The Minister for Finance Brian Lenihan says any developer who doesn't pay back their loans controlled by NAMA will be pursued. Minister Lenihan has published the draft legislation for the establishment of the National Asset Management Agency. It gives NAMA the power to value land and development loans held by the banks and buy them at a discount rate. The value to be set will take a longer-term view of the property market and the agency is expected to take control of up to €90bn of property loans, both good and bad. Chambers Ireland has welcomed the draft text, and has called for a speedy debate on the issues. The Irish Banking Federation says NAMA will be crucial in restoring health and stability to our banking system, while the Construction Industry Federation says it will study the legislation in full in consultation with its members. Minister Lenihan says those who took out the loans will still owe the full amount and NAMA will take a tough line with those who are failing to repay.