A SINN Féin motion criticising the establishment of Nama has been defeated in the Stormont Assembly.
Ulster Unionists, the DUP, Alliance and the SDLP combined to vote down Sinn Féin’s opposition to the “bad bank” and to convene an all-Ireland summit to discuss other proposals.
Jennifer McCann, Sinn Féin’s chair of the Stormont Finance Committee, warned the Assembly of the danger of a “fire sale” of toxic properties located in Northern Ireland.
“If this land were to come on to the local market in the next few years there would be significant deflation of current values, leaving many more people in negative equity and having a long-term detrimental effect on overall economic recovery plans,” she said.
“What we need to see is an all-island economic summit to deal with Nama and its effects island-wide.”
Finance Minister Sammy Wilson said last night “there is no incentive” for the Irish Government to sell off any Northern assets quickly.
Mr Wilson, who has remained in close contact with Minister for Finance Brian Lenihan on the issue, insisted Nama would take a medium- to long-term view and would resist any short-term moves.
He told Assembly members: “The only input that I wish to have is that if they set up that system then I want to make sure that the issues that affect Northern Ireland are protected through the co-operation which we have on a government-to-government basis or on a minister-to-minister [basis].”
SDLP spokesman Declan O’Loan said public opinion on the need to address the banking problem had gone beyond opposition to Nama.
“It is clear that people have moved on,” he said. “The Nama model was not chosen by chance, but was carefully designed by independent experts and has backing from the IMF and the European Central Bank. But the banks must change their ways. They must develop better corporate governance, and a new culture reflecting long-term social goals. Better regulation is part of that change.”