7. Other Income / (Expenses)
| Group | 2014 €’000 |
2013 €’000 |
|---|---|---|
| Dividend income from equity instruments | 29,501 | - |
| Fair value gain on equity instruments | 7,826 | - |
| Lease rental income | 777 | 54 |
| Transfer from available for sale reserve | (1,679) | - |
| Write-down of trading properties | (180) | (2,914) |
| Total other income / (expenses) | 36,245 | (2,860) |
As a result of the restructure of one of the NAMA managed debtors in 2011, the Group acquired an equity investment of £2 Stg in a debtor company. This equity investment provided NAMA with an entitlement to a share of any future profits generated by the debtor company. The Group received dividends totalling €29.5m (2013: €nil) on its investment during the reporting period.
Lease rental income is earned from the lease of residential properties to approved housing bodies for social housing purposes and from the lease of certain trading properties. It is accounted for on a straight line basis over the lease term in accordance with accounting policy 2.26.
During the year, the Group transferred €1.7m from the available for sale reserve to the income statement. The Group held no treasury bonds at the end of the year, therefore any net changes in fair value on treasury bonds recorded in the available for sale reserve in prior years were recycled to the income statement in 2014.
The fair value of NAMA’s equity instruments is based on the net asset value of the investee entity at the reporting date, and changes in fair value recognised in the income statement in accordance with accounting policy 2.6. See Note 26 for further details on equity instruments held by the Group at the reporting date.
As at 31 December 2014, trading properties have been written down to net realisable value and the amount of the write down of €0.2m (2013: €2.9m) is recognised as an expense, in accordance with accounting policy 2.16. The write down of trading properties recognised in the prior year relates to property held in the US, which was sold during the reporting period. See Note 9 for further details on property assets disposed of during the year.
| Agency | 2014 €’000 |
2013 €’000 |
|---|---|---|
| Costs reimbursable by the NAML Group | 56,110 | 41,938 |