NAMA plans to be discussed in Brussels

The Government's plans for NAMA are expected to be discussed on the sidelines of a meeting of European Finance Ministers in Brussels today.

Brian Lenihan will be seeking to reassure his European counterparts that the National Asset Management Agency will restore the Irish banking system and help get the economy back on track.

Europe's Finance Ministers are in Brussels today to discuss the stability of the euro and items such as the forthcoming G20 meeting in Pittsburgh.

But the real agenda for Finance Minister Brian Lenihan will be to get the Government's message on NAMA across to his European counterparts.

According to a Department of Finance source, Minister Lenihan is especially eager to reassure Britain that NAMA will be successful in freeing up credit and restoring confidence in the banks.

There is some concern in the EU over the Government's plans: just yesterday the ECB cautioned the Government not to expose the taxpayer to too much risk with NAMA by overpaying for the banking assets it will take over.