Minister for Finance Brian Lenihan said today he is considering introducing an appeals procedure for companies rejected for loans by lenders as part of the law creating the National Asset Management Agency (Nama).
In a speech to the Seanad, Mr Lenihan said any surcharge on banks should the agency make a loss will be based on a Nama report certified by the country's public- spending watchdog.
The Dáil last week approved legislation for Nama however, a number of complex amendements to the Bill are to be introduced this week in the Seanad where all five stages of the legislation are being debated by the Upper House between today and Wednesday.
The delay in tabling amendments was criticised by the Opposition, who claimed the Government was producing the legislation on the hoof.
Because the amendments are being introduced in the Seanad for the first time, the Bill must return to the Dáil once more later this week.
The Government’s planned amendments include a controversial new tax surcharge on bank profits to cover any potential losses on the Nama operation. It replaces the original plan to levy the banks if Nama made a loss.
There are also plans to place obligations on banks to ensure a credit supply to business and for the creation of a new Oireachtas committee to oversee the agency.
Additional reporting: Agencies