NAMA behind closed doors
LAST summer, interested parties were invited to make submissions on the draft bill to establish the National Asset Management Agency (NAMA). The Irish Banking Federation, which represents the main banks, offered a most intriguing submission.
The bankers wanted an explicit statement that NAMA would not be covered by the Freedom of Information Act (FoI). In the event, the legislation included curbs to prevent the agency and banking officials from disclosing details of loans and their holders. But it made no specific reference to the FoI.
And now, thanks to the same Freedom of Information Act, this newspaper is in a position to disclose the terms of the Banking Federation's submission.