a) Dividend

On 13 March 2014 the Board of NAMAIL declared and approved a dividend payment of €0.0302 per share, amounting to €1.542m. This was paid to the owners of B ordinary shares only.

b) Coupon on Subordinated Debt

On 28 February 2014 NAMA made a coupon payment of €84m on the servicing of interest on the subordinated debt. For more information on subordinated debt, see Note 35, Other equity.

c) Northern Ireland Portfolio Sale

On 4 April 2014, based on the recommendation of its adviser, Lazard, NAMA has announced the sale, subject to contract, of the Project Eagle portfolio of loans to affiliates of Cerberus Capital Management, L.P. (Cerberus). The portfolio consists of loans owned by Northern Ireland-based debtors and secured by assets in Northern Ireland, the Republic, Great Britain and other European locations.

The portfolio has a par value of £4.6bn. As the transaction has not yet completed at the date of authorisation of the financial statements and is commercially sensitive the financial effect of the transaction is not being disclosed and is not recognised in these financial statements.

This transaction represents the largest single transaction by NAMA to date. It follows a focused sales process involving bidders from Europe and the United States.

d) Completion of IBRC sales process

In April 2014, the joint Special Liquidators of IBRC completed the sales process of IBRC loans. The majority of the loans were sold to third parties and on 25 April 2014, the Minister announced that no assets of IBRC would transfer to NAMA. Further information on the IBRC liquidation and its impact on NAMA is disclosed in Note 3.1 to the financials statements.