Shares in Irish banks were higher today after yesterday's publication of the draft legislation to set up the National Asset Management Agency.
Read the draft legislation
Read the memo on the legislation
Read the statement from the minister
The proposed legislation, which will be debated by the Dáil in September, proposes to allow the agency to sell, retain or finish property assets that it takes over, as part of its mission to clean up the balance sheets of the banks.
NAMA will have the power to borrow up to €10bn to finish uncompleted developments that it acquires.
This morning, the Minister for Finance, Brian Lenihan said one of the most crucial aspects of NAMA, how much it will pay for the assets it takes over from developers, is almost finalised.
On RTÉ Radio's Morning Ireland, the Minister said he would be in a position to disclose what NAMA is prepared to pay for the properties and other assets of borrowers when the Dáil returns in mid-September.
Opposition parties have been critical of the whole concept in their response.
Labour's Ruairi Quinn said there were plenty of safeguards in the draft Bill for banks and developers, but very few for the interests of taxpayers.
But the debate between the Opposition and the Government will continue as to whether NAMA is the solution to the banking crisis or simply a bad idea.
Two-thirds of the properties that will be acquired by NAMA will be in Ireland.
The bulk of the overseas assets are in Britain.
The Construction Industry Federation has begun consulting its members on the draft legislation.
The Federation, which represents developers, said it will respond once the deliberations have ended.
The CIF said it is imperative that NAMA is up and running quickly to clear the logjam in the banking system.
The Irish Bankers' Federation has welcomed the new legislation.
It said the model used for NAMA had been rolled-out successfully in other countries.
