Wilson: Northern Ireland must be consulted on Nama…

H/T to Fin… I heard this on Radio Ulster earlier, but I was in such a rush I didn’t time to properly listen… Sammy Wilson wants to be consulted on the Nama legislation… Why?

In April the Republic’s communications minister Eamon Ryan April said he believed about 15% of the bad loans Nama planned to buy would come from Northern Ireland, though some observers believe that estimate is on the high side.

Speaking after Tuesday’s meeting Mr Wilson said: “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.”

“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.”

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  • igor

    If they pay for them in Euro they will be desperate to offload them quickly as soon as they can to mitigate the currency risk.

    Great buying opportunity

  • PJM

    Typical Sammy and the DUP. They always want a say on anything that benefits property developers their core constituency. Perhaps with FF coming North the DUP are thinking of going South!

  • DC

    Maybe the executive can snap up some properties cheap to use as good social housing by potentially working together frantically to amalgamate a few services here and there in order to find the money for such investments.

    Those services needing looked at are outlined in the Deloitte report on the costs of too many divisions.

    But, hang on…I’ve forgotten about those damn vested political interests which require we all go in like Noah’s Ark – 2 by 2 – just as it was for the Victim Commissioners.

  • Concerned DUPe

    We want no consultations with foreigners!

  • Sean

    Duper if you are being ironical I didnt catch it but the gyst of the story is that the dupers (namely you) want to be part of Ireland and tell the republic what it can do, or atleast on this issue they want an all Ireland solution

    See if SF stick to their narative they will have the dupers talked around in no time

  • Belfast Gonzo

    Northern Ireland politician who spends lifetime crying ‘No Dublin interference in Northern Ireland’s affairs’ interferes in Dublin affairs.

  • Davros

    Not that shocking, the Irish Gov have spoken to the UK Gov about its intentions regarding RBS/HBOS property portfolio which contains ‘assets’ in both NI and ROI.

  • fin

    I actually had to read the article a couple of times to take it in, I’m probably one of the few on slugger who defend Stormont, and am constantly fustrated that a) unionists on slugger want rid of Stormont as soon as possible, b) an element from both communities who slate it at every opportunity.

    Sammy is to be welcomed for his comments, ok they’re made for selfish interests but it shows how far the DUP have travelled in a few short years, its not so long ago that Arlene Foster feigned ignorance of the location of Cork.

    Regardless of what Stormont doesn’t achieve, regardless of parties posturing to please their hardliners the reality that we are an island and dependent on each other is sinking in.

    Theres a lot of people on slugger who could learn a lesson or two from people like the Doc, Adams, Sammy etc in pragmatism.

    If these guys can take their heads out of the sand so can you.

    Incidently for those calling for the properties to be bought cheap for social housing, the loans total between 10 and 15 billion (or there abouts), they’re also in mainly loyalist areas. There is plently of existing housing in those areas that could be converted for social housing but the real need is in nationalist and mixed areas. Also if you convert that amount of property at a low price you destroy the value of private properties already suffering from negative equity. It actually is the economy stupid, an all Ireland economy.

    PS
    Thanks for the name check Mick.

  • barnshee

    The arse has dropped out of property in thr black north –with a futher fall necessary to bring supply into line with effective demand.

    The nearest analogy is the farmer who has fed now cattle too thin to sell.

    He is in a loss making situation but if he holds on he may make them fat enough to sell. Still at a loss –but a reduced loss.

    Sammy is saying “fer fucks sake don`t dump more properties on a depressed market”

  • nics insider

    I heard from a friend who works in DFP that Sammy found out about this a few weeks ago and to his credit realized the implications for NI, up until then he had had been pretty lukewarm about the NSMC!

    It’s pretty worrying for the Executive when so much of the Program for Government was based upon how much they could get from property sales i.e. Workplace 2010 which is sure to be resurrected in some form. Under the worst case scenario, a firesale of these assets in NI could cause the property market to collapse and the basis of the PfG would be blown out of the water, if it hasn’t been already!

  • Coll Ciotach

    poor provincial – trying to act as if he is in a govt – never worry Sammy – Westminster will look after you – raise the issue in the mother of parliaments

  • beezer

    why doesn’t he suggest that the NI executive pick up that tab?….oh I forgot, he’s not really a “finance minister”…No. 11 says “jump”, Sammy says…”how high?”

    …let’s see now, let’s say 15% of the NAMA bound loans are backed by NI assets, that would be 15% of E90Bn = E13.5Bn = £ST11.8Bn at book value minus say a 30% haircut = £ST8.3Bn.

    So the Irish taxpayer will be swinging for £ST 8.3BN of prime NI development real estate. Given even the most optimistic recovery scenario how long is this going to overhang the NI housing market? If this proposal goes ahead the ROI is going to have a considerably bigger say in the economic recovery of NI than Sammy or any of the other fools on the hill, and for quite some time to come.

