'Toxic Bank' Assets On Cross-Border Agenda

NAMA was on the agenda this week at a cross-border meeting over Irish financial matters as the Stormont Finance Minister Sammy Wilson (pictured) yesterday held discussions with Brian Lenihan, the Irish Republic's Finance Minister, to discuss issues of mutual interest.

The meeting, which took place at Parliament Buildings in Belfast, is the first formal engagement between the two Ministers since the events of last autumn and the presentation of a Budget in Ireland and a Draft Budget in Northern Ireland.

The Ministers took the opportunity to discuss the work of the National Assets Management Agency (NAMA), the organisation set up to manage so-called 'toxic assets' that had been hit by the international property market crash.

Mr Wilson said: "Mr Lenihan had previously assured me there would be no 'fire sale' of Northern Ireland-based assets.

"Given the deterioration in the financial situation in Ireland, I sought assurances that this commitment still stood. Mr Lenihan confirmed it was his view that such a move would be in no-one's best interests and confirmed there would be no fire sale," he said.

However, the main focus was on general issues within the banking sector and, speaking following the meeting, Sammy Wilson also underlined the relevance of events in Dublin to Northern Ireland's economy.

Mr Wilson said: "I have long been on record as stating that it is in our mutual interests to see strong economies on both sides of the border. For both of us this depends on our having a banking sector that is able to meet the need of businesses and consumers.

"We discussed the implications for our respective economies of events last autumn and I took the opportunity to ensure Mr Lenihan was aware of the impact decisions in Dublin would have in Northern Ireland.

"In particular, I asked him to ensure that his Government's actions to restructure their banking sector did not directly damage our ability to recover from the current recession.

"I impressed on him the importance of not relocating jobs from Northern Ireland and ensuring that Irish-owned banks were encouraged to lend to businesses and consumers here," said the DUP politician.

"In this way we can ensure that the restructuring of the Irish economy does not have an immediate, adverse impact on our own."

(BMcC/GK)