Social justice group criticises NAMA

A group that campaigns for a just society has described the Government's NAMA plan as a €7bn gift to Irish banks.

Social Justice Ireland says the plan for fixing the financial crisis is flawed because banks will be overpaid for bad loans they gave to property developers.

It also says there is no obligation on the banks to give priority to supplying credit to businesses.

The organisation says NAMA should only pay the market value for bad bank loans, and the Government should buy back ICC Bank to use as a mechanism to provide credit to small firms.