The National Asset Management Agency is making good progress with its work, Finance Minister Brian Lenihan said in the Dáil today.
'The NAMA process for the valuation and transfer of loans is well under way,' Mr Lenihan said in response to a question.
Media reports have said the scheme faced further delays as European Union approval was not expected until the end of February at the earliest.
The Finance Minister said he expected the European Commission to issue a verdict in the first half of 2010 on separate restructuring plans submitted by Bank of Ireland and AIB.
The banks were required to submit the plans after each getting €3.5 billion of capital from the state in return for preference shares last year.
Earlier, the finance spokespersons from the two main opposition parties criticised the decision for the delegation of some duties from the Department of Finance to the National Treasury Management Agency.
Today in the Dáil, Fine Gael's Richard Bruton said it was a 'bridge too far', while Labour's Joan Burton said most banking responsibilities will now fall into the NTMA.
Both pointed out that the agency is also out of the scope of Freedom of Information requests.
