Joan Burton (Dublin West, Labour)

With regard to applications for designation of assets of participating institutions, amendment No. 7 states this will be done "in accordance with any applicable law" while amendment No. 8 states it will be done "subject to any prohibition in any applicable law". Under the legislation, Allied Irish Banks, Bank of Ireland, Anglo Irish Bank and Irish Nationwide Building Society will transfer loans to NAMA. Anglo Irish Bank and INBS will account for €34 billion of the €54 billion being transferred.

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