In order to achieve its objectives NAMA has established special purpose vehicles as outlined in Note 1. These entities prepare and present separate financial statements. In accordance with the requirements of Section 54 of the Act the following additional information is provided, in respect of NAMA and each of its Group entities.

39.1 Administration fees and expenses incurred by NAMA and each NAMA Group entity

The administration fees incurred by the NAMA Group are set out in Note 10.

National Asset Loan Management Limited (NALML) Expense type	Note	2014 €’000	2013 €’000
Costs reimbursable to NTMA	10.1	53,894	40,768
Primary servicer fees	10.2	46,129	52,587
Master servicer fees	10.3	2,543	3,082
Portfolio transition costs	10.4	7,015	7,369
Portfolio management fees	10.5	3,196	5,256
Legal fees	10.6	8,046	2,772
Finance, communication and technology costs	10.7	3,762	3,376
Rent and occupancy costs	10.8	2,964	1,482
Internal audit fees	10.9	743	911
External audit remuneration	10.10	550	495
Total NALML administration expenses		128,842	118,098

National Asset Property Management Limited (NAPML) Expense type	2014 €’000	2013 €’000
Costs reimbursable to NALML	106	86
Portfolio management fees	58	47
Legal fees	20	1
Finance, communication and technology costs	-	21
Total NAPML administration expenses	184	155

National Asset Sarasota LLC (NASLLC) Expense type	2014 €’000	2013 €’000
Portfolio management fees	312	61
Legal fees	32	10
Total NASLLC administration expenses	344	71

National Asset Residential Property Services Limited (NARPSL) Expense type	2014 €’000	2013 €’000
Portfolio management fees	206	185
Legal fees	348	192
Finance, communication and technology costs	(3)	22
Total NARPSL administration expenses	551	399

National Asset Resolution Limited (NARL) (in Voluntary Liquidation) Expense type	2014 €’000	2013 €’000
Costs reimbursable to NALML	988	3,476
Primary servicer fees	4,126	2,200
External audit remuneration	-	20
Finance, communication and technology costs	628	-
Legal fees	129	-
Total NARL administration expenses	5,871	5,696

RLHC Resort Lazer SGPS, S.A. (RLHC I) Expense type	2014 €’000	2013 €’000
Finance, communication and technology costs	11	-
External audit remuneration	5	-
Legal fees	1	-
Total RLHC I administration expenses	17	-

RLHC Resort Lazer II SGPS, S.A. (RLHC II) Expense type	2014 €’000	2013 €’000
Finance, communication and technology costs	9	-
External audit remuneration	4	-
Legal fees	1	-
Total RLHC II administration expenses	14	-

39.2 Debt securities issued for the purposes of the Act

Group	2014 €’000	2013 €’000
Senior notes issued by NAML	13,590,000	34,618,000
Subordinated debt issued by NAML	1,593,000	1,593,000
Total	15,183,000	36,211,000

39.3 Debt securities issued, transferred and redeemed in the period to the Financial Institutions

39.3.1 Government guaranteed senior debt securities

Financial Institution	Outstanding at 1 Jan 14 €’000	Issued €’000	Transferred €’000	Redeemed €’000	Outstanding at 31 Dec 14 €’000
AIB6	15,820,000	-	-	(6,343,000)	9,477,000
BOI	3,991,000	-	-	(1,602,000)	2,389,000
IL&P	2,169,000	-	-	(871,000)	1,298,000
CBI7	12,638,000	-	-	(12,212,000)	426,000
Total	34,618,000	-	-	(21,028,000)	13,590,000

Financial Institution	Outstanding at 1 Jan 13 €’000	Issued €’000	Transferred €’000	Redeemed €’000	Outstanding at 31 Dec 13 €’000
AIB6	17,425,000	-	285,000	(1,890,000)	15,820,000
BOI	4,475,000	-	-	(484,000)	3,991,000
IBRC (in liquidation)6,7	796,000	-	(796,000)	-	-
EBS	312,000	-	(285,000)	(27,000)	-
IL&P	2,432,000	-	-	(263,000)	2,169,000
CBI7	-	12,928,000	796,000	(1,086,000)	12,638,000
Total	25,440,000	12,928,000	-	(3,750,000)	34,618,000

