Finance Ministers to set up committee on NI Nama loans

A SPECIAL advisory committee will be established to deal exclusively with loans in Northern Ireland being transferred to Nama.

The North’s Finance Minister Sammy Wilson confirmed his Irish counterpart has agreed to the formation of the committee, which Mr Wilson believes will give a “voice” to concerns in Northern Ireland.

He said a full register of the loans in Northern Ireland to be transferred to Nama will also be made available shortly.

Mr Wilson said he raised a number of key matters with the Minister for Finance Brian Lenihan during a meeting yesterday to discuss “issues of mutual concern”.

He said one of the issues involved potential candidates for the two- to three-person Northern Ireland committee that will work closely with Nama chiefs. The precise status or nature of the committee has yet to be finalised.

Mr Wilson told The Irish Times: "There is concern among some businesses in Northern Ireland that they are going to be adversely impacted if operational loans are taken over by Nama.

“What we have put in place is a mechanism which ensures that Northern Ireland business interests can now be raised at the highest levels, but we have got to accept that this is a difficult situation and not a normal banking situation.”

Mr Wilson said he and Mr Lenihan also discussed the rate of discount that will be applied to Northern Ireland interests, and potential tax implications for Northern Ireland companies involved with Nama.

Among the key issues for businesses in the North have been a growing concern about how an association with Nama might affect an individual’s credit rating, and how personal guarantees are going to be dealt with in the future. Mr Wilson said these are areas both he and Mr Lenihan intend to work closely on.

Mr Wilson said he has been “assured” there will not be a “fire sale” of Northern Ireland-based assets by Nama.

Mr Wilson said he had found Mr Lenihan “absolutely willing to listen to the concerns” about the role Nama will play in Northern Ireland. He has met Mr Lenihan three times to discuss Nama since last September.