Robinson and McGuinness meet banks to discuss economic crisis

First Minister Peter Robinson and Deputy First Minister Martin McGuinness met officials from leading banks for talks today as the political leaders came under pressure to tackle growing economic problems.

Democratic Unionist Party (DUP) leader Mr Robinson and Sinn Féin's Mr McGuinness held discussions with representatives of six leading financial institutions on how to ease the burden on the public and businesses.

The meeting in Stormont Castle came after claims that deadlock between the two political parties was preventing the Assembly from tackling economic problems - but they denied the criticism had prompted today's talks.

Mr Robinson and Mr McGuinness met representatives of the Bank of Ireland, First Trust, Northern Bank, Ulster Bank, HSBC and Nationwide.

They said it was the first in a series of meetings with key sectors to find additional measures to help tackle issues including rising fuel and food costs sparked by the international economic crisis.

Mr Robinson said: "The Executive remains firmly committed to its top priority of growing a dynamic and innovative economy in Northern Ireland.

"While we have had some notable successes in relation to recent inward investment we are conscious in light of the prevailing economic conditions on our own doorsteps that we need to ensure we are fully aware of the issues and challenges facing us, that the Executive and the various business sectors are committed to working together and doing all we can to alleviate uncertainty and hardship in the wider community as we approach the autumn and winter periods ahead."

Both men said today's meeting explored how to address the availability of mortgages to customers during the current credit crunch.

Mr McGuinness said: "Rising prices and costs represent an enormous challenge to everyone.

"While undoubtedly some of these issues are determined by global factors we, as political leaders, need to exercise what power we have to minimise the impact to communities living in poverty and aim to increase economic growth.

"This will require innovative thinking from all at the Executive and across departments.

"We are up to meet this challenge and will meet with various sectors such as the financial institutions, food retailers, energy suppliers and vulnerable consumers, listen to their concerns and, bring forward agreed actions."

Today's meeting to discuss economic issues comes amid fears of a developing crisis at the heart of the North's Government.

The DUP and Sinn Féin are locked in talks over a series of issues including the transfer of policing and justice powers to Stormont.

The parties are also divided on proposals for education reform, the introduction of an Irish language Act, the future of the Maze prison site and loyal order parades.

As the failure to reach agreement continues, political opponents have said the stand-off is preventing the Northern Executive making decisions on a whole range of other issues.

The Executive is dominated by the DUP and Sinn Féin, but other parties who hold ministerial seats at the Cabinet table have become increasingly angry over the failure to make decisions.

An Executive meeting was cancelled earlier this month and yesterday the leader of the nationalist SDLP Mark Durkan warned that if another Cabinet meeting planned for this Thursday was also cancelled, the Assembly should be recalled from its summer recess.

He raised concerns over the growing economic crisis hitting consumers and said: "Is the Executive's best way of meeting this crisis not to meet?"

His call for action sparked recriminations between the DUP and Sinn Féin last night, as they blamed each other over the delays.

Last night DUP Assembly member Peter Weir said: "It is my understanding that the First Minister has cleared over 30 papers, sufficient to fill two or three Executive agendas and he has sought to have the Executive meet on a number of occasions."

He said his party was willing to talk, and added: "Nevertheless, all parties should be in no doubt that attempting to frustrate the working of the Northern Ireland Executive in a vain attempt to get their own way will achieve nothing."

A Sinn Féin spokesman said: "The DUP committed themselves to entering a process in June to resolve outstanding issues. That has not materialised yet."

Today a spokesman for the Office of First and Deputy First Minister (OFMDFM) said this morning's economy talks were planned before yesterday's call for action by their political opponents.