39.3.2 Subordinated debt securities held

Financial Institution	Outstanding at 1 Jan 14 €’000	Issued €’000	Transferred €’000	Redeemed €’000	Outstanding at 31 Dec 14 €’000
AIB	451,000	-	-	-	451,000
BOI	281,000	-	-	-	281,000
IBRC (in liquidation)8	841,000	-	-	-	841,000
EBS	20,000	-	-	-	20,000
Total	1,593,000	-	-	-	1,593,000

39.3 Debt securities issued, transferred and redeemed in the period to the Financial Institutions

Financial Institution	Outstanding at 1 Jan 13 €’000	Issued €’000	Transferred €’000	Cancelled €’000	Outstanding at 31 Dec 13 €’000
AIB	451,000	-	-	-	451,000
BOI	281,000	-	-	-	281,000
IBRC (in liquidation)	841,000	-	-	-	841,000
EBS	20,000	-	-	-	20,000
Total	1,593,000	-	-	-	1,593,000

39.4 Advances to NAMA from the Central Fund in the year

There were no advances to NAMA from the Central Fund in the year.

39.5 Advances made by NAMA to debtors via Participating Institutions in the year

Participating Institution	Amount advanced 2014 €’000	Amount advanced 2013 €’000
AIB	156,174	96,906
IBRC (in liquidation) / Capita	429,891	184,434
BOI	35,485	46,875
Vendor finance	23,400	336,737
Total	644,950	664,952

39.6 Asset portfolios held by NAMA and each NAMA Group entity

The assets held by NAMA and each NAMA Group entity are set out below. The assets include intergroup assets and liabilities and intergroup profit participating loans between NAMA Group entities.

National Asset Management Agency (NAMA)	2014 €’000	2013 €’000
Investment in NAMAIL	49,000	49,000
Cash	101	1,152
Interest receivable on loan to NAML	165,717	-
Intergroup receivable	1,935	5,468
Other receivables	509	493
Property, plant and equipment	1,935	1,071
Total	219,197	57,184

National Asset Management Agency Investment Limited (NAMAIL)	2014 €’000	2013 €’000
Intergroup loan to NAML	99,900	99,900
Interest on intergroup loan	5,028	19,243
Intergroup receivable	33	100
Total	104,961	119,243

National Asset Management Limited (NAML)	2014 €’000	2013 €’000
Profit participating loan with NAMGSL	15,183,000	24,283,000
Profit participating loan with NARL	-	11,928,000
Interest on profit participating loan	674,477	177,339
Intergroup assets	278,068	99,900
Deferred tax asset	-	92,568
Total	16,135,545	36,580,807

National Asset Resolution Limited (in Voluntary Liquidation) (NARL)	2014 €’000	2013 €’000
Cash	-	332,440
Cash placed as collateral with the NTMA	-	63,000
Loan facility deed	-	11,703,344
Interest on loan facility deed	-	12,245
Other assets	3	5
Deferred tax asset	-	2,051
Total	3	12,113,085

National Asset Management Group Services Limited (NAMGSL)	2014 €’000	2013 €’000
Profit participating loan with NALML	15,183,000	24,283,000
Profit participating loan with NAJVAL	13,450	13,450
Interest on profit participating loans	674,523	487,036
Intergroup receivable	662,911	-
Total	16,533,884	24,783,486

National Asset Loan Management Limited (NALML)	2014 €’000	2013 €’000
Cash	1,156,893	3,119,500
Cash placed as collateral with the NTMA	690,000	739,000
Financial assets available for sale	-	145,138
Receivable from Participating Institutions	84,810	78,447
Financial assets at fair value through profit or loss	58,241	160,369
Loans and receivables	13,347,929	19,585,959
Intergroup assets	774,870	614,127
Accrued interest receivable	1,417	12,474
Investments in equity instruments	34,933	5,125
Inventories – trading properties	1,930	-
Other assets	9,983	10,748
Deferred tax asset	132,364	107,769
Total	16,293,370	24,578,656

National Asset Property Management Limited (NAPML)	2014 €’000	2013 €’000
Investments	-	5,798
Inventories – trading properties	7,271	6,173
Intergroup assets	100	-
Other assets	8	27
Total	7,379	11,998

