Fianna Fáil TD for Laois, Sean Fleming has said that there has been a significant shift in the ownership of the NAMA Group, the SPV established to keep NAMA off the State’s Balance Sheet, over the past number of years.

Deputy Fleming was commenting after receiving an update, by way of a Parliamentary Reply, from the Minister for Finance which showed that a number of the original shareholders have bowed out and have been replaced by new shareholders.

“NAMA Group was established as a Special Purpose Vehicle by the Government as a means to ensure that its activities were kept off the State’s Balance Sheet. NAMA, the body owned by the State retained 49% of the shares but importantly a veto on all decisions. The remaining 51% was sold to three original private shareholders: Irish Life Assurance PLC, New Ireland Assurance Company PLC and Percy Nominees Limited.

“Irish Life Assurance and Percy Nominees have both sold off their 17% shareholdings and have been replaced by companies and organisations as diverse as BNY Custodial Nominees, the Church of Ireland Clergy Pensions Fund and the Representative Church Body.

“A number of bodies have in the past 12 months, since the last time I asked this question in 2017, sold off their entire shareholdings. Arthur Michael Joseph Kealy, Geoffrey Ian Broomhead and Simon Stuart Haworth have relinquished their cumulative 11.25% ownership in the NAMA Group.

“The private sectors owners of the NAMA Group have since NAMA was established received dividends in excess of €14 million. Further dividends are likely to be paid until NAMA completes its work.

“It should also be noted that a bonus payment of €5 million is also on the cards for the current private owners,” concluded Fleming.