The Irish Home Builders' Association (IHBA) has expressed concerns about some aspects of the draft legislation for the National Asset Management Agency (NAMA). In particular, it said it was concerned about the 'extensive powers over individual and property rights conferred on the agency'.
The house builders' body also said there was a need for interim measures to make credit available across the economy ahead of the full operation of NAMA, which will take over property and land loans from the banks.
The IHBA said it was carrying out an extensive consultation process, starting this week, with its members across the country. It will then finalise its submission to Government in response to the draft NAMA legislation.
IHBA director Hubert Fitzpatrick said it was understandable that the legislation should aim to guard against those who might seek to impede NAMA's effective operation. 'However, the draft Bill envisages that NAMA will have powers so extensive, over-reaching and beyond challenge that individual rights may be seriously impeded,' he added.
Mr Fitzpatrick also said a viable construction and property sector was important for the future of the Irish economy.
