NAMA increases projected lifetime surplus to Exchequer to €4.25bn from €4bn; reports 2020 profit of €192m
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
10th June 2021
The National Asset Management Agency (NAMA) has today published its Annual Report and Financial Statements for 2020.
NAMA is reporting an after-tax profit of €192 million for 2020 – its tenth consecutive year of profitability. The Agency is also increasing its projected lifetime surplus to €4.25bn, subject to market conditions, from its previous projection of €4bn. When added to NAMA’s corporation tax payments to the State totalling €400m to date, NAMA now expects to contribute in the region of €4.65bn to the Exchequer over the course of its lifetime.
NAMA is also announcing today that it will make a surplus transfer payment of €300m to the Exchequer later this month. This is NAMA’s third surplus payment to the Exchequer, following transfers of €2bn in June 2020 and €200m in March 2021, and will bring the total amount of surplus
transfers to the Exchequer to €2.5bn. This will increase further to €3bn over the remainder of 2021 - with additional transfers totalling €500m scheduled for H2 2021. The remaining €1.25bn will be transferred in subsequent years.
Annual Report – key points (to end-May 2021):
Residential Delivery
The report sets out the progress that has been made (and to end-May 2021):
Annual Report – other key points include:
The Minister for Finance, Paschal Donohoe TD, said:
I welcome NAMA revising upwards its projected lifetime surplus from €4 billion to €4.25 billion with €2.2 billion of this having already been transferred to the Exchequer. This highlights the positive work which NAMA continues to undertake despite the challenging economic environment which it has been operating in over the past 12 months.”
NAMA Chief Executive Brendan McDonagh said:
“Our strong performance in 2020, our tenth year of profitability in a row, was delivered against a difficult backdrop, with the pandemic creating significant uncertainty and operational challenges. €3 billion in cash will be paid to the Exchequer by NAMA by end 2021. 2021 sees another milestone achieved with over 20,000 residential units delivered.
Our team demonstrated exceptional resilience and flexibility to drive this profitability and to continue extracting the maximum value possible from our remaining portfolio.
While many challenges remain, we aim to continue generating profits for the State while successfully delivering much-needed new homes; social housing; office and commercial space; and major projects in the Docklands and Pembroke that will leave a lasting positive legacy for decades.
I thank the NAMA Chairman, the Board and the people working throughout the Agency for the commitment, dedication and professionalism they display every day.”
NAMA Chairman Aidan Williams said:
“The strength of NAMA’s continued profitability has allowed the Board to increase the Agency’s projected lifetime surplus to €4.25bn. This is a remarkable achievement that will provide valuable financial resources for the State and allow everyone to share in a dividend from NAMA.
2020 was a year of significant milestones for NAMA. We began the first of a number of transfers from our lifetime surplus to the Exchequer and successfully completed a 10-year programme of eliminating the debt that NAMA issued to acquire its loans at inception.
But there is still a lot of work to do to maximise the contribution we can make to the State. We remain resolutely focused on managing our remaining assets with one overriding goal – generating the greatest achievable financial return in accordance with the mandate given to us by the Oireachtas.
I thank our Board, staff and management team for their ongoing efforts to deliver the continued progress that we are reporting today.”
Notes to editors