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NRAM Ltd is a subsidiary of UK Asset Resolution (UKAR) and does not pay dividends directly to HM Treasury. NRAM Ltd’s assets are not market-traded. However, its most recent Annual Report and Accounts state that as of 31 March 2019, NRAM Ltd had total capital and reserves of £5,129 million. This is before a dividend of £2,690m was paid to UKAR in May 2019 and a further dividend of £1,950m was paid to UKAR in July 2019. NRAM has made no other dividend payments to UKAR. UKAR paid dividends of £2.7 billion to HM Treasury in 2019.