Irish Life fails to recoup €17m

Walbrook Capital is likely to have paid significantly less than the €17m Irish Life gave for its 17% stake in the National Asset Management Agency Investment Limited (Namail).

Namail is the special purpose vehicle set up by the Government to enable private investors take a 51% stake in Nama, which would keep its liabilities off the national accounts.

However, Irish Life fell under state ownership earlier this year, pushing the State’s shareholding in Namail over 51%.