Michael McGrath (Cork South Central, Fianna Fail)
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Question 210: To ask the Minister for Finance if he will provide an update on recent developments in respect of the National Assets Management Agency special purpose vehicle; and if he will make a statement on the matter. [21875/12]

Michael Noonan (Limerick City, Fine Gael)
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The NAMA SPV was originally established with Eurostat's approval and with Irish Life as one of the private owners. However, as Irish Life is now in public ownership, Eurostat attached a reservation to our Maastricht Returns in which it raised concerns about the private sector ownership of the NAMA SPV and consequently the treatment of NAMA for the purposes of calculating General Government Debt. My Department has notified Eurostat that the sale of the Irish Life shareholding in the NAMA SPV to private investors has been agreed and it is anticipated that the transaction will be completed in the coming weeks. As a consequence, we expect that the Eurostat treatment of the NAMA SPV will be unchanged.