Nama’s “surplus” for taxpayers will be €4.5 billion

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The state’s “bad bank” is now expected to pay nearly €5 billion to the treasury after increasing its projected surplus.

The National Asset Management Agency (Nama), which was set up nearly 13 years ago to take bad property loans from Ireland’s bankrupt banks, said today its lifetime surplus would now be 4.5 billion euros, up from 4.25 billion , which she had forecast last year.

Together with 400 million euros in corporate taxes paid over its lifetime, the surplus Nama will transfer to the treasury will now exceed 4.9 billion euros, the agency said today.

The agency also announced it would pay the state €500m in dividends after posting a €195m profit in 2021.

Nama has already paid the state €3 billion in dividends with a lump sum of €2 billion since payments began in 2020. Last year, the agency made four quarterly installments totaling €1 billion.

The company ended the year with EUR 750 million in cash or cash equivalents after generating EUR 670 million from the sale of assets and non-disposable proceeds.

The agency, which has been profitable since 2010, has generated €47 billion in cash over the course of its existence and has just €700 million in debt and real estate assets on its books as part of its €32 billion divestment programme.

Nama will be wound up over the next three years by selling its residual portfolio, financing residential property development and managing strategic development locations.

https://www.independent.ie/business/irish/nama-surplus-for-taxpayers-will-be-45bn-41736823.html Nama’s “surplus” for taxpayers will be €4.5 billion

Fry Electronics Team

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