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NAMA bill debate continues into night

Dáil - Committee stage of the bill being debated
Dáil - Committee stage of the bill being debated

TDs are tonight continuing to debate the NAMA legislation in the Dáil.

Watch the debate live

Just half of the 250 amendments have been considered so far. A final vote on the committee stage is due to be taken at some stage tonight.

Earlier this evening, Minister for Finance Brian Lenihan said he was standing by the decision to pay long term economic values for properties and not current market values as suggested by the opposition.

Much of the day's proceedings so far have been taken up with issues surrounding the accountability and oversight of NAMA.

The Opposition said that a 'gagging clause' is to be put on the chief executive and chairman of the agency. They accused the Minister for Finance of trying to muzzle the, yet to be appointed, heads of the agency from making critical comments.

Brian Lenihan responded saying there was 'ample precedent' for the measures and denied they were being censored.

This morning's session focused on publication of annual reports from the agency, as well as the ability of the minister to hold back confidential information.

The Opposition urged more transparency around the other element of the agency known as the Special Purpose Vehicle.

Fine Gael insisted that a member of staff from the Comptroller and Auditor General's office should be appointed to NAMA to act as a monitor.

Though Mr Lenihan ruled the suggestion out and said such an appointment would duplicate the work of the Financial Regulator. The amendment was defeated.

Comments didn't spark falls - Lenihan

Earlier, Minister Lenihan denied that his comments about a possible delay in passing the NAMA legislation had any impact on the sharp falls in Irish bank shares yesterday.

Speaking this morning, the Minister said there was 'no direct linkage' with his comments that the fall in Irish shares were part of a worldwide trend and international events.

He said that he could see 'no difficulty' in the NAMA legislation being enacted by the middle of November.

He also said he believed the deadline of moving the main loans in the banks to NAMA by the end of the year could be met.

He said a 'lot more had been read into' his comments in the Dáil yesterday about a possible delay than 'had been meant at the time.'