The National Asset Management Agency (Nama) has transferred €400 million to the exchequer. The transfer brings the total cash paid to the exchequer from Nama’s surplus to €4.25 billion.
The State assets agency has also made corporation tax payments of €439 million to date, bringing its total contribution to the exchequer to €4.69 billion, it said.
Nama’s lifetime dividend to the State, before concluding operations at the end of next year, is expected to be at least €5.2 billion.
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The figure comprises additional cash payments plus other property assets of at least €550 million which it is expected to to transfer in 2025. This includes the transfer of social housing vehicle Narps to the Land Development Agency (LDA) and other property assets, and tax payments.
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“Today’s cash transfer of €400 million to the Exchequer has been achieved through Nama’s persistent focus on maximising value from its remaining assets for the benefit of the State,” said agency chief executive Brendan McDonagh.
“To date, we have made a significant cash contribution to the Exchequer of €4.69 billion, through €4.25 billion in surplus cash transfers and over €400 million in corporate taxes. Nama will continue to maximise value from the remaining assets and will make additional and final transfers to the State before the agency’s conclusion in 2025.
“We anticipate a total lifetime contribution to the State in excess of €5.2 billion by end 2025.”
The so-called bad bank was set up in 2009 to take over risky commercial property loans from Irish banks. It upgraded its projected lifetime contribution to the exchequer by €300 million in June this year. That same month it reported a profit of €68 million profit for 2023, its 13th straight year of profitability.
The agency has upgraded its lifetime surplus forecast several times in the past decade from an original position where it was projected to make enough money only to repay its senior debt.
Any remaining Nama assets or activities are due to be transferred to a newly established Resolution Unit within the National Treasury Management Agency at the end of 2025.
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