Wilson discusses economic downturn with local banking sector

Finance Minister, Sammy Wilson, today met with representatives of the local financial community to discuss the economic downturn.

The meeting was the first of the Executive’s Cross Sector Advisory Forum’s Banking, Finance and Lending sub-group, aimed at making recommendations addressing problems arising from the economic crisis.

On the agenda was the Irish Government’s proposed National Asset Management Agency; business lending, including take up of the UK Government and European Investment Bank schemes; the state of the local housing market and lending to the community and social sector.

Following the meeting, the Minister said: “There is no doubt that the banking sector has a crucial role to play in helping Northern Ireland’s businesses in this difficult economic climate. A confident local financial sector is a prerequisite for a return to economic growth and prosperity.

“Today’s meeting was a useful engagement where all parties put forward their assessment of the local financial environment. As we move forward, I believe it is important that lending at affordable rates to our local businesses and consumers is available. We must remember that improving liquidity in the economy was a key factor in the UK Government’s decision to invest billions in sustaining the banking industry.”

At the meeting Minister Wilson outlined his concerns about the state of the local economy, the local housing market and the role of the banking sector in assisting economic recovery.

He said: “The outlook for the Northern Ireland economy is one of slow recovery. There is no doubt that there are still difficult times ahead. This meeting gave me an opportunity to listen to the local financial community and gain a better understanding of its concerns.

“Ensuring that our local businesses and consumers have access to finance at reasonable terms will be important in terms of ending the recession and stimulating economic growth. This was a very constructive meeting that I intend to follow up with further discussions through this forum.”

Notes to Editors:

1. The cross sector advisory forum (CSAF) is an informal ad hoc advisory group which meet under the chair of the First Minister and deputy First Minister to review the local impact of the current economic downturn on local people and businesses. The purpose of the group is to make recommendations for addressing problems arising from the economic crisis. The group is completely informal and advisory.
2. There are six CSAF sub-groups, these sub-Groups support and advance the work of the CSAF and take forward the key strands of work. The Finance Minister, Sammy Wilson, chairs the CSAF’s Banking, Finance and Lending sub-group.
3. Media enquiries to DFP Communications Office on 028 9052 7374 or 028 9052 7375. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be return.