NORTHERN IRELAND’S Minister for Finance Sammy Wilson has asked the Minister for Finance Michael Noonan to consider appointing a Northern Ireland representative to the board of the National Asset Management Agency.
Mr Wilson said he wanted to ensure that Northern Ireland was “in no way disadvantaged” by any decisions the agency would make in relation to its portfolio in the North.
Nama has acquired £3.35 billion (€3.84 billion) worth of Northern Ireland loans – the equivalent to 5 per cent of the agency’s total portfolio.
Mr Wilson said he was concerned that certain data on specific assets remained unavailable, despite Nama disclosing for the first time the properties and land it now controls in the North.
Mr Wilson told The Irish Timeshe believed there was a danger that Nama's Northern Ireland advisory committee is a little removed from what is happening on the ground in the North.
He was also concerned about how the committee operated and about the extent of its influence within Nama. The agency’s Northern Ireland advisory committee was established last year.
It is chaired by Peter Stewart and includes Brian Rowntree, Frank Cushnahan, Brian McEnery, Eilish Finan and Ronnie Hanna, Nama’s head of credit and risk.
Mr Wilson said he believed it was time for Northern Ireland to “have a more direct input” into the decision-making process at Nama. “Nama has a large number of assets in Northern Ireland and the preferred option would be to have a Northern Ireland representative on the board of Nama,” he said.
“I believe there is a good case for this because from Nama’s point of view it will ensure that informed decisions are made that will deliver the best possible return for the Irish taxpayer.
“It is important not just for Northern Ireland but also for Nama that effective decisions are made and that those decisions are made by people who understand the market here.”
Mr Wilson said he had been repeatedly assured by Mr Noonan’s predecessor Brian Lenihan that there would be no fire sale of Northern Ireland assets. But, he said, it was important to ensure that when Nama begins to sell assets in the North it must be sympathetic to the economy.
