Tabling the motion, Sinn Féin's Jennifer McCann, chair of the Assembly's Finance committee, said that NAMA could have disastrous consequences for the housing market in the North if assets are released into the market at fire-sale values.
She said: 'Currently there is no agreement on when the finances that will be spent acquiring these loans will be recouped.
'If this land were to come onto the local market in the next few years there would be significant deflation of current values, leaving many more people in negative equity and having a long-term detrimental effect on overall economic recovery plans.
'What we need to see is an all island economic summit to deal with NAMA and its effects island wide. Furthermore it should not be the situation that the two economies, north or south, are acting in isolation. We need to find common practices and close co-operation in future economic planning on an all Ireland basis.'
DUP Finance minister Sammy Wilson spoke against the motion.
He said NAMA was a matter for the Dáil and added that he was confident the Irish government had no intention of starting a fire-sale.
He said: 'I don't want to get into a debate about the rights and wrongs of NAMA. The Irish Government has taken a decision that that is the way it is going to manage the banking difficulties which banks based in its jurisdiction have got into.
'That's a decision for the Irish Government and as far as I'm concerned the only input that I wish to have is that if they set up that system then I want to make sure that the issues that effect Northern Ireland are protected through the co-operation which we have on a government to government basis or on a minister to minister.'
The Sinn Féin motion met with significant opposition within the chamber and was defeated at vote.
