NAMA Bill is passed in the Dáíl
Thursday, 12 November 2009 17:30The legislation giving affect to the setting up of the National Asset Management Agency has passed all stages in the Dáil. In a vote, the Government side won by 81 votes to 62.
Among the amendments made today was one to provide protection for those working for NAMA or the financial institutions who report misconduct.
After more than 90 hours of debate the NAMA Bill has cleared its last hurdle in the Dáil. 37 amendments were up for consideration today - but in the end only 11 were discussed.
The opposition complained that not enough was given over for the debate - a charge rejected by the Government.
The main change made today was to provide protection for whistleblowers in the banks and NAMA who report misconduct.
The Bill returned briefly to the Seanad where members there signed off on that amendment. The Bill is now due to be signed into law by President Mary McAleese.
NAMA will set up an SPV (special purpose vehicle) to buy and manage €54 billion of loans - mainly linked to land and development - from the banks in an effort to clean up their balance sheets..
