Business Irish

Wednesday 21 March 2018

NAMA reports profit increase to €1.8bn, construction started on docklands house sites

Brendan McDonagh
Brendan McDonagh
Colm Kelpie

Colm Kelpie

Nama has reported a profit for last year of €1.8bn – up from €458m the previous year.

Cash amounting to €9.1bn was generated during the year, with €8.5bn coming from asset disposals.

Publishing its annual report, the agency said the strong cash generation during the year allowed it to redeem senior debt totalling €5.5bn during 2015. The amount of senior debt now repaid stands at €24.6bn.

Total income for the year increased 127pc to €1.9bn, while the agency reported its first full-year impairment write-back, which generated a credit of €86m as supposed to a charge in 2014 of €170m.

Chief executive Brendan McDonagh said the agency was on course to deliver a significant surplus for the tax payer.

“This was an outstanding performance that delivered a very substantial profit,” he said.

Chairman Frank Daly said Nama could deliver a surplus to the taxpayer of around €2.3bn.

“NAMA’s successful delivery of its mandate is good news for the taxpayer. We plan on being just as successful in delivering major development projects in the Docklands and thousands of homes for people who need them,” he said.

Nama said it has funded the construction of 2,800 homes since 2014 and that a further 3,000 Nama –funded homes are under construction.

Planning permission has been obtained for an additional 5,100 units, the agency said.

Regarding Dublin’s Docklands, construction has started on sites that will deliver 1.2m sq ft of commercial accommodation and 345 new homes, Nama said.

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