The European Commissioner for Economic and Monetary Affairs Joaquin Almunia has said he wants to see the Dáil pass legislation establish NAMA as quickly as possible. The Commissioner made the comments following a meeting with Finance Minister Brian Lenihan.
Joaquin Almunia is the man who negotiated with the Government on establishing NAMA. In a press conference with Minister Lenihan, he said he wanted legislation setting up the new agency to pass as soon as possible.
Mr Almunia added that he wished to see the Dáil pass a Budget in December which would help it restructure the public finances.
Asked about the proposal from union leaders to allow more time for Ireland to tackle its deficit, he said only the poorest in society could say they cannot be part of the solution.
Minister Lenihan said he would soon outline what Ireland's financial position would be if it did not make adjustments. He stressed that if Ireland allowed its interest bill to mount up it would find itself in a very serious situation.
Banks to pay levy if NAMA makes loss
Earlier, it emerged that the Government is to introduce the facility to impose a levy on the banks if NAMA is not successful in legislation to set up the new agency.
While the facility to use a levy had always been part of the National Asset Management Agency plan, it was expected to be included in separate legislation. But it has now emerged that it will be part of the legislation establishing the new agency.
The development emerged following talks on the new Programme for Government between the Green Party and Fianna Fail.
A spokesman for the Department of Finance said: 'The Government has always made clear that in the event that NAMA were to make a loss over the long term, which is not expected, then a levy would be introduced on the financial institutions.
'The Government has decided to make provision for such a levy, on a precautionary basis, by way of a committee stage amendment to the NAMA Bill.
'Any such levy would arise only if NAMA has made a loss on its eventual wind-up or after ten years, and would be carefully judged so as not to disrupt the stability and sustainability of the banking system.'
