The Minister for Finance has agreed to a request from Fine Gael’s Richard Bruton that the heads of the Bill to set up NAMA be circulated to the Finance Committee.
Brian Lenihan told the Dáil that the National Asset Management Agency may initially be set up on a non-statutory basis in order to carry out some ‘scoping’ work and he will bring proposals to Government on this shortly.
Deputy Bruton said the taxpayer's neck was being put on the line and it was unacceptable to circumvent the House to set up NAMA.
The Labour Party's Joan Burton said there had to be an opportunity to scrutinise the proposals.
She said it was her understanding that the bad loans will remain within banks in a special division but will be managed by NAMA.
In the Seanad, Independent Senator Shane Ross said NAMA will not be subject to Freedom of Information requests, which he said is unacceptable.
Senator Ross also said that when he asked the National Treasury Management Agency how much its CEO is paid he was told it did not divulge that information.
He said State bodies have no right to such secrecy.
