Brian Lenihan Jnr (Dublin West, Fianna Fail)

For example, proposals to purchase or take long leases of suitable blocks of unsold apartments or units for social or affordable housing needs can be implemented, where this can be shown to create a commercial proposition for NAMA.

I should now like to deal with the main provisions of the Bill. It comprises more than 200 sections and I propose to outline the principal aspects of each part.

Part 1 sets out in detail the purposes of the Bill and includes some general provisions such as the definitions used in the legislation. It also includes a provision dealing with the sanctioning of certain offences committed under the Bill.

Part 2 deals with the purposes, functions and powers of NAMA. NAMA will have all powers to enable it to achieve its purposes and to carry out its functions. In particular, it will have all necessary commercial powers of a financial asset management company, enabling it to take full and determined action in relation to bank assets acquired. The agency has established the appointment of a board and a CEO and related provisions are in place. As in the case of the appointment of public interest directors to the banks, I will, of course, consult with the leaders of the Opposition parties before making any appointments, either to the chair or the board or NAMA.

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