O’Toole seeks more safeguards in NAMA bill

Independent Senator Joe O'Toole has put forward five proposed amendments to the legislation being introduced by the Government to set up the National Asset Management Agency.

One of the changes would prevent bankers and property developers who contributed to the crisis from buying assets from NAMA at discount prices.

Mr O'Toole also wants to reduce the power given to the Minister for Finance under the proposed legislation and to make NAMA more accountable to the Oireachtas.

He says he does not particularly like the NAMA proposal, but if it has to be introduced, politicians must ensure that ordinary taxpayers and citizens are protected.