Nama's total contribution to the Exchequer to hit €5.2bn by the time it winds up in 2025

Finance Minister Michael McGrath recently announced that all remaining NAMA assets or activities will be transferred to a newly-established Resolution Unit within the National Treasury Management Agency (NTMA) at the end of 2025.

The National Asset Management Agency (NAMA) generated €68m in profit during 2023 and has increased its projected lifetime contribution to the Exchequer by €300m, it has announced.

According to the agency’s latest annual report, its total payments to the Exchequer is now projected to be €5.2bn which includes €4.8bn it has generated in surplus over the course of existence as well as €400m corporation tax paid to date.

It said that €4.25bn has already been paid to the Exchequer, including €350m during 2023 with the remaining to be paid this year and next. NAMA is due to be wound down at the end of next year.

During 2023, the agency generated €319m in cash, bringing total cash generation from inception to end 2023 to €47.7bn The profit during last year reflects the ongoing reduction of the agency’s loan portfolio which stood at €449m at end 2023 which is approximately 1% of the €32bn paid by NAMA to acquire the loans on establishment.

As at end March 2024, the loans of 98 debtors remained under NAMA management, down from an original 800 debtor connections comprising approximately 5,000 borrowers.

NAMA is also due to take over the remaining assets of the Irish Bank Resolution Corporation (IBRC) next year.

Finance Minister Michael McGrath recently announced that all remaining NAMA assets or activities will be transferred to a newly-established Resolution Unit within the National Treasury Management Agency (NTMA) at the end of 2025.

Mr McGrath said that growing projected returns to the Exchequer is a “positive development” and is a “clear reflection of the strong performance and success of NAMA over recent years”.

Chief executive of NAMA Brendan McDonagh said the agency’s key priority from here is to “reduce our portfolio” as much as possible through asset disposals, debtor exits and debt resolution.

In addition, the report sets out NAMA’s output in new homes as of the end of March this year, Between the start of 2014 and the end of May 2024, NAMA has funded or facilitated the delivery of over 37,700 new homes.

Of those, over 14,000 were directly funded by NAMA, with the remainder delivered indirectly on sites for which NAMA had funded planning permission.

A further 6,800 units have been granted planning permission or are the subject of planning applications, for delivery after the agency's wind-down has taken place.

An additional 369 units are currently under construction.