# NAMA loans not counted in government debt



## Duke of Marmalade (22 Oct 2009)

This [broken link removed] of NAMA loans says they will not count towards the government debt. The reason is they will be put in an SPV which has equity of €100M of which 51% will be owned by private investors.

One fascinating comment in the Eurostat letter is that the SPV has an estimated NPV of €4.8Bn assuming there is a 10% increase in Irish property prices over the next 10 years.

Hey, that's a 48-1 payoff. Wonder who the lucky guys are who got a piece of that action.

Funnily, though, the CSO submission says the SPV stands to gain 45% for its equityholders. Has Eurostat misunderstood the CSO submission?


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