Five of Ireland's leading property developers have asked the European Commission to examine NAMA's plans to build 20,000 new homes between 2016 and 2020.
They argue that the scheme will distort Ireland's property market, and that NAMA's borrowings are supported by a State guarantee which allows it to access money at up to six times cheaper than commercial builders can.
The group argues that this constitutes State aid and that builders working with NAMA will be able to undercut rivals when the houses are put on the market.
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The Banking Inquiry Committee has agreed on a draft report. The document was completed last night, albeit without an executive summary and without the signatures of two of its members - Socialist Party TD, Joe Higgins and Sinn Féin Finance Spokesperson, Pearse Doherty. Instead it will begin with a 'chairman's summary.'
It recommends that the state launches legal action against the European Central Bank (ECB), over its stance on burning bondholders - according to reports from The Irish Examiner.
After the first version of the report’s executive summary was considered not political enough - and the second version too political - the third version was dropped, due to time pressure which left members unable to consider formal amendments.
The final report is now due on the 27th of January.
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Almost half of Irish SMEs who applied for funding in the last three months have been refused credit by their banks - according to new figures from the Irish Small and Medium Enterprises Association's (ISME) quarterly survey.
48% of the businesses who applied for funding were refused credit - this is up from 45% in the previous quarter.
"We are back to a situation where almost half of SME credit applications are being rejected," ISME chief executive Mark Fielding said, commenting on the figures.
"This prevents small businesses from capitalising on the economic recovery and the development of their businesses," he added.
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Mondelez, the company which owns Cadbury has been reported to be paying no corporation tax in the UK on profits of £96.5m in 2014 and £83.6m in 2013 made by the chocolate company.
The Sunday Times said that Mondelez wiped out Cadbury’s bills by using interest payments on an unsecured debt which was listed as a bond on the Channel Islands’ stock exchange. The interest paid on this loan could be offset as a lost against gains made elsewhere in the company.
The company has more than £8bn in debt listed as a bond on the Channel Islands’ stock exchange.
This tax arrangement is legal - but it has come to light at a time when international pressure is growing for governments to curb tax avoidance.
A Mondelez spokesperson said: "In common with all global businesses, we pay corporation tax based on the laws of the countries in which we operate."
