Nama is to transfer €2bn of an expected surplus of €4bn to the Exchequer of Ireland this year.
In its end of year review, the agency – which took on property debts of Irish banks following the financial crash – confirmed it would transfer the €2bn sum in the second half of 2020.
The news comes after Nama generated over €1.3bn in cash in 2019. Since inception, the agency has generated cash in excess of €45.3bn from its operations.
On the residential side, over 16,800 homes have been directly or indirectly delivered through Nama funding.
Nama announced in July that it is looking for a developer for the former Irish Glass Bottle site in Poolbeg, which has the potential for 3,500 homes.
It has also facilitated the delivery of commercial office space in the Dublin Docklands Strategic Development Zone, which, on completion, will generate 4.2m sq ft of workspace and 2,183 residential units.
Aidan Williams, chairman of Nama, said: “2020 will bring significant new milestones for Nama. We will redeem the last of our remaining subordinated debt and our private equity obligations and, in the second half of 2020, commence the payment of our terminal surplus to the exchequer.”
Brendan McDonagh, chief executive, added: “We continue to work towards our strategic objectives, particularly regarding residential delivery – where we have funded the completion of 11,700 new residential units since 2014 – and in our work in the regeneration of the Dublin Docklands SDZ, facilitating significant investment to the area. We are also confident of securing a strategic partner for Nama’s 80% equity interest in Project Pembroke in 2020.”
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