  • DC

    Well it was lucky that Peter Robinson managed to sell a part of his back garden when the going was good if not a little overheated (but he was an estate agent once).

    Garden scheme approved

    Northern Ireland’s planning service has approved a plan for 38 dwellings to be built on land in Belfast which includes the back garden of First Minister Peter Robinson.

  • Scaramoosh

    Perhaps the real concern is that the Irish government is going to end up owning large chunks of property in the protestant heartlands?
    A United Ireland by the back door, so to speak..

  • It appears to me that voting DUP is a surer way to a United Ireland than voting SF or the SDLP, for all their talk, it’s when money talks that the DUP listens…

  • igor

    “raise the issue in the mother of parliaments”

    as is right to do for relationships with FOREIGN governments are a matter for our sovereign Parliament at Westminster under whose beneficent rule we all (incluidng the Shinners) operate. That’s the constitutional settlement we all voted for.

  • igor

    ” the Irish government is going to end up owning large chunks of property in the protestant heartlands?”

    after we sold them to them at hugely inflated prices.

  • Coll Ciotach

    Good – we are in agreement – while wee sammy wants to maintain his links with the english they can look after his interests. Interesting to see how hard they push

  • fin

    “after we sold them to them at hugely inflated prices.”

    Igor, at least the Irish have something to show for their £10,000,000,000 one off investment unlike the poor English taxpayer who gets no return for their annual £10,000,000,000 handout to NI

    is “beneficent” ulster-scotch for handout

  • borderline

    Yep Irish own property in Protestant areas. In Donegal, Dublin and Cork Protestants own property in Irish areas.

    A hill of beans I do not see.

  • barnshee

    “Igor, at least the Irish have something to show for their £10,000,000,000 one off investment unlike the poor English taxpayer who gets no return for their annual £10,000,000,000 handout to NI”

    Jealousy will get you nowhere –by my estate agents estimate the “value of the propery” will collapse to some 3-4bn sterling –leaving the ROI taxpayer with a bill for oh probably 8bn. With a lot of propery in prod areas (not to mention prod hands) the future is not bright for the investment.

    Still look on the bright side a lot of prods will get cheap property– eventually -an Ireland of equals at last.

  • Igor:

    as is right to do for relationships with FOREIGN governments are a matter for our sovereign Parliament at Westminster

    … so what’s the N/S ministerial council for again?

  • aquifer

    Expand the universities and fill up these spare homes with foreign students?

    It looks like those empty ‘Protestant’ areas should be re-zoned to ‘other’.

    The DUP won’t do that so we have a DUP economy.

    Dead Under Protestantism.

  • fin

    Yes borderline, and Poles, Hungarians and Romanians also live in Irish areas, a lot of the properties covered by this debt are in areas were the locals are very protective about who moves in.

    Barnshee, and what will happen to the property beside it and down the road from it, will there prices stay the same or collapse aswell, who owns those houses, I’m guessing by your glee noone you know actually has managed to get a mortgage in recent years and so won’t be affected.

    The lot of you are like turkeys voting for christmas, its disturbing that people are actually looking forward to NI’s economy collapsing because the Irish govt will lose a few billion, ever cross your mind they can afford to loss that money better than you or your family.

    Sammy Wilson is hardly the sharpest tool in the potting shed but he understands the situation.

    A final thought, recent surveys put Irish workers near the top for ‘buying power’, sterling and the euro are almost on par, who has the most buying power in NI the locals or them taigs down south,

    be careful what you wish for.

  • Mack

    It’s in the interest of both governments to co-operate. The deal they make may not neccessarily be in the best long-term interest of citizens however (I suspect both will attempt to keep prices high).

  • Barnshee

    “Barnshee, and what will happen to the property beside it and down the road from it, will there prices stay the same or collapse aswell, who owns those houses, I’m guessing by your glee noone you know actually has managed to get a mortgage in recent years and so won’t be affected.”

    Mortgage whats a mortgage?

    Seriously prices in Ni have about another 25.30% to fall

    1 Public sector cuts comming
    2 Morgage offers 3 time salary +1/4 or 1/2 wifes /partners and 25Þposit -at least

    average Ni salary 26000
    the sums (in thousands)

    3 X 26 =78
    1 X 13 =13
    Deposit =(78+13)/3 =30

    Total circa 121,000 at best (and how many have got £30000 (+ reservation fees+legal fees 3000?)

    Prices have to fall back to these levels AND below before we take off again.

    The country is littered with unsold properties–drive round eg Coleraine the place is coming down with halfbuilt/just finished properties these all have to go
    The party is over.

  • Thereyouarenow

    Sammy is at the very least a little crazy.

    What is very worrying for the rest of us is how often he is right.

  • The DUP wants a say in our affairs. Heard it all now!