Oral Answers to Questions

Debate between Lord Swire and Mark Reckless

Wednesday 15th December 2010 Commons Chamber

[Mark Reckless (Rochester and Strood) (Con)]

6. What assessment his Department has made of assets held by the Republic of Ireland’s National Asset Management Agency in Northern Ireland; and if he will make a statement.

[The Minister of State, Northern Ireland Office (Mr Hugo Swire)]

We are not in a position to make a detailed assessment of these assets. The Northern Ireland Executive are in touch with the authorities in Dublin and NAMA’s Northern Ireland Advisory Committee, and my right hon. Friend the Secretary of State raised Northern Ireland interests in relation to NAMA with the Taoiseach on Monday.

[Mark Reckless]

Given the difficulty NAMA is having in managing these assets and the Republic’s already over-indebted situation, would it not make sense for us to take some of those assets off its hands, as consideration for financial support we may give?

[Mr Swire]

My hon. Friend will have an opportunity to make those and other points in the debate on the Loans to Ireland Bill—no doubt he will wish to take part in that. I think he should be proud of what we are doing, however. We are now part of the solution rather than the problem, and we believe it is right that we, as a country that has so much trade with the Republic of Ireland, should come to its support at this time, with no conditions.