Green Party announces 'significant changes' to Nama bill

Following a Government meeting today, Green Party Minister Eamon Ryan announced changes to the Nama Bill due to be published tomorrow.

The party listed the changes as: risk-sharing to protect the taxpayer, guarantee of on-lending, Banking reform, windfall tax to discourage speculation, changes to valuations criteria, limit on borrowing, Reporting requirements – quarterly

Announcing the changes, Minister Ryan said: “Nobody would choose to be in a position in Government where the state must act to clean up and repair the banks. However, this is the position we have found ourselves in. Having examined the options available over the past six months, I believe that NAMA is the best option to mend a broken banking system.

“Legislation of such monumental importance to the Irish state requires close scrutiny. The Green Party has been questioning, checking and changing this legislation over the past months. We will continue this level of engagement and improvement within Government.

“The measures we announce today will increase the protection afforded to the taxpayer. They guard against politicisation of NAMA and its operations. All of these measures are designed to make sure that the banking and planning practices that brought us to this crisis cannot be repeated.”