Written answers

Tuesday, 12 June 2012

Department of Finance

National Asset Management Agency

8:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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Question 209: To ask the Minister for Finance if he will confirm the cumulative loss recorded in the National Assets Management Agency's accounts; if he will advise if NAMA paid any dividend to the special purpose vehicle investors in respect of the agency's performance for 2011 and if so, the basis on which any such payment was calculated. [27939/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Q4 2011 Section 55 accounts reported a cumulative consolidated loss of €982m at 31 December 2011 for National Asset Management Limited and its subsidiaries, which is the group of special purpose companies through which the Agency carries out its functions. The audited financial statements for 2011 are currently being finalised. Dividends to the special purpose vehicle investors are payable by reference to the performance of National Asset Management Agency Investment Limited (NAMAIL), which is the entity through which the private investors participate. NAMAIL has loaned its share capital to other NAMA entities and has earned a profit in interest on those loans. NAMAIL incurs no other costs. NAMAIL was profitable in both 2010 and 2011, dividends were payable in respect of both years. A dividend of €5.093m relating to 2010 was paid by NAMAIL. This was actually reported in the Q1 2011 Section 55 accounts.

On 30 March 2012, NAMA also paid a dividend to the private investors of €3.46m with respect to its 2011 year-end. National Asset Management Agency Investment Limited reported retained profits of €8.46m at 31 December 2011 in its Q4 2011 Section 55 accounts after declaration of this dividend. The dividend was based on the ten-year Irish government bond yield as at 31 March 2011 and was paid only to the private investors who have 51% ownership of the Company.

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