Pat Rabbitte (Dublin South West, Labour)
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Question 120: To ask the Minister for Finance if he will set out any changes made or proposed to the structure of the National Asset Management Agency Special Purpose Vehicle in view of the banks' imminent nationalisation; and if he will make a statement on the matter. [1396/11]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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There are no proposals to make any changes to the structure of the NAMA SPV. The recent acquisition of a majority shareholding in AIB does not have any implications for the ownership structure in NAMA. While a group of clients of Allied Irish Banks Investment Managers, have invested €17m in the NAMA SPV, it is important to note that the beneficial owners of the investment are pension funds or other clients of these investment companies and not the parent credit institution.

In relation to the recent Exchequer Statement reclassification of the €49 million advance for share capital of the NAMA SPV, I can confirm that is purely a classification issue and has no impact on the ownership of the NAMA Master SPV. An advance was made to NAMA from the Central Fund to allow NAMA to acquire a 49% share in the NAMA Master SPV. The transfer from the Central Fund therefore is now correctly classified as a loan to NAMA as opposed to an investment in share capital acquired as this share capital isn't directly held by the Exchequer but held by NAMA. I would stress that this has no impact on the ownership of NAMA. This reclassification has no impact on the General Government Debt as the €49m is still accounted for as non-voted capital expenditure.