Labour’s claiming the Government’s using NAMA to take shares in building societies.

Joan Burton’s made the claim as the legislation to establish the Agency begins its Committee stage in the Dáil.

Dozens of changes to the bill are to be debated in the next week.

Deputy Burton says she suspects the Minister is about to pump money into building societies.

“In a late amendment you’re putting, I understand, at least a billion into Irish Nationwide and possibly half that amount into the EBS as part of the late amendment you produced the day before yesterday to give you powers in this bill to take a share in building societies” Burton said.

Opposition parties earlier demanded urgent action to avoid widespread home repossessions, and a rethink on NAMA.

It comes after the European Commission announced yesterday that the cost of NAMA will not affect our national debt.

It had been feared the €54 billion needed for the agency to work could be lumped in with soaring levels of Government borrowing.

But statistical experts in the European Commission said the NAMA debt could be kept separate from the state’s balance sheet.

The government has already approved tweaks to the plan.

Legislation to set up NAMA has already passed its first parliamentary hurdle and the changes, mostly technical, will be introduced at the committee stage of parliamentary debate today.

NAMA will pay €7 billion above estimated current market value of the total assets, reflecting their long-term economic value, and the government expects it to make a profit of €4.8 billion after inflation by the time it is wound up in 2020.