Stormont Finance Minister Sammy Wilson has met with southern counterpart Brian Lenihan to discuss the emerging proposals for a National Asset Management Agency (NAMA) in Ireland.

At the meeting Mr Wilson outlined his concerns about the importance of managing carefully the disposal of any stressed bank assets in Northern Ireland to contain the risk of any detrimental impacts upon the local property market and wider economy.

"While the role of NAMA is of critical importance to the Irish economy, I have stressed to him the importance of also carefully managing asset disposals to ensure that local Northern Ireland interests are protected," he said.

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Initial estimates suggest that the value of loans NAMA might take over could be in the region of €90bn, with a considerable element of that being located in the UK, much of it in Northern Ireland.

"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," said Mr Wilson.

"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."

Minister Wilson said the Northern Ireland Executive should have a formal role in taking forward NAMA.

(PR/GK)