Fine Gael calls for scrapping of NAMA

Fine Gael is calling on the Government to scrap plans to establish a National Assets Management Agency to buy up toxic debts from Irish Banks.

The party says too many disputes will emerge between developers and the agency over the value of properties purchased with these loans.

It says prolonged court battles could also push up NAMA's costs.

Fine Gael finance spokesperson Richard Bruton says a National Recovery Bank should instead be established to get credit flowing in the economy.