You’d think buyers would be queuing up around the block of Upper Merrion Street following the decision of the Government to sell the 17% of NAMA currently owned by Irish Life Investment Managers. Well, too late, the stake has already been sold!
Although we all regard NAMA as a government agency, back in 2009 the Government was careful to structure NAMA so that its debts would stay off the national balance sheet. So the Government enticed/strong-armed three “third party independent investors” to take majority ownership of NAMA, the three being Irish Life Investment Managers (part of Irish Life and Permanent), New Ireland Assurance (part of Bank of Ireland) and Allied Irish Banks Investment Managers (part of AIB originally but sold in November 2011 to a South African investment group). Each of these three investors handed over €17m apiece for a 17% stake in NAMA and the Government put in the remaining €49m so that NAMA started out in life with a €100m capital base.