Nama Bill passed by Dáil

 

The legislation covering the establishment of the National Assets Management Agency has passed all stages in the Dáil.

The Nama Bill was passed this afternoon by 81 votes to 62.

The Dáil sent one amendment on protection for whistleblowers within financial institutions back to the Seanad for consideration later today. This was agreed in conjunction with the Opposition and is regarded as a technicality which will not hold up the legislation.

The Bill will now be sent to President Mary McAleese, who is expected to sign it into law next week.

The Government hopes to get final approval from the European Commission later this month.

Nama will buy property loans with book value of €77 billion from three banks and two building societies at an average discount of 30 per cent.

Minister for Finance Brian Lenihan has estimated that the loans are currently worth about €47 billion. By overpaying by €7 billion, the Government hopes to avoid bankrupting the banks while adding cash into the system to help revive lending.