Nama posts €53m in profit for first half of the year
Nama Down Year End To Due Next At Is The Wound Be Of
The National Asset Management Agency (Nama) reported a profit of €53m during the first half of this year on the back of generating €115m in cash, latest figures from the agency show.
In the three months between April and June alone, the agency generated €76m in cash. An additional €93m in cash was taken in between July 1 and September 27, bringing the cumulative amount generated since Nama’s inception to €47.9bn.
The agency has transferred a cumulative €4.25bn in cash to the exchequer, which includes €3.85bn from its lifetime surplus and more than €400m in corporation tax payments, over the course of its existence. Its lifetime contribution to the exchequer is expected to be in the region of €5.2bn.
In a letter to Finance Minister Jack Chambers, the Nama board said it was continuing to monitor economic and financial developments and their impact on Nama's financial position.
Nama is due to be wound down at the end of next year and it is working closely with the National Treasury Management Agency on the establishment of the resolution unit to manage the residual Nama activity from 2026 onwards.
In tandem, preparations are ongoing for the transfer of any residual assets and liabilities of Irish Bank Resolution Corporation to Nama at the start of 2025.
Since 2014, Nama has been involved in the development of residential housing and in that time has helped deliver 39,377 new homes, of which 14,336 were directly funded by Nama either by advancing development funding to debtors and receivers or by facilitating development via licence agreement or joint venture.
A further 25,041 have been delivered on former Nama-secured sites which benefited from asset management and/or funding prior to their sale or refinance by their debtor or receivers.