Minister for Finance Brian Lenihan has told the Dáil that he will discuss Fine Gael's proposals for a mechanism in the NAMA legislation to ensure credit flow to business and individuals.
Mr Lenihan said he would take the suggestions to the negotiations he is having with the banks and that he would report back to the House on this issue.
He said he was not in a position to say where these negotiations stand at the moment.
But he said he agreed there should be a mechanism in the legislation to ensure credit flow from the banks.
The minister said whatever vehicle is found, it must be binding.
Fine Gael's Finance Spokesperson Richard Bruton ridiculed the Minister's offer, saying it was like signing a contract and then negotiating the terms afterwards.
He said the Minister was asking the House to accept his word that he and the banks would come up with an adequate mechanism to ensure credit flow, but that 'he wouldn't tell the House what it was and that everything would be okay.'
Mr Bruton said the House was signing the cheque and should be in a position to know exactly what for.
Proposed amendments
The Committee Stage of the Dáil is debating over 250 proposed amendments to the NAMA legislation.
Earlier, a Labour Party proposal to set up an independent committee to oversee the work of NAMA was rejected. The amendment was put forward by the Labour's Finance Spokesperson Joan Burton.
The amendment was defeated by seven votes to five. Only members of the Finance and Public Service Committee can vote at this stage.
Minister Lenihan did say that it would be desirable that the Agency reports back to him four times a year. It had been originally suggested in the legislation that NAMA report bi-annually.
Green Party TD Paul Gogarty has said his take on NAMA - and the market value overpayment of €8bn - is that 'it's a scam'. He said he means this in a polite way because getting a 1.5% loan rather than borrowing €8bn at a 4.5% rate would cost the taxpayer a lot more in the long run.
