Stormont Finance Minister Sammy Wilson told Lenihan today it was imperative asset disposal under NAMA (National Asset Management Agency) were conducted in a prudent manner to prevent economic damage in Northern Ireland.
To safeguard Northern Ireland's interests he proposed the Stormont Executive had a formal role in taking the so-called 'bad bank' forward.
The two ministers met in Dublin for discussions during which Mr Wilson outlined his concerns about the importance of managing the disposal of any stressed bank assets in Northern Ireland to contain the risk of any detrimental impact on the local property market and wider economy.
There has been widespread concern expressed in recent months that a sudden fire sale of properties in Northern Ireland could kill off the gradually growing signs of a housing revival and send prices spiralling downward again.
After the meeting Mr Wilson said "I welcome this opportunity to meet with Brian Lenihan to discuss the development of Nama.
"While the role of Nama is of critical importance to the Irish economy, I have stressed to him the importance of also carefully managing asset disposals to ensure that local Northern Ireland interests are protected."
Initial estimates suggest that the value of loans Nama might take over could be in the region of €90 billion, with a considerable element of that being located in the UK, much of it in Northern Ireland.
Mr Wilson used the meeting to underline his concerns at the impact on the Northern Ireland economy of any large scale move to sell these assets off quickly.
The minister 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."
PA