North's Nama committee will be informed of asset disposal plans

THE NORTHERN Ireland advisory committee of the National Asset Management Agency (Nama) will be officially informed of any potential plans by the North’s Executive to dispose of assets to avoid “flooding” the local market with land sales.

The North’s Finance Minister, Sammy Wilson, said he also intends to ensure there is “co-ordination of activities” between the Northern Ireland Executive and the advisory committee to ensure the best outcome for the local economy.

There are estimated to be around 150 companies and individuals in the North who may have an exposure to Nama.

Mr Wilson, who had his first meeting with Nama’s Northern Ireland advisory committee this week, said the organisation’s work is of “strategic importance” to the North’s economic future.

The Finance Minister said: “For me it is clear. Without Nama we might have had a catastrophe. With Nama we have the opportunity to manage our way through the process.

“The first two tranches of loans transferring to Nama have totalled some €27 billion, with banks receiving approximately €13 billion of securities. To this extent money is flowing again, and banks must make sure that this money in turn flows to businesses and generates economic recovery.”

Mr Wilson said he is keen to see how the spirit of co-ordination he hopes to develop with Frank Daly, the chairman of Nama, together with Peter Stewart, the chairman of Nama’s Northern Ireland advisory committee, might be extended to look at the “ongoing work of the banks”.

The Northern Ireland Minister’s meeting with the advisory committee comes as Nama completes the second tranche of loans from participating banks and the first set of loans located in the North.

It is estimated these loans could total in the region of €360 million.

Mr Wilson said he expected the transfer process involving Northern Ireland-based loans to increase rapidly between now and the end of the year.

“Ultimately, loans with a nominal value of approximately €5 billion will transfer from Northern Ireland, and the role of the Northern Ireland Committee will become increasingly important,” he added.