Nama to return €4.25bn to the Exchequer by the end of 2023

This year marks the 12th year the agency has turned a profit with it expected to make surplus transfer payments totalling €350m to the Exchequer over the remainder of 2023.

NAMA is projected to surplus payments plus corporation tax payments totalling €4.9bn into the Exchequer by the time it winds down at the end of 2025.

The National Asset Management Agency (NAMA) has posted a profit of €81m for 2022 and remains on course to return €4.9bn to the Exchequer during its lifetime, new figures reveal.

According to the agency’s annual report, published on Thursday, it generated €492m in cash during the year which included €404m released from the sale of loans and property. This brings the agency’s total cash generation since inception to €47.4bn.

This marks the 12th year the agency has turned a profit with it expected to make surplus transfer payments totalling €350m to the Exchequer over the remainder of 2023.

As of the end of 2022, NAMA has paid €3.5bn in cash dividends to the Exchequer. By the end of this year, returns to the Exchequer are expected to come to €4.25bn when €422m in corporation tax is taken into account.

NAMA is projected to surplus payments plus corporation tax payments totalling €4.9bn into the Exchequer by the time it winds down at the end of 2025.

Brendan McDonagh, chief executive of NAMA, said as the agency enters its final phase, it is focused on “maximising value and delivery from our remaining portfolio, and resolving our outstanding workstreams in an orderly and well-managed fashion”.

“Our 2022 profit shows our continued success in value maximisation against a backdrop of a loan portfolio that is now less than 2% of what we originally acquired.” Finance Minister Michael McGrath said the report highlights the important contribution NAMA continues to make in “challenging and uncertain market conditions”.

As of the end of March this year, the loans of 126 debtors remained under NAMA management, down from an original 800 debtors. There are 55 debtors who are actively engaging with the agency including 24 in support strategies and 31 subject to enforcement with receivers appointed.

The remaining 71 debtors are being monitored under forbearance strategies or exit agreements.

Since the start of 2013 and the end of March this year, NAMA has funded or facilitated the delivery of close to 30,000 new homes. Of those, close to 14,000 were directly funded by NAMA and close to 16,000 were delivered indirectly on sites for which NAMA had funded planning permission.

An additional 850 units are under construction or have funding approved in active developments.

The agency has identified scope to deliver approximately 17,000 additional new homes - most of which are expected after 2025 – but these homes can only be delivered if they are commercially viable, with the necessary supporting infrastructure put in place and planning permission obtained.

In total, the agency has invested €350m in the repair and purchase of homes for social housing which have been leased or sold to approved housing bodies and local authorities.

NAMA said that 99% of its original interests in the Dublin Docklands Strategic Development Zone - which encompasses 4.2 million square feet of commercial space and 2,033 homes - has either been completed or sold.

The last two major NAMA-linked projects – Bolands Quay and Exo – reached “practical completion” in 2022.