Nama transfers further €350m to Irish exchequer

The National Asset Management Agency has contributed €4.25bn since it was set up in 2009 amid the banking crisis

Nama chief executive Brendan McDonagh. File picture: Leah Farrell/RollingNews

The National Asset Management Agency (Nama) has transferred €350m from its lifetime surplus to the exchequer as it continues to wind down operations ahead of completing its work in 2025.

This brings the total contribution to date from Nama to €4.25bn — €3.85bn in cash surplus and over €400 in corporation tax.

Additional transfers totalling €650m will be made in the coming years.

The agency projects that it will have a total cash surplus of €4.5bn by the time it completes its work. 

Nama chief executive Brendan McDonagh said this latest contribution was made possible by the agency’s “continuous focus on maximising the value of its assets for the benefit of the State”.

Finance Minister Michael McGrath welcomed the latest transfer to the exchequer saying it “represents yet another positive step as the Agency approaches its orderly wind down”.

In the last week, NAMA has completed the sale of north Dublin land to the Land Development Agency worth €44m.

The 13.2 hectare site in Clongriffin has planning for over 1,800 homes with the potential to deliver up to 500 more.

The first homes are due to be completed by 2026.