'Bad bank' Nama on course to have returned €5.5bn to State
The National Asset Management Agency (Nama) is on course to have returned €5.5 billion to the State by the time it winds down at the end of the year, up from an earlier estimate of €5.2 billion.
Set up in 2009, the State-run "bad bank" used €32 billion of debt to rid banks of €74 billion worth of risky property loans following a banking collapse.
Advertisement
It has so far returned €4.7 billion to the State from surplus cash and corporation tax after selling almost all of its loans and properties.
It will transfer the remaining €800 million by the end of the year, Nama said in a statement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BreakingNews.ie
39 minutes ago
- BreakingNews.ie
Ryanair CEO Michael O'Leary receives pay-package of €3.83m for 2025
Ryanair chief executive, Michael O'Leary, this year received a pay-package of €3.83 million that included bonus payments of €600,000. That is according to the 2025 annual report by Ryanair, which shows that Mr O'Leary received the maximum bonus possible of €600,000, or 50 per cent of basic pay under his contract, as Ryanair recorded pre-tax profits of €1.78 billion on the back of revenues climbing to €13.94 billion. Advertisement The airline achieved the revenues as passenger numbers increased by nine per cent to a record 200 million for the first time. Mr O'Leary's pay package was made up of basic pay of €1.2 million, a bonus payment of €600,000 and share options of €2.03 million. A note attached to the accounts states that the €2.03 million component is through the company recording a technical non-cash accounting charge in relation to share options granted to Mr O'Leary. The note states that no such payment was made to Mr O'Leary and the share options remain unvested. Advertisement At the end of May, Mr O'Leary qualified for share options worth more than €100 million and the 64 year old will have to stay at Ryanair until the end of July 2028 to collect the share options. The annual report shows that Ryanair's Irish based revenues last year totalled €757.5 million which were down four per cent on the Irish revenues of €791 million. The airline's Irish business accounted for 5.4 per cent of overall revenues as Italy was the airline's most lucrative market at €2.96 billion, followed by Spain at €2.47 billion and UK revenues of €2.04 billion. In his message to shareholders, Mr O'Leary said that 'our home market in Dublin is also being hampered by failed regulation and political inaction'. Advertisement He said that at Dublin airport over €320 million has been invested in a new 2nd runway, which doubles the capacity of Ireland's main airport from 32 million to over 60 million passengers per annum. He said that "Dublin's airlines are prevented from using this growth capacity, because an 18-year-old planning restriction artificially caps Dublin Airport traffic at 32 million p.a, over fears (in 2007), that road access around Dublin Airport would be 'overwhelmed' at this volume of passengers". He said that Ireland's newly elected Government committed to removing this outdated traffic cap, yet three months later no action has been taken. He said: 'Only in Ireland would we allow this vital access infrastructure to be built, but then refuse our airlines and citizens the ability to use it, due to bureaucratic failure to abolish an absurd and outdated planning restriction. This is a clear example of the sort of regulatory failure, which the Draghi Report has encouraged Europe to reform and remove.' Advertisement The annual report also makes reference to the Data Protection Commission (DPC) here launching an inquiry into Ryanair's booking verification process last October. The report states that Ryanair has engaged with the DPC "explaining that its verification requirement is designed to ensure compliance with safety and security protocols, and that the process of verification fully complies with the requirements of the GDPR". The report states that the inquiry is expected to take at least one year "and while Ryanair is confident in its position, the DPC may ultimately find that the verification process has not fully complied with the GDPR, which could lead to the imposition of a substantial fine". In his message to shareholders, Mr O'Leary says that 'the biggest medium term challenge we face, remains the risk to Boeing deliveries'. Advertisement He said: 'While the final units of our 210 Boeing 737-8200 order were contracted to deliver in December 2024, at our March 2025 year end Boeing left us short 34 of these deliveries. He said: 'We got five more in April but the remaining 29 are not expected to deliver until the second half of FY26, hopefully in time for summer 2026. Ireland Martin says defamation reforms will happen 'quickl... Read More "The quality and timeliness of Boeing deliveries has recently improved under their new management, but this needs to be reflected in rising monthly production if Boeing is to erase its current delivery backlog.' Mr O'Leary states that over the next decade Ryanair hope to buy 300 more Boeing MAX-10 aircraft, to grow to 300m guests per annum and to create approximately 10,000 new jobs. The aggregate amount of compensation paid by Ryanair to its key management personnel was €14.7 million including a €4.2 million non-cash technical accounting charge in relation to unvested share options. In the 12 months to the end of March, the airline employed an average of 27,076 as staff costs totalled €1.75 billion.
Finextra
41 minutes ago
- Finextra
Stablecoin startup Noah raises $22m
A former Adyen executive and an ex-UBS analyst have become the latest entrants into the increasingly crowned stablecoin infrastructure market, raising $22 million in seed founding for their startup, Noah. 0 LocalGlobe led the round, with participation from Felix Capital, FJ Labs and angels including Joe Lonsdale from Palantir and former Adyen CTO Alexander Matthey. Noah says its technology empowers businesses and their customers with lightning-fast, cost-efficient, and fully compliant global money transfers to rival the "slow, costly and frankly obsolete Swift system". Through its API and checkout integrations, businesses can convert funds between fiat and stablecoins across a network of over 50 currencies and 70 countries in real-time, transparently, cheaply and without compromising compliance, claims the startup. In a crowded market, Noah says that, while others bolt stablecoins onto existing or broader payment offerings, it is built around them, unequivocally committed to channelling its resources into building the essential infrastructure stablecoins need to scale. The funding will be used to spearhead expansion into fintech hubs across US, Europe and Asia, pursue essential licensing, and backing its product and engineering divisions. Thijn Lamers president, Noah and former EVP, global sales, Adyen, says: "Having had a front row seat to Adyen's explosive global demand, I see an even more profound trajectory for stablecoins. "Our cutting-edge technology, our world-class team, and now the formidable backing of top-tier investors perfectly position Noah to capitalise on the immense potential of stablecoins and address the practical needs of global businesses."
Reuters
41 minutes ago
- Reuters
Italy injects more money into struggling former Ilva steelworks
ROME, June 12 (Reuters) - The Italian government on Thursday earmarked 200 million euros ($232 million) to keep afloat the steel company Acciaierie d'Italia (ADI), formerly known as Ilva, while negotiations to sell it are ongoing, the industry minister said. In March, the government announced it had entered exclusive talks with an Azeri consortium about the sale of ADI, which was placed under state administration last year after struggling to maintain production amid rising energy costs and weak demand. The fresh liquidity injection was announced following a meeting this week between ministers and unions in Rome, during which the government made clear it would ensure "financial support for the continuation of the company's activities." A source told Reuters that the consortium interested in taking over ADI includes Baku Steel and the Azerbaijan Business Development Fund. Successive Italian governments have had to deal with the ailing steelworks and provide funding to keep it operational, as its closure would have major knock-on effects for the country's manufacturing sector. ($1 = 0.8628 euros)
