The Minister for Finance, Mr. Brian Lenihan, in announcement to the joint orochtast committee provided additional details of how the NAMA is to be operated. In effect Irish Banks will be able to sell to NAMA impaired and no performing property loans at a discounted value. In return they will receive government bonds which they will be able to sell on the money markets. Legislation is to come before the government in July.

At the centre of the issue is the value that NAMA will be prepared for these loans. There has been speculation that this may be discounted by between 10-50%.

Additional details are available from their website at www.nama.ie