One of Ireland's largest building employers' groups had said it will put the draft NAMA legislation to its members for full consultation.

The Construction Industry Federation earlier said it supports the major restructuring, of which NAMA is an important part, of the Republic's banking system and wider economy.

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"Restoring international investor and consumer confidence in our banking system is not only a priority but a vital pre-requisite for recovery in construction and all sectors of the economy," said a CIP spokesman.

"The federation will study the draft legislation in detail and will respond once its deliberations have been concluded. The CIF will input industry’s perspective and experience so as to contribute to the effective operation of the Agency once it is up and running."

He added: "It is imperative that NAMA is up and running as quickly as possible in order to unlock the logjam that has developed in the banking system."

(PR/BMcc)