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Simon Hamilton budget proposals to be heard at executive meeting Stormont: Loan from Treasury proposed to ease budget crisis
(about 7 hours later)
Proposals for the latest round of financial allocations to the Stormont departments will be brought to a meeting of the executive later. The Treasury has been asked to supply Stormont with a one-off loan of between £100m and £150m to ease its budgetary crisis, the BBC understands.
The proposals by Finance Minister Simon Hamilton will be formally discussed by ministers. It is understood that Peter Robinson and Finance Minister Simon Hamilton made the proposal to Chancellor George Osborne.
Previously, Sinn Féin has blocked Mr Hamilton from putting his financial proposals on the executive agenda. The loan would enable ministers to reach agreement on immediate financial allocations.
The move is seen as progress towards resolving the £200m budgetary shortfall at Stormont. It is believed the proposal will be discussed by ministers later.
It is understood that the finance minister and First Minister Peter Robinson have been in contact with Chancellor George Osborne to discuss the proposals, which they hope could ease the budget crisis. The loan would also ensure Stormont did not breach its spending limits by more than £200m at the end of the financial year.
On Wednesday, a source said the proposals were "an imaginative way forward". However, it would increase the amount Stormont would owe the Treasury next year.
The source said that if the Treasury responds positively, it could provide a way for ministers to deal with their immediate financial decisions. It is not clear if Sinn Féin approves the proposal, or what conditions the Treasury might attach to a loan.
The Treasury has not commented on its discussions with executive ministers.
Ministers are due to discuss the latest financial allocations to departments, known as the October Monitoring Round, when they meet at Stormont later.
Justice Minister David Ford has described Thursday's meeting as a critical test of ministers' ability to do the job that voters have given them.Justice Minister David Ford has described Thursday's meeting as a critical test of ministers' ability to do the job that voters have given them.
Earlier this month, the head of the Northern Ireland Civil Service formally warned the Treasury that it was on track to go into the red by the end of this financial year.Earlier this month, the head of the Northern Ireland Civil Service formally warned the Treasury that it was on track to go into the red by the end of this financial year.
Mr Robinson recently said the arrangements for devolved government at Stormont were "no longer fit for purpose". Northern Ireland's First Minister Peter Robinson recently said the arrangements for devolved government at Stormont were "no longer fit for purpose".
On Tuesday, Prime Minister David Cameron said he did not want the Northern Ireland Executive to collapse.On Tuesday, Prime Minister David Cameron said he did not want the Northern Ireland Executive to collapse.