Daft Property - Irish Property News

NAMA: The €90bn gamble Sweeping powers for 'bad bank' 1,400 loans from 50 top developers THE Government last night gave its 'bad bank' sweeping powers over developers and judges as it unleashed a €90bn plan to rescue banks and kickstart the economy. But Finance Minister Brian Lenihan admitted it could take up to 30 years for the new National Asset Management Agency (NAMA) to sort out the toxic bank assets. The State will effectively become one of the biggest property owners in the world as NAMA is granted extensive powers to take over land and development projects from borrowers who are not keeping up with their repayments. Among the more controversial provisions in the proposed new legislation -- described by Fine Gael as a massive gamble -- is a radical series of rules and procedures to ward off legal attacks that could be disastrous for taxpayers. But the plans, which include limited appeals to the Supreme Court and a clampdown on injunction proceedings, have alarmed

Government to publish Nama legislation today... The Government will today publish legislation setting up the controversial National Asset Management Agency (Nama), the State’s new toxic assets agency. The €90 billion “bad bank” scheme will use Government bonds to buy property loans at a discount from banks, which will then be able to cash the bonds with the European Central Bank. The draft legislation will be published at 5pm today on the Department of Finance website, but the Government intends to amend it next month when it is debated by the Oireachtas. The complex draft laws run to 150 pages and contains more than 200 sections. Nama will operate under the aegis of the National Treasury Management Agency. Banks will have one chance to appeal the price put on their loans by Nama to “a valuations panel”, which will advise the Minister of Finance Brian Lenihan, but the final decision will be his, the Department of Finance has said. Officials expect that loans to the 50 largest property