Tuesday 26 September 2017

Bad bank 'holding back growth in North'

THE North's First Minister Peter Robinson claims that NAMA is holding back economic growth in Northern Ireland.

He called on the toxic bank to sell off its assets in Northern Ireland to help get the economy moving.

Mr Robinson also said economic progress and peace were "interdependent".

NAMA controlled loans worth more than €4bn in Northern Ireland when it was set up in 2009.

"The creation of Nama and its implications for Northern Ireland have been far-reaching," said Mr Robinson.

"Holding on to assets to realise their value in their long term does little to boost our economy right now," he added.

Mr Robinson named NAMA among a "triple whammy of obstacles" to economic take-off.

He named these as "the impact of NAMA . . . our marginalisation in terms of banking and the drag on assets caught up by the PMS (Presbyterian Mutual Society) unwinding process".

Irish Independent

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