Stormont Deputy First Minister Martin McGuinness yesterday insisted threats to Northern Ireland's economy by the Republic's toxic assets agency were being taken seriously.

After talks with Taoiseach Brian Cowen in Dublin, Mr McGuinness said he believed there would be no knee-jerk reactions by the new agency which is feared could sink property prices north of the border.

Concerns about the number of repossessed Northern Ireland properties expected to be taken over by the Republic's National Assets Management Agency (NAMA) were raised at this week's North/South Ministerial Council.

The agency was set up to recoup losses in banks covered by the Republic's State guarantee scheme through the selling off of developments that collapsed during the property crash.

The Stormont Executive was worried NAMA could flood the North's property market with repossessed homes and offices, plunging prices and further rattling an already reeling economy.

"I'm satisfied that the Minister of Finance here Brian Lenihan and the Taoiseach both understand the need to manage this situation in a way that will not cause economic instability," said Mr McGuinness after the talks at Government Buildings.

"The process and mechanism we have put in place will deliver a report to us in the course of the next short while."

Finance Ministers from both sides of the border Mr Lenihan and Sammy Wilson are to hold emergency meetings to hammer out a resolution.

"I think people are behaving very responsibly about how we're dealing with this," said Mr McGuinness.

"I don't get the impression there's going to be a knee-jerk reaction or that there's going to be any decision taken that would further exacerbate what is already a very difficult situation in relation to the property market."

Sinn Fein president Gerry Adams said his party had called the meeting with Mr Cowen to help keep a focus on political developments in Northern Ireland during the economic crisis.

But he insisted they weren't overly worried the Republic's finances had eclipsed the peace process.

"It isn't that we're hugely concerned, it is just necessary to keep a focus, it has to be business as usual on all of these other matters," he said.

Concerns about turbulence within some sections of unionism, transfer of policing and justice powers from London to Stormont and Irish Language rights were discussed.

Mr Adams added that Sinn Fein would discuss their approach to the second Lisbon Treaty referendum during a meeting of their Ard Chomhairle in August. "It appears to me that it exactly the same treaty, it appears to me that the commitments the Government is bringing forward have no real legal or binding change," he said.