NAMA vows 'no fire sales' on assets
Published 08/11/2011 | 10:58
Ireland’s National Asset Management Agency has again ruled out any ‘fire sales’ of properties either side of the border, and says it is willing to be patient while it waits for asset values to recover.
NAMA chairman Frank Daly told a private Northern Ireland Chamber of Commerce briefing that NAMA will work in Northern Ireland to help stabilise the market, generate transactions, provide liquidity and encourage phased asset disposals.
Mr Daly told the meeting that the agency was committed to listening to stakeholders in Northern Ireland with a view to helping devise tailored local solutions.
“We want to ensure that our approach is appropriately tuned for the Northern Ireland market,” he said.
“We have developed good relationships with policy makers in Northern Ireland and [with] other stakeholders and we will continue to listen carefully to what they have to tell us.”
Francis Martin, President of the Northern Ireland Chamber of Commerce, responded: “A healthy and functioning banking sector is key for growth and NAMA’s role in supporting the distressed sectors in banking is a crucial step in strengthening our financial institutions and rebalancing our economy.”
In a briefing to the Irish Dail, NAMA told TDs that it was unhappy that UK banks were disposing of assets in Ireland at prices that were too low.
Meanwhile, Finance Minister Sammy Wilson announced that Peter Stewart is stepping down as a NAMA director and as chair of the NAMA Northern Ireland Advisory Committee.