Legislation to establish the National Asset Management Agency (Nama) is "difficult" for many Green supporters and is "directly opposed" to the party's "philosophical bent" finance spokesman Dan Boyle said today.
However, he warned that any alternatives to the Bill would inflict even "bigger damage on the country in the long-term".
Speaking on RTÉ's Morning IrelandMr Boyle said the Government is not presenting the Nama legislation as a fait accompli but are taking a "consultative approach".
He said the actual changes to the legislation will not occur until the committee stage of the Bill in October giving Green Party members "additional time to go through the nuances and the alternative approaches" towards the legislation.
"Given the scale of what's being proposed the likely cost the potential risk I don't think anyone in the country is going to be worried about a matter of additional weeks or a month or two in making sure we get this legislation right," Mr Boyle said.
Earlier it emerged Green Party leadership proposed to its members that no policy decision be taken on the National Asset Management Agency (Nama) until after the Lisbon referendum.
Concerns about the legislation have led five constituency groups to call a special convention to decide policy, as provided for in the party constitution.
Initially it was proposed that this convention would take place on September 12th, four days prior to the introduction of the Bill to the Dáil. A further convention on October 10th would consider the Programme for Government.
However, the party leadership has proposed that the September 12th meeting be purely consultative, with no binding decisions until the second meeting in October.
The five Dáil constituency groups are discussing the proposal, and a response is expected early this week.
Mr Boyle said the Nama would be the biggest piece of legislation that the party is involved with.
"We are in very uncertain territory, we have to make sure that the process is right so we get the results right, and we don't make any apologies for being such an open democratic party," he added.
Observers say that if the Green Party leadership proposal is rejected and members from the five constituency groups insist on a decision-making convention rather than an advisory conference on September 12th, the party will be in uncharted territory, although consultations between both sides in the debate would continue.
Meanwhile, Labour party leader Eamonn Gilmore called for the temporary nationalisation of the banks amid concerns over the Nama plan.
Mr Gilmore said the Government for the last 12 months has “dithered and stumbled” over the banking crisis and with the Greens at sixes and sevens on the issue they should look again at the case for the temporary nationalisation of the banks.
“It is ironic that while Minister Lenihan refuses to consider temporary nationalisation and insists on going the Nama road, he acknowledges that Nama may not work and that the Government may have to take the banks into public ownership eventually.
“Surely it would be prudent to take this action now, rather than taking a huge gamble with taxpayers money on Nama.
“Temporary nationalisation will be the most effective way to sort out the banks, get credit flowing again and ensure the protection of the maximum possible number of jobs, while at the same time minimising the risk to the taxpayer,” he added.