McNarry proposes an equity-release scheme for NI government assets

David McNarry MLA, the Ulster Unionist Finance Spokesman, has called for the NI Executive to identify and have valuations carried out on property and assets which they could sell in the future and to seek an immediate advance on zero interest from the UK Government set against the value of these assets. This equity-release money could then be used to accelerate infrastructure and building programmes and thus boost immediate employment in the beleaguered construction industry.

The MLA has also called for a complete re-design of the Programme for Government with a new emphasis across all departments on employment boosting measures to stave off the effects of the economic downturn.

"These are once in a lifetime economic circumstances and the speed of the Executive's response has been slow enough to date after the 22 week block on executive meetings brought about by long-drawn-out behind-the-scenes secret negotiations between Sinn Fein and the DUP. A new sense of urgency needs to be injected into the situation and I believe the Executive should be going into semi-permanent session and keep working until all that can be done has been done. This is a more drastic situation than one that can be met by in-year monitoring and shifting some money about. It needs a significant amount of new money brought into the equation," said Mr McNarry.

"If the Executive were to identify a hit-list of assets, have them valued at current prices, and then seek an advance from the UK Government set against the value of these assets at a zero rate of interest, this would free up money which could be used to accelerate infrastructure and building programmes which could help prevent job losses in the construction industry, before the whole sector collapses. Construction is 11% of our economy and its collapse would be a disaster. Many other sectors also depend on construction so the knock-on effects of these job losses and this huge reduction in economic activity would be deeply damaging to our overall economy. It could take us decades to recover from this. That is a measure of its importance and of the sense of urgency required."

"If, in the event, the actual hit-list of assets were later sold at a higher price in a more favourable market, then the NI Executive would pocket more money at that stage. The whole point is that this approach would free-up cash-in-advance now. It is a bit like an equity-release scheme."