Dara Calleary (Mayo, Fianna Fail)
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Question 34: To ask the Minister for Finance if Eurostat has indicated that bonds issued by the National Asset Management Agency should be included in the calculation of the general Government debt; and if he will make a statement on the matter. [19266/12]

Michael Noonan (Limerick City, Fine Gael)
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The NAMA SPV, National Asset Management Agency Investment Limited (NAMAIL) was established to facilitate the participation of private investors in NAMA. 51 per cent of the shares of NAMAIL are held by three private investors, and as a consequence NAMAIL is classified as outside of government for the calculation of general government debt.

As one of the private investors is Irish Life and as Irish Life is now in public ownership, Eurostat has made enquiries as to the ownership status of NAMAIL. My Department has been working closely with NAMA to find a solution which ensures that NAMAIL remains in private ownership and that NAMA is not included in the calculation of government debt. I cannot comment further at this stage as the details of this process are commercially sensitive.