Michelle Mulherin (Mayo, Fine Gael)
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337. To ask the Minister for Finance the composition of the Special Purpose Vehicle as regards private and public investment; if a profit has been delivered over the past five years; and if he will make a statement on the matter. [22222/15]

Michael Noonan (Limerick City, Fine Gael)
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This response takes "the Special Purpose Vehicle" to be referring to National Asset Management Agency Investment Limited ('NAMAIL'), which was clarified with the Deputy's office in advance.

The composition of the investment in the Special Purpose Vehicle, National Asset Management Agency Investment Limited ('NAMAIL'), is outlined in Note 1.1 to the NAMA Group Annual Report and Financial Statements as at 31 December 2014.

NAMAIL was incorporated on 27 January 2010. NAMAIL is the company through which private investors have invested in the Group.  NAMA holds 49 million A ordinary shares of NAMAIL.  The remaining 51% of the shares of the company are owned in equal proportion by three private companies (Walbrook Capital; New Ireland Assurance Co. plc and Percy Nominees Ltd., a nominee of Prescient Investment Managers).

Under the terms of a shareholders agreement between NAMA and the private investors, NAMA may exercise a veto over decisions taken by NAMAIL. As a result of this veto, the private investors ability to control the financial and operating policies of the entity is restricted and NAMA has effective control of the company.  By virtue of the control NAMA can exercise over NAMAIL, NAMA has consolidated NAMAIL and its subsidiaries.

The detailed profit/loss figures for the SPV (NAMAIL) for each year over the past five years are available in its annual financial statements. The Annual Reports and Financial Statements are available on the Agency's website, .

More generally, NAMA itself has reported profits after tax in each year since it was established, other than in 2010, its first full year of operation, when it incurred an impairment charge of €1.5 billion.

In 2014, NAMA also reported its fourth successive year of profit, generating profit after tax of €458m (2013: €213m).

Michelle Mulherin (Mayo, Fine Gael)
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338. To ask the Minister for Finance the financial returns per annum for the Special Purpose Vehicle since the National Asset Management Agency was set up; and if he will make a statement on the matter. [22223/15]

Michael Noonan (Limerick City, Fine Gael)
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This response takes "the Special Purpose Vehicle" to be referring to National Asset Management Agency Investment Limited ('NAMAIL'), which was clarified with the Deputy's office in advance.

I am informed that the annual return figures for the Special Purpose Vehicle, National Asset Management Agency Investment Limited ('NAMAIL'), are available in its annual financial statements. 

As the Deputy is aware NAMAIL is an investment holding company established for the purposes of complying with Eurostat rules.  I presume therefore that the Deputy is referring to NAMA's overall rate of return, which is set out on page 41 of NAMA's Annual Report and Financial Statements for 2014.  During 2014, the NAMA Board approved an Entity Return on Investment target benchmark of 20%.  The projected return as at end-2014 was 24%.

NAMAIL is the company through which private investors have invested in the Group. NAMA holds 49 million A ordinary shares of NAMAIL. The remaining 51 million B ordinary shares of the company are owned in equal proportion by three private companies (Walbrook Capital; New Ireland Assurance Co. plc and Percy Nominees Ltd., a nominee of Prescient Investment Managers). Under the shareholders' agreement, the maximum return which will be paid to the private investors by way of dividend is restricted to the 10 year Irish Government Bond Yield applying at the date of the declaration of the dividend. In addition the maximum investment return to the private investors is capped under the Articles of Association of NAMAIL.

On 13 March 2014, the Board of NAMAIL declared and approved a dividend payment of  €0.0302 per share (2013: €0.0424 per share). The amount of the dividend per share was based on the ten year Irish government bond yield as at 31 March 2014, and amounted to €1.54m (2013: €2.162m). The dividend was paid to the holders of B ordinary shares of NAMAIL only. 

More generally NAMA, as a whole, has reported profits after tax in each year since it was established, other than in 2010, its first full year of operation, when it incurred an impairment charge of €1.5 billion. In 2014, NAMA itself reported its fourth successive year of profit, generating profit after tax of €458m (2013: €213m).  

The Annual Reports and Accounts for each year since inception (2010 - 2014) are available on the NAMA website, . The latest Annual Report for 2014 was published on 27th May last.