25/08/2010

NAMA Applauded At Stormont

There has been high-level support expressed for the work of the Irish Republic's National Asset Management Agency, (NAMA) and its impact on NI finances.

The Stormont Finance Minister, Sammy Wilson has met with Frank Daly, Chairman of NAMA and Peter Stewart, Chairman of NAMA's Northern Ireland Advisory Committee together with members of the Committee to discuss progress and future work.

Speaking afterwards, Mr Wilson (pictured) commented on the way in which the agency is handling the so-called 'toxic' assets across Ireland: "Without NAMA we might have had a catastrophe.

"With NAMA we have the opportunity to manage our way through the process.

"The first two tranches of loans transferring to NAMA have totalled some €27billion with banks receiving approximately €13billion of securities.

"To this extent money is flowing again and banks must make sure that this money in turn flows to businesses and generates economic recovery," he said.

He was speaking just hours after the Irish Republic had its credit rating downgraded by a leading ratings agency, Standard and Poor's (S&P).

S&P fears that the growing cost of propping up the country's troubled banking sector will further weaken the Dáil government's finances.

It now thinks that the Irish government will spend €90 ($101bn; £74bn) helping the banks, €10bn higher than previous estimates.
News Image
Minister Wilson was speaking after what was the first of many such regular meetings following the establishment of the Northern Ireland Advisory Committee in May 2010.

"This was a very timely meeting as NAMA have just completed the transfer of the second tranche of loans from their participating banks.

"The first of the Northern Ireland based loans have now begun the transfer process and this involvement will increase rapidly between now and the end of the year.

"Ultimately, loans with a nominal value of approximately €5 billion will transfer from Northern Ireland and the role of the Northern Ireland Committee will become increasingly important," he said.

"I emphasized the strategic importance of NAMA's work for our economy and NAMA representatives assured me again that there will be no 'firesale' of assets and that these will be carefully managed over the medium term.

"Our Northern Ireland Committee representatives will have a key input to that process," he continued.

"For my part, I agreed to ensure that the NAMA Northern Ireland Committee representatives are kept informed of NI Executive decisions, e.g. plans for disposal of further assets to ensure that there is coordination of activities and avoid flooding the local market with land sales, and that we should examine how this close co-operation could be extended to the ongoing work of the banks."

(BMcC/KMcA)

Related Northern Ireland News Stories
Click here for the latest headlines.

19 September 2019
Sex-Work Law Review Shows Minimal Effect On Demand
The change to Northern Ireland's prostitution laws four years ago has had only a 'minimal effect' on demand, an academic report has found. The Department of Justice published the independent three-year review into the offence of purchasing sexual services after the Human Trafficking and Exploitation Act was introduced in 2015.
29 July 2011
No 'Fire Sale' On NI Property, Says Wilson
The Stormont Finance Minister has insisted there will be no so-called 'fire sale' of bankrupt properties taking place in Northern Ireland.
14 May 2010
NAMA Move Welcomed At Stormont
There has been a welcome for an announcement by the National Asset Management Agency (NAMA) confirming the establishment of its NI Advisory Committee.
19 February 2018
Northern Ireland To Play Israel At Windsor Park
Northern Ireland are to play against Israel in a friendly international on Tuesday, 11 September. The match will take place at Windsor Park at 7.45pm. The game comes three days after Northern Ireland play Bosnia and Herzegovina in the UEFA Nations League at the National Football Stadium at Windsor Park.
03 February 2011
NAMA 'Disappointed' Over Court Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.