Cabinet approves draft laws on toxic assets agency
The Cabinet tonight approved draft legislation on controversial laws setting up the State’s new toxic assets agency Nama.
Government ministers rubber-stamped the complex legislation, which will be unveiled on Thursday.
The Bill is expected to be published on the Department of Finance website to allow Opposition politicians and the public to study the proposals before a final version is debated in the Oireachtas after it is recalled in mid-September.
The Nama legislation is then expected to pass all stages into law.
The National Assets Management Agency was unveiled in the April mini-budget.
It is designed to recoup losses in banks covered by the State guarantee scheme through the selling-off of developments which collapsed during the property crash.
Finance Minister Brian Lenihan has already signalled that he wants to give time for public consultation to avoid any legal challenges to the new agency.
The National Treasury Management Agency, under which the new body will operate, said it has already completed much of the preparatory work for Nama.
