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

The bill to establish the agency moves a step forward today when it begins its Committee stage in the Oireachtas today.

More than 200 proposed changes will be debated over the next week in the Dail chamber.

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 passed its first parliamentary hurdle two weeks ago 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.