Nama has yielded €6.9bn through asset disposals and a further €3.5bn through rental incomes. Moreover, it ended 2012 with €3.6bn in cash balances. It is on course to meet its target of €7.5bn in senior bond redemption by the end of this year, it said in a statement.
Nama was set up in 2009 by the then finance minister Brian Lenihan to take over the large land development loans held by the domestic banks. Similar to the Irish Bank Resolution Corporation, the agency is scheduled to run down its loanbook by 2020. It issued €32bn in bonds for €74bn of property loans.
According to its latest update, Nama made a €247m net profit in 2011, and a €222m net profit for the first six months of last year. When it was established, Mr Lenihan said the agency could make a €5bn profit. The target is now to break even over its lifetime.
Nama’s chief executive Brendan McDonagh said: “The generation of €10.5bn in cash in the 33 months since the first loans transferred to Nama reflects a strong performance in terms of asset disposals and also shows the importance for Nama of capturing the rental income from assets under the control of debtors.”
In May 2012, Nama announced it would make a €2bn capital investment in Irish property assets. Under this programme, it has approved €1.7bn in financing with just over €1bn of this drawn down so far.
Nama also announced last May that it was making available €2bn in vendor finance for potential buyers of assets under its control. It said the first transaction under this arrangement was made over the course of last year with a number of further potential transactions in the pipeline.
The agency has so far sold 3,900 individual properties and has €1.5bn of Irish assets currently on the market. A total of 3,879 properties have been earmarked for social housing. It is up to local authorities to determine whether these units are fit for social housing. So far 1,484 have been used for this purpose while another 841 are being evaluated.
Nama has sale agreed 100 of the 295 properties made available through the 80:20 deferred payment initiative. A total of 750 houses will made available under this programme during 2013.
Nama also yesterday appointed William O’Riordan and Declan MacDonald from PwC as receivers to five Treasury Holding companies — Treasury Holdings, Haybrook Ltd, Diamond Bay Ltd, Harrisrange Ltd and Streamglen Ltd.