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Irish Times
25 minutes ago
- Irish Times
Nama increases State contribution forecast to €5.5bn as windup nears
The National Asset Management Agency (Nama) has increased the estimated lifetime cash contribution it will end up giving to the exchequer by €300 million to €5.5 billion, as the State-owned bad bank prepares to be wound down by the end of this year. The increase has been driven by an upgrade to the agency's lifetime surplus target to €5.5 billion from €4.8 billion, previously. It has also marginally increased its corporation tax projection by €50 million to €450 million. '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,' said chief executive Brendan McDonagh . '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.' READ MORE Nama, which was set up in 2009 to take over toxic commercial property loans from the country's banks, said on Wednesday its portfolio has fallen from a peak of €32 billion to less than €100 million fair value. This has been through a mix of selling of portfolios of loans over the years and debtors repaying their loans by working with Nama, or refinancing elsewhere. Nama generated €600 million of cash last year. [ Cost of probe into Nama's Northern Ireland sale tops €10m Opens in new window ] Nama is on track to take over the remnants of Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank , and the enlarged organisation dissolved by the end of this year, subject to enabling legislation being passed. The remains of both will end up in a special resolution unit within the National Treasury Management Agency (Nama). Nama generated €600 million of cash last year, brining the total since its inception to €48.3 million. The exchequer has so far received €4.69 billion of Nama's expected lifetime contribution. The agency reported a €197 million net profit last year, marking a 14th consecutive year of profitability.
RTÉ News
28 minutes 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.
Business Post
an hour ago
- Business Post
Version 1 appoints Roop Singh as chief executive
Irish IT services company Version 1 has appointed Roop Singh as its chief executive officer, less than six months after he joined the organisation as ...
