This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/northern_ireland/8244232.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| NI 'needs say on Irish bad bank' | NI 'needs say on Irish bad bank' |
| (20 minutes later) | |
| Northern Ireland should have a formal role in the Republic's plans to rescue its economy by buying up its banks' bad debts, the finance minister said. | Northern Ireland should have a formal role in the Republic's plans to rescue its economy by buying up its banks' bad debts, the finance minister said. |
| The Irish government has proposed to set up a National Assets Management Agency (NAMA) to manage the debts and allow banks to start lending again. | The Irish government has proposed to set up a National Assets Management Agency (NAMA) to manage the debts and allow banks to start lending again. |
| Mr Wilson met his Irish counterpart, Brian Lenihan, in Dublin on Tuesday. | Mr Wilson met his Irish counterpart, Brian Lenihan, in Dublin on Tuesday. |
| Any large scale move to sell off Irish assets in NI could have a major impact on the north's economy, Mr Wilson said. | Any large scale move to sell off Irish assets in NI could have a major impact on the north's economy, Mr Wilson said. |
| "NAMA will obviously have some influence over the management and possible disposal of significant assets located within Northern Ireland, most notably land and development assets," Mr Wilson said. | "NAMA will obviously have some influence over the management and possible disposal of significant assets located within Northern Ireland, most notably land and development assets," Mr Wilson said. |
| "It is imperative that this management adopts a prudent and considered position to ensure the long-term interests of the Northern Ireland economy, and indeed that of the Republic of Ireland, are protected." | "It is imperative that this management adopts a prudent and considered position to ensure the long-term interests of the Northern Ireland economy, and indeed that of the Republic of Ireland, are protected." |
| Minister Wilson proposed that the Northern Ireland Executive should have a formal role in taking forward NAMA. | |
| This would safeguard Northern Ireland's interests, he said. | |
| In July, the Irish government announced plans to set up NAMA - a so-called bad bank. | |
| The intention is to unwind the crashed property market in an orderly way and allow the Republic's banks to start lending again. | The intention is to unwind the crashed property market in an orderly way and allow the Republic's banks to start lending again. |
| Initial estimates suggest that the value of loans NAMA might take over could be in the region of 90bn euro, with a considerable element of that being located in the UK, much of it in Northern Ireland. | Initial estimates suggest that the value of loans NAMA might take over could be in the region of 90bn euro, with a considerable element of that being located in the UK, much of it in Northern Ireland. |