Finance Minister, Sammy Wilson has acknowledged the significant finance being made available by the National Assets Management Agency (NAMA) for the development and purchase of sites in Northern Ireland.

The Minister was speaking following a meeting he had with NAMA Chairman, Frank Daly and senior officials including members of NAMA’s Northern Ireland Advisory Committee. The purpose of the meeting was to hear about the progress of the agency and its strategy in relation to its work in Northern Ireland.

Mr Wilson said: "I was pleased that NAMA is making significant finance available both in the form of lending to Northern Ireland debtors for the development of existing sites and in terms of vendor finance for potential buyers of commercial property.

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"These initiatives, coupled with the investment the Agency will be making to complete construction work on assets it holds that is already in progress, should help stimulate some much needed activity in the local property and construction markets.

"More widely we discussed the need for all organisations with significant asset portfolios in Northern Ireland – the banks, government and NAMA to work together to ensure that the actions of one does not damage the actions of others. I will be writing to the banks on this issue."

Responding to the announcement to reappoint Frank Cushnahan and Brian Rowntree to NAMA's Northern Ireland Advisory Committee (NIAC) the Minister commented: "I am pleased at the re-appointment of Frank Cushnahan and Brian Rowntree who provide NAMA with vital knowledge and insight into the Northern Ireland property market. This will be particularly important as the work of NAMA moves into its asset management phase where the potential impacts locally could be significant.

"That said, I would still like to see a full NAMA Board Member with a Northern Ireland background who could represent our interests at the highest level in the Agency's decision making. This is a matter I will continue to press on with the Irish Government."

(CD)