Ireland’s bad bank transferred €500m to the public sector this year, with an estimated €1bn added by the time it winds up in 2025.
The National Asset Management Agency (Nama) announced on Tuesday that it had paid 250 million euros from its surplus to the treasury, its second such payment in 2022.
Since its inception in 2009, Nama has transferred EUR 3.5 billion from its surplus to the state. Together with the corporate income tax, Nama has handed over a total of 3.9 billion euros.
During 2022, Nama raised its lifetime surplus forecast to €4.5 billion and expects to pay a total of €4.9 billion including taxes over its lifetime.
All excess transfers are subject to market conditions, the agency said in a statement.
“Today’s payment of €250 million to the Treasury, along with the €3.25 billion already paid in cash, was made possible by Nama’s continued focus on maximizing the value of its assets for the benefit of the state,” said Brendan McDonagh, Chief Executive of Nama .
“With today’s transfer, the total cash delivered by Nama to the state amounts to 3.9 billion euros. This is a remarkable achievement and we will continue our efforts to make further significant contributions to the treasury in the years to come.”
Nama Chairman Aidan Williams said the cash payments made over the past three years have “brought a significant financial return to the state that was not anticipated when Nama was formed”.
“Nama is committed to creating further value for the taxpayer from its remaining assets,” he said.
Earlier this year, Nama said rising construction costs and delivery delays could impact plans to sell its real estate portfolio.
Nama reported profit after tax of 56 million euros for the first half of 2022, less than half of the 119 million euros it earned in the same period last year.
The company generated 279 million euros in cash during the period, bringing the total cash generated at the end of September to 47.3 billion euros.
By September, Nama had delivered 284 new houses, with another 758 under construction. Another 1,300 have pledged Nama funding.
Nama estimates that its remaining lands have the potential to create 18,800 new homes in the medium to long term. Of these, 1,800 units have received planning permission.
Most of these will be delivered after Nama disbands in 2025.
https://www.independent.ie/business/budget/nama-transferred-half-a-billion-to-the-state-in-2022-42232494.html Nama transferred half a billion to the state in 2022