NAMA has invested €49m in NAMAIL, receiving 49 million A ordinary shares. The remaining €51m was invested in NAMAIL by private investors, each receiving an equal share of 51 million B ordinary shares. Under the terms of a shareholders' agreement between NAMA and the private investors, NAMA may exercise a veto over decisions taken by NAMAIL. As a result of this veto, the private investors' ability to control the financial and operating policies of the entity is restricted and NAMA has effective control of the company. By virtue of this control NAMA has consolidated NAMAIL and its subsidiaries and the 51% external investment in NAMAIL is reported as a non-controlling interest in these financial statements.

38.1 Subsidiaries

The NAMA Group structure is set out in Note 1 to the Financial Statements. The subsidiary undertakings and percentage ownership of NAMA in those subsidiaries are as follows:

Group Subsidiary	Percentage ownership	Percentage voting rights	Principal Activity	Country of incorporation
National Asset Management Agency Investment Limited	49%	100%	Holding company and lending	Ireland
National Asset Resolution Limited	49%	100%	Securitisation and asset management	Ireland
National Asset Management Limited	49%	100%	Debt issuance	Ireland
National Asset Management Group Services Limited	49%	100%	Holding company, securitisation and asset management	Ireland
National Asset Loan Management Limited	49%	100%	Securitisation and asset management	Ireland
National Asset Property Management Limited	49%	100%	Real estate	Ireland
National Asset Management Services Limited	49%	100%	Holding company for shareholding in a general partnership	Ireland
National Asset JV A Limited	49%	100%	Investment in a partnership as a limited partner	Ireland
National Asset Residential Property Services Limited	49%	100%	Provision of residential properties for the purposes of social housing	Ireland
National Asset Sarasota Limited Liability Company	49%	100%	Acquisition of certain property assets located in the US in settlement of debt owed to NAMA	US
National Asset Leisure Holdings Limited	49%	100%	Non-trading	Ireland

38.2 Investment in subsidiaries

Agency	2013 €'000	2012 €'000
49,000,000 shares in NAMAIL	49,000	49,000

In 2010 the Agency made an investment of €49m in NAMAIL.

All subsidiaries have their registered offices in Treasury Building, Grand Canal Street, Dublin 2.

38.3 Details of non-wholly owned subsidiaries where NAMA has a material non-controlling interest

The remaining 51% of the subsidiaries listed in 38.1 is owned by the private investors, by virtue of their 51% ownership in NAMAIL. Under the terms of a shareholders' agreement between NAMA and the private investors, NAMA may exercise a veto over decisions taken by NAMAIL, therefore the private investors have no voting rights.

A dividend was paid to the private investors during the year of €2.1m (2012: €3.5m). The private investors have no further interest in the group activities or cashflows. Profit of €nil was allocated to the non controlling interest during the year (2012: €nil). Accumulated non controlling interest at the end of the reporting period was €nil (2012: €nil).

Profits which may arise may be allocated to the non controlling interest in accordance with accounting policy 2.25. Losses arising in any period are allocated to the non-controlling interest only up to the value of the non-controlling interest in the Group, as NAMA takes substantially all the economic benefits and risks of the Group.