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| Version 2 | Version 3 |
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| NI 'needs say on Irish bad bank' | NI 'needs say on Irish bad bank' |
| (10 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. |
| In April the Republic's communications minister Eamon Ryan April said he believed about 15% of the bad loans Nama planned to buy would come from Northern Ireland, though some observers believe that estimate is on the high side. | In April the Republic's communications minister Eamon Ryan April said he believed about 15% of the bad loans Nama planned to buy would come from Northern Ireland, though some observers believe that estimate is on the high side. |
| Speaking after Tuesday's meeting 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." | Speaking after Tuesday's meeting 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." |
| "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." |
| Safeguard | Safeguard |
| Minister Wilson proposed that the Northern Ireland Executive should have a formal role in taking forward Nama | 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. | 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. | 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. |
| The plan is supposed to involve the government buying property loans at a discount, then managing them in such a way that the Irish taxpayer will at least break even on the deal over about 10 years. | The plan is supposed to involve the government buying property loans at a discount, then managing them in such a way that the Irish taxpayer will at least break even on the deal over about 10 years. |
| In return the banks are expected to start lending again with the money the government has paid them for the loans. | In return the banks are expected to start lending again with the money the government has paid them for the loans. |
| 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. |
| Three Dublin banks, Anglo Irish, Bank of Ireland and AIB (trading as First Trust) loaned substantial amounts across Northern Ireland for property development. | Three Dublin banks, Anglo Irish, Bank of Ireland and AIB (trading as First Trust) loaned substantial amounts across Northern Ireland for property development. |
| Politicians in Northern Ireland have been concerned that commercial property prices there could be depressed further if Nama rapidly off-loads its Northern assets. |