Interesting from last Monday in the commons on the bilateral loan to Ireland
Ben Gummer (Ipswich) (Con): The Chancellor will be aware of the significant property assets owned by Ireland's National Asset Management Agency and the Irish Allied Bank across the United Kingdom. Uncertainty in Ireland has prevented development on those sites and is stopping development in some of the most deprived areas in our country, which need regeneration. In providing funds to the Irish Government, what pressure can my right hon. Friend bring to bear on the Irish to divest themselves of those assets so that others can provide investment where they cannot?
Mr Osborne: My hon. Friend makes a very good observation about a particular aspect of the Irish banking situation and its impact on those property investments in the UK. We have discussed this with the Irish, and I will get back to him on whether there have been specific developments in the last few days, but I have not raised the matter as part of the discussion on the international assistance that we are providing. We are trying to put the whole Irish banking system and the Irish state, which stands behind those banks and, indeed, behind NAMA, on to a much more stable footing.
Ben Gummer (Ipswich) (Con): The Chancellor will be aware of the significant property assets owned by Ireland's National Asset Management Agency and the Irish Allied Bank across the United Kingdom. Uncertainty in Ireland has prevented development on those sites and is stopping development in some of the most deprived areas in our country, which need regeneration. In providing funds to the Irish Government, what pressure can my right hon. Friend bring to bear on the Irish to divest themselves of those assets so that others can provide investment where they cannot?
Mr Osborne: My hon. Friend makes a very good observation about a particular aspect of the Irish banking situation and its impact on those property investments in the UK. We have discussed this with the Irish, and I will get back to him on whether there have been specific developments in the last few days, but I have not raised the matter as part of the discussion on the international assistance that we are providing. We are trying to put the whole Irish banking system and the Irish state, which stands behind those banks and, indeed, behind NAMA, on to a much more stable footing.