the balance sheets” of the Irish banks to ensure they can lend to Irish business and drive economic growth in the future.

The federation said the NAMA model has been used “successfully” in many countries where banks faced similar challenges.