Atlantic Flight Training Academy ‘contributes €35 million' to regional economy
Aviation
Atlantic Flight Training Academy 'contributes €35 million' to regional economy
Megan O'Brien
12:28
Minister of State Jerry Buttimer with chief executive of Afta Captain Mark Casey at the launch of the Economic and Social Impact Report. Photo: David Creedon
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The Journal
6 hours ago
- The Journal
Nama to return €300m more than projected to Exchequer as it winds down operations
THE NATIONAL ASSET Management Agency (Nama) had published its final annual report before its dissolution. The report reveals a profit of €197m in 2024, marking the agency's fourteenth consecutive year of profitability. Total payments from Nama to the Exchequer are now projected to be €5.5 billion, comprising a €5.05 billion lifetime surplus and €450m corporation tax. The agency, which purchased almost €32 billion worth of bad property development loans from Ireland's banks after the 2008 financial crash, is on course to return an additional €300m to the fund, surpassing earlier projections. Established in 2009, Nama was formed during the banking crisis to deal with non-performing property loans acquired from Irish banks. Beginning life with a large balance sheet, over time it sought to shrink it. It was announced in July last year by then-Minister for Finance Jack Chambers that Nama would this year wind down operations. The agency has been paying into the Exchequer since 2013. Including €400m paid in last year, a total of €4.69 billion has already been paid into the fund. The remaining €800m will be transferred by the end of this year. Nama generated €600m in cash during 2024, which brought the total cash generation from its inception to its end to €48.3 billion. Advertisement The agency is on schedule to have completed its wind-down by December 2025. Its chief executive Brendan McDonagh, who made headlines in recent months due to his consideration for the role of Housing Tsar , said that Nama's contribution to the Exchequer show how 'effective' it has been at recovering finances for the state. 'The Nama Board and my colleagues throughout the agency have always seen our role as set out by the legislation passed by the Oireachtas in 2009 as trying to do the very best we can on behalf of the taxpayer and the State,' he said. 'Every decision, every engagement with a debtor, every transaction – they were framed against a commercial backdrop of maximising the amount that we believed could be recovered for the State.' He thanked his colleagues for the work they have undertaken since Nama's inception in 2009. Some key points highlighted with its final report included Nama's housing output. Between 2014 and 2024, both years inclusive, the agency funded or facilitated the delivery of over 42,500 new homes. Over 14,500 were directly funded by Nama. The report stated that there is potential to deliver a further 4,000 units on two major sites acquired by Nama in north Dublin and Kildare. The units will be retained in state ownership after Nama's dissolution. Nama's Chairman Aidan Williams said that ultimately its greatest achievement is 'something unique: the organisation has succeeded in achieving its aim of managing itself out of business. 'We have never lost sight of the fact that Nama, unlike other commercial entities, was designed to disappear.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
14 hours ago
- RTÉ News
NAMA to return €300m more than expected to Exchequer
NAMA, the State body responsible for handling property loans from the financial crisis, plans to return more money to the taxpayer than previously expected. The organisation, which is due to be dissolved this year, plans to return €5.5 billion to the Exchequer - €300m more than previously thought. This made up of a surplus of €5.05 billion and €450m paid in corporation tax. The organisation said that €4.69 billion has already been paid with €800m to be transferred by the end of this year. The National Assets Management Agency was established in 2009 to handle property loans of Irish banks which were facing collapse during the financial crisis. It bought loans which had a book value of about €70 billion for €30 billion and the banks required capital from the State to cover the shortfall left on on their balance sheets. NAMA has been debt free since it paid of the last of its €31.8 billion in borrowings in 2020. The organisation said it had made a profit of €197m last year. NAMA said that between 2014 and 2024 it had funded the delivery or facilitated the construction of 42,500 homes.
Irish Independent
18 hours ago
- Irish Independent
Nearly all government ministers owe money to the State due to pension error, with funds to be ‘fully recouped'
Almost all government ministers and junior ministers owe money to the State due to errors in pension payments. They will be informed in the coming days of the sums to be repaid, ranging from as low as €100 up to €30,000. Although the ministers and other civil servants involved were not at fault in relation to the errors identified in the National Shared Services Office (NSSO), Public Expenditure Minister Jack Chambers said he will ensure 'all monies owed to the State are fully recouped'. In some cases, ministers may be owed money due to the administrative errors. The full scale of the issues, relating to payroll and pensions, and the number impacted is still being assessed. The Cabinet was briefed on the administrative errors in the state HR agency yesterday. One issue relates to a retired senior civil servant who owes €280,000 to the State because their pension was undertaxed, it has been revealed. The retiree is among up to 13,000 retired civil servants and government ministers currently being assessed. Meanwhile, Sinn Féin's Pearse Doherty said there are 'serious questions' over the oversight of the agency 'responsible for putting taxpayers' money into the pockets of very highly paid, with golden pensions, senior civil servants – money they were never entitled to in the first place.' It is understood the NSSO will undertake an 'engagement process' to reach an arrangement with the individual in order to recoup the payment. There are three cohorts impacted by these errors: current and former ministers and office holders; civil service retirees with work-sharing patterns; and retired senior civil servants. Mr Chambers said the errors span different time periods and have been detected in various ways. ADVERTISEMENT One issue relates to the incorrect application of pension deductions for most members of the current Government, ministers of state, some members of previous governments and recent office holders. The amounts involved range from hundreds of euro to the low €30,000s in terms of monies to be recouped. In addition, a number of ministers are due refunds ranging from hundreds of euro to the low €20,000s. Some are unaffected. Another issue relates to 30 cases involving the administration of Chargeable Excess Tax, a tax on pension funds, and Withholding Tax, which is deducted from retirement lump sums, in relation to senior grade civil service pensioners. 'The liabilities for this cohort range from a few hundred euro to €280,000,' Mr Chambers said. Another issue relates to the miscalculation and under-payment of pensions for some work-sharing civil service retirees. These individuals were in receipt of allowances before they retired in the last 20 years or so. 'The issues that have been brought to my attention by the NSSO are completely unacceptable,' Mr Chambers said. 'The NSSO has responsibility for the essential function of the provision of pay and pensions to public and civil servants and it has failed in this fundamental duty. I have instructed the CEO of the NSSO that the multiple errors must be corrected by the NSSO as a matter of urgency.' The NSSO provides human resources, payroll, pension and finance management services to public service bodies, including government departments. Mr Chambers said he is committed to fully and comprehensively addressing the matter to ensure all money owed to the State is fully recouped and money owed to individuals is refunded, and to restore trust in the NSSO. He said a pool of 13,000 retirees will be checked. 'To be clear, this does not imply that all 13,000 will have anomalies, but all 13,000 will be checked,' he said. Mr Chambers said issues arose due to administrative errors in the NSSO and are not the fault of any of the individuals impacted.
