NAMA Act to be amended

The Irish Times reports today that the Department of Finance last night stated that it, the Department, would be obliged to amend the NAMA Act to reflect that part of the EU Decision which disallowed NAMA obtaining information from the Revenue [Irish Tax Authority] on NAMA borrowers. The EU were concerned that NAMA would obtain a competitive advantage over other borrowers, something some would argue it already has in its powers to appoint receivers and operationally,  in rolling over debt.

So no great consequences from the amendment as it merely confirms legislatively what the EU has decided.