17% of NAMA sold to British company formed just 17 months ago

we sold NAMA…well, 17% of it. No, we dont know the price

NAMA Wine Lake

Well there was speculation going around Dublin on Friday afternoon about it, but this morning NAMA has confirmed in a press release – available from their representatives, Gordon MRM here – that the 17% stake that had been owned by Irish Life and Permanent has been sold to a British concern called Walbrook Partners LLP, a company formed in May 2011 by Michael Keeley, Geoffrey Broomhead and Simon Haworth.

You might recall that Eurostat, the EU’s statistics agency which has the final say on the calculation of countries’ national debt said earlier this year that the 17% stake in NAMA owned by ILP was causing it concern since the State now owns 99.5% of Permanent TSB and all of Irish Life, and as a consequence the State was majority investor in NAMA so the NAMA bonds might have to come onto the national balance sheet. The sale of the ILP…

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One thought on “17% of NAMA sold to British company formed just 17 months ago

  1. anthonybehan

    According to the Irish Times, “The European Union’s statistics office Eurostat said today the sale of a stake in Nama by Irish Life meant the agency could be classified as a special purpose entity outside the general government sector.” Sounds to me like this is an important designation for the purposes of structural renegotiation, but I can’t for the life of me figure out why. Any suggestions?

    Reply

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