Group	2014 €’000	2013 €’000
Retained earnings / (losses)
At the beginning of the year	(447,599)	(659,039)
Profit for the year	458,280	213,602
Dividend paid on B ordinary shares	(1,540)	(2,162)
Coupon paid on subordinated bonds	(83,856)	-
At 31 December	(74,715)	(447,599)

Agency	2014 €’000	2013 €’000
Retained earnings / (losses)
At the beginning of the year	(3,507)	(2,942)
Profit for the year	165,113	(565)
At 31 December	161,606	(3,507)

On 13 March 2014, the Board of NAMAIL declared and approved a dividend payment of €0.0302 per share (2013: €0.0424 per share). The amount of the dividend per share was based on the ten year Irish government bond yield as at 31 March 2014, and amounted to €1.54m (2013: €2.162m). The dividend was paid to the holders of B ordinary shares of NAMAIL only, the private investors, who have ownership of 51% in the Company. No dividend was paid to the A ordinary shareholders, NAMA the Agency, which has a 49% ownership in the Company.

On 13 February 2014, the Board of NAML resolved that it was appropriate, in the context of NAMA’s overall aggregate financial performance and objectives, that the annual coupon on the subordinated bonds of €83.86m due on 1 March 2014 be paid. The subordinated bonds are classified as equity in the statement of financial position, and therefore the related coupon payments are recognised in equity. Refer to Note 34 for further details.

Non-controlling interests in subsidiaries comprises ordinary share capital in subsidiaries not attributable directly or indirectly to the parent entity. In respect of the Group this represents the investment by private investors in the ordinary share capital of NAMAIL.

NAMA has, along with the private investors, invested in NAMAIL. NAMA holds 49% of the issued share capital of NAMAIL and the remaining 51% of the share capital is held by private investors. Under the terms of the shareholders’ agreement between NAMA and the private investors, NAMA can exercise a veto over decisions taken by NAMAIL.

Under the shareholder’s agreement, the maximum return which will be paid to the private investors by way of dividend is restricted to the 10 year Irish Government Bond Yield applying at the date of the declaration of the dividend. In addition the maximum investment return to the private investors is capped under the Articles of Association of NAMAIL.

NAMA’s ability to veto decisions taken by NAMAIL restricts the ability of the private investors to control the financial and operating policies of the Group, and as a result NAMA has effective control over NAMAIL and the subsidiaries in the Group, as well as substantially all the economic benefits and risks of the Group. While the private investors are subject to the risk that NAMAIL may incur losses and the full value of their investment may not be recovered, they are not required to contribute any further capital to NAMAIL.

By virtue of the control NAMA can exercise over NAMAIL, NAMA has consolidated NAMAIL and its subsidiaries, and for the purposes of recognising the non-controlling interests in the subsidiaries, the losses have been attributed to the non-controlling interest only up to its equity interest of €51m.