40. Events after the Reporting Date

a) Dividend

On 31 March 2015, the Board of NAMAIL declared and approved a dividend payment of €0.00757 per share, amounting to €0.39m. This was paid to the owners of B ordinary shares only.

b) Coupon on Subordinated Debt

On 2 March 2015, NAMA made a coupon payment of €83.86m on the servicing of interest on the subordinated debt. For more information on subordinated debt, see Note 34, Other equity.

c) Redundancy programme

In January 2015, the NAMA Chief Executive Officer outlined to NAMA staff the key elements of a redundancy programme that would see NAMA reduce its headcount by 78 at the end of 2015 and another 167 staff at the end of 2016. Subsequently in March 2015, the Minister for Finance announced that, arising from his discussions with the Board, appropriate staff retention measures would be put in place to protect the financial performance of NAMA.