BANKING LOBBYIST DEFENDS NAMA - Pat Farrell, chief executive of the Irish Banking Federation, welcomed the impending publication of the draft National Asset Management Association legislation, and said that it is a critical step in returning the banking system to health.
He said he believes that banks will co-operate with the project to help make it a success.
He adds that it is his understanding that banks will adopt a supportive attitude to smaller developers who fall outside NAMA's remit.
***
On the currency markets, the euro is now trading at $1.4070 and 85.60p sterling.
