Group Structure

The National Asset Management Agency was structured in such a way that the debt it issued to purchase acquired loans was not treated as part of Ireland’s General Government Debt under European accounting rules.

Infographic displaying NAMA Group Structure

This afforded the Agency similar accounting treatment to bank support schemes in other EU member states such as France and Germany.

In a 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 was majority-owned by private investors. 51% of its shares was collectively owned by private companies and the remaining 49% were owned by NAMA. Under the shareholders’ agreement between NAMA and the private investors, NAMA exercised a veto over decisions taken by the company. Eurostat gave its approval to this structure in October 2009.

On 26 May 2020, NAMA exercised its option to purchase the private investors' 51% shareholding in NAMAI for €56.1m. This increased the State's stake in NAMA to 100% and facilitated the transfer of NAMA's terminal surplus to the Exchequer.