Dáil Éireann Debate, Tuesday - 9 June 2015
337. Deputy Michelle Mulherin asked 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]
Amharc ar fhreagraThis 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, www.nama.ie.
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).
