Seán Fleming (Laois, Fianna Fail)
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28. To ask the Minister for Finance the persons or organisations that are the 51% owners of the NAMA group; the shareholding of each of these persons and organisations; the amount of dividend paid to each in each year to date since NAMA was established; the expected dividend that will be paid to them between October 2017 and the conclusion of NAMA's activities; the amount of funding each of these invested in the NAMA group; if they will receive an additional 10% of their contributed capital sum at the dissolution; the amount provided by the private sector in relation to the capital contribution to the establishment of the NAMA group which assisted in the NAMA liabilities not being on the State balance sheet; and if he will make a statement on the matter. [42508/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I wish to advise the Deputy that in its decision issued in July 2009, Eurostat (the statistical office of the European Union) ruled that special purpose vehicles (SPVs) which were majority owned by private companies would be regarded as being outside of the government sector if they met a number of conditions. Among the conditions were that the SPVs were of temporary duration and were established for the sole purpose of addressing the financial crisis.

In order to avail of this accounting treatment, NAMA established an investment holding company – National Asset Management Agency Investment D.A.C. – which is majority-owned by private investors. 51% of its shares are collectively owned by private companies and the remaining 49% are owned by NAMA. Under the shareholders’ agreement between NAMA and the Private Investors, NAMA exercises a veto over decisions taken by the company. Eurostat gave its approval to this structure in October 2009.

The total issued share capital of National Asset Management Agency Investment D.A.C is €100m of which €51m (51m B Ordinary shares of €0.10 each and Share Premium of €45.9m) was invested by the Private Investors, each receiving an equal share of the 51 million B ordinary shares.

The breakdown of share capital invested by the original Private Investors in 2010 was as follows:

The current shareholders are as follows:

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. The table below set out the dividend per share paid to Private Investors in each year to date since NAMA was established.  The cumulative dividend paid to Private Investors to date is €13.5m.

I wish to advise the Deputy that it is not possible to predict future expected dividend, as it is based on the company’s performance in any given year. However, as outlined above, any dividend is restricted to the 10 year Irish Government Bond Yield applying at the date of the declaration of the dividend. Under EU Commission approval if the company meets its performance objectives and the 51% B shareholders are repaid, there is a provision for the private investors to be also repaid a further amount of up to 10% of their capital. Under the Articles of Association of National Asset Management Agency Investment D.A.C. any post-dissolution return to the private investors is capped at 10% of the equity interest.