National Asset Residential Property Services Limited (NARPSL)	2014 €’000	2013 €’000
Cash	673	47
Inventories – trading properties	29,050	7,163
Other Assets	149	8
Total	29,872	7,218

National Asset JV A Limited (NAJVAL)	2014 €’000	2013 €’000
Cash	1,025	97
Investments in equity instruments	1,248	1,248
Loan receivable	12,105	12,151
Total	14,378	13,496

National Asset Sarasota LLC (NASLLC)	2014 €’000	2013 €’000
Inventories – trading properties	-	26,104

National Asset Leisure Holdings Limited (in Voluntary Liquidation) (NALHL)	2014 €’000	2013 €’000
Investment in subsidiaries	4,947	-

RLHC Resort Lazer SGPS, S.A. (RLHC I)	2014 €’000	2013 €’000
Investment in subsidiaries	4,362	-

RLHC Resort Lazer II SGPS, S.A. (RLHC II)	2014 €’000	2013 €’000
Investment in subsidiaries	485	-

39.7 Government support measures, including guarantees, received by NAMA and each NAMA Group entity

Entity	Description	Amount in issue at 31 December 2014 €’000	Amount in issue at 31 December 2013 €’000
National Asset Management Limited	On 26 March 2010, the Minister for Finance guaranteed Senior Notes issued by NAMA as provided for under Section 48 of the NAMA Act 2010. The maximum aggregate principal amount of Senior Notes to be issued at any one time is €51.3bn.	13,590,000	34,618,000
		13,590,000	34,618,000

39.8 Supplementary disclosure for NARL (in Voluntary Liquidation)

On 7 February 2013, joint Special Liquidators were appointed to IBRC under the Irish Bank Resolution Corporation Act 2013. On 11 February 2013, NAMA established a new NAMA Group Entity, NARL, now in Voluntary Liquidation. The entity was formed in response to a Direction issued by the Minister for Finance to NAMA under the Irish Bank Resolution Corporation Act 2013 to acquire a loan facility deed and floating charge over certain IBRC assets. The table below sets out the cumulative asset and liability and cash flow position of NARL from its inception to 18 December 2014 when it was placed in voluntary liquidation.

	Asset/(Liability) €’000	Asset/(Liability) €’000
Loan facility deed acquired from Central Bank of Ireland	12,928,343
Consideration paid for loan facility deed
- Bonds issued to Central Bank of Ireland		(12,928,000)
- Cash settlement	(343)
Asset/(Liability) position at establishment of NARL	12,928,000	(12,928,000)
Cash payments/(receipts) from inception of NARL to the date of liquidation
Inflows
Repayment of loan facility deed by joint Special Liquidators	(12,928,000)
Interest received on loan facility deed	(274,390)
Interest earned on cash balances held in NARL	(820)
Total cash inflows to NARL	(13,203,210)
Outflows
Partial cash payment to acquire loan facility deed		343
Repayment of bonds issued		12,928,000
Payment of coupon interest on bonds issued		49,482
Payment of operating expenses in respect of NARL		11,255
Payment of termination fees on hedge derivatives		35,651
Total cash outflows from NARL		13,024,731
Net cash (inflow)/outflow to NARL	(178,479)
Paid to NAMA Group as profit	178,220
Transferred to liquidator for liquidation expenses	259

The valuation of the loan facility deed and floating charge at inception was €12,928m. Consideration was in the form of cash (€343,000) and the issuance of Government Guaranteed debt securities (€12,928m) to the Central Bank of Ireland.

From inception to 21 October 2014, the joint Special Liquidators repaid outstanding principal and interest of €13,202m from proceeds of sale of the assets of IBRC. Following each repayment of the loan facility deed by the joint Special Liquidators, NARL then used these proceeds to redeem bonds issued to the Central Bank. From inception to end October 2014, NAMA redeemed in full all bonds issued at inception of €12,928m and settled €49m of coupon interest on these bonds.

NARL also settled operating expenses and derivative payments of €47m since inception.

The net cash flow generated by NARL from inception to the date of liquidation was €178m, which after deduction of liquidation expenses was paid to the NAMA Group as profit.