Agency gets ready to value, purchase and develop properties

AMONG the sweeping new powers to be given to the new National Asset Management Agency (NAMA) includes the right to value, buy and even develop properties or lands.

NAMA’s role in taking control of the bad debts of banks will be helped by a valuation panel who will review the value of assets when disagreements arise with banks over their real cost.

However, yesterday’s draft legislation stipulates that despite the far-reaching powers for NAMA, the final decision on asset values could be left to the Minister for Finance.