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26/02/2010
European Commission To Consider NAMA Approval
The European Commission will be considering the approval of Ireland's controversial National Asset Management Agency later today.
The commission are expected to give the green light to the project which could see the State take on of €54 billion in property assets from the banking sector.
Minister for Finance Brian Lenihan said last week that he expects the transfer of loans by the end of March.
The Government has kept the Commission fully informed of its plans ever since diplomatic infighting sparked over the bank guarantee scheme last year, which was launched by the Government without consulting European neighbours.
Restructuring plans from Allied Irish Banks, Bank of Ireland and the nationalised Anglo Irish Bank are also under scrutiny in Brussels as plans for slimming down banks, giving them more money to cushion against bad loans and significant restructuring are next for consideration.
Last week, Minister for Finance Brian Lenihan met with his Northern Ireland counterpart Sammy Wilson in Dublin to discuss the asset recovery plan.
The meeting focused on the latest position on the implementation of NAMA and related banking sector issues affecting both North and South.
Speaking after a "very constructive" meeting, Mr Wilson said the banking sectors in Northern Ireland and the Republic remained vitally important and would play a crucial part in economic recovery.
(DW/BMcC)
The commission are expected to give the green light to the project which could see the State take on of €54 billion in property assets from the banking sector.
Minister for Finance Brian Lenihan said last week that he expects the transfer of loans by the end of March.
The Government has kept the Commission fully informed of its plans ever since diplomatic infighting sparked over the bank guarantee scheme last year, which was launched by the Government without consulting European neighbours.
Restructuring plans from Allied Irish Banks, Bank of Ireland and the nationalised Anglo Irish Bank are also under scrutiny in Brussels as plans for slimming down banks, giving them more money to cushion against bad loans and significant restructuring are next for consideration.
Last week, Minister for Finance Brian Lenihan met with his Northern Ireland counterpart Sammy Wilson in Dublin to discuss the asset recovery plan.
The meeting focused on the latest position on the implementation of NAMA and related banking sector issues affecting both North and South.
Speaking after a "very constructive" meeting, Mr Wilson said the banking sectors in Northern Ireland and the Republic remained vitally important and would play a crucial part in economic recovery.
(DW/BMcC)
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Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
