Fine Gael launches 11th hour bid to scrap NAMA

A DESPERATE last-ditch bid to scupper NAMA has been launched by Fine Gael, it emerged last night.

The party lodged an official objection to the setting up of the agency with the EU Commission in an attempt to prevent Brussels giving its approval for the transfer of €77 billion of toxic land debts from banks to the Irish taxpayer. Fine Gael Seanad justice spokesman, Senator Eugene Regan, said the move was needed because of the risk such a “disproportionate” movement of debt burdens the Irish economy with the greedy mistakes of bankers.

The 20-page submission was given to the commission last month and claims the agency breaks EU rules on impaired assets.