RPT-Irish lower house approves 54 bln-euro "bad bank" law

(Repeats to remove attached news alert which has been corrected as [ID:nLC260956])

DUBLIN, Nov 12 (Reuters) - Ireland's lower house of parliament on Thursday approved legislation allowing the government to set up a "bad bank" to pay 54 billion euros ($81 billion) to cleanse banks of risky commercial property loans.

The law to establish the National Asset Management Agency (NAMA), which was approved by the upper house of parliament late on Wednesday, returned to the lower house for approval of changes made in the senate earlier this week.

The lower house of parliament has sent one amendment back to the senate again for consideration later on Thursday but that is regarded as a technicality which will not hold up the legislation.

Thursday's vote allows the bill to be sent to President Mary McAleese, who rarely objects to legislation and who is expected to decide between next Tuesday and Thursday whether to sign it or send it to the courts for constitutional review.

It also needs approval from the European Commission, which has indicated it wanted NAMA to be set up swiftly. Dublin has already started recruiting lawyers and property valuers to have it up and running as soon as possible. (Reporting by Dublin bureau; Editing by Greg Mahlich)