Michael McGrath (Cork South Central, Fianna Fail)
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83. To ask the Minister for Finance the circumstances which must exist for interest on the National Asset Management Agency subordinated debt to be paid; and if he will make a statement on the matter. [19156/14]

Michael Noonan (Limerick City, Fine Gael)
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The conditions for the payment of interest on NAMA Subordinated Bonds are set out in the Subordinated Bonds Termsheet which is available on NAMA's website, .Consistent with Section 49 of the NAMA Act, which governs NAMA's issuance of subordinated debt securities, the NAMA Board may declare interest payable on its subordinated debt if, at its discretion, the Board deems it appropriate to do so if NAMA is achieving is objectives.  Interest not declared in any year will not accumulate.