NAMA lifts its expected surplus by half a billion to €3.5bn after 'landmark year'

NAMA has increased its projected lifetime surplus to €3.5bn as it reports an after-tax 2017 profit of €481m.

In its annual report published today, NAMA said it has funded 7,300 homes with another 3,800 under construction or approved for funding and another 7,500 units with planning permission secured.

They say they have now housed 8,000 people in NAMA-backed social housing, after investing more than €350m in the repair and purchase of homes.

Last year, it redeemed the final €2.6bn tranche of its government-guaranteed senior debt of €30.2bn three years ahead of schedule.

The agency, which was established in 2009 during the economic crash which saw property prices halve, has since seen property values soar.

NAMA Chief Executive, Brendan McDonagh called 2017 a "landmark year" for NAMA.

He said: "We achieved our primary objective of eliminating our €30.2 billion Senior Debt three years ahead of schedule and we made a strong profit for the seventh year in a row.

"We are now on track to deliver a lifetime surplus of €3.5 billion, assuming conditions remain favourable. This would be an outstanding achievement and a major economic and social contribution to the State by NAMA."

Brendan McDonagh and Frank Daly.

NAMA Chairman Frank Daly said: “Our excellent financial performance was complemented by very strong progress in our supplementary mandates of delivering new homes on a commercial basis and bringing much-needed commercial and residential development to the Dublin Docklands.

"We look forward to contributing further to alleviating Ireland’s residential supply shortfall and are well placed now to do this.

There are assets remaining in the NAMA portfolio, such as the former Irish Glass Bottle site and properties close to the proposed Metro line, which offer compelling opportunities to provide housing.

"These must be managed in a structured manner over the medium term to ensure that the best financial and social return is achieved for taxpayers.

"It would be a mistake to dispose of these assets in the short term before the necessary Local Area Plans and infrastructure are in place.

"NAMA still has a lot of work to do but we remain resolute in our commitment to maximising our contribution to the State.”

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