Ireland is "satisfied" that the National Asset Management Agency's debts will not be brought onto the Government's balance sheet, a spokeswoman for the Department of Finance said.

Eurostat, the EU statistics office, allowed the state to keep Nama off balance sheet after it sold a 51 per cent stake a so-called Nama special purpose vehicle in 2010 to a group of private investors, including Irish Life Investment Managers, a unit of Irish Life Assurance.

Reports today indicated that Eurostat is now querying whether the arrangement can continue, as the State is taking 100 per cent control of Irish life Assurance.

"There has been ongoing engagement with Eurostat over recent months relating to the proposed sale of Irish Life," the spokeswoman said in an e-mailed statement.

The Department "is satisfied that this matter will not result in Nama being brought onto the Government balance sheet".

Bloomberg