Toxic bank plan 'not a bail-out', says Lenihan

The Irish Government tonight unveiled a toxic bank plan to take over billions worth of failing property deals, with Finance Minister Brian Lenihan insisting it was not a bail-out.

The Government tonight unveiled a toxic bank plan to take over billions of euro worth of failing property deals, with Finance Minister Brian Lenihan insisting it was not a bail-out.

The draft legislation will allow a state body - the National Asset Management Agency (Nama) - to buy up loans at a discount and chase debts.