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Nama ‘surplus’ for taxpayers will be €4.5bn

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Brendan McDonagh, Nama chief executive

Brendan McDonagh, Nama chief executive

Brendan McDonagh, Nama chief executive

The State's 'bad bank' is now expected to pay the exchequer nearly €5bn after it increased its projected surplus.

The National Asset Management Agency (Nama), which was created nearly 13 years ago to take bad property loans off Ireland's bust banks, said today that its lifetime surplus would now be €4.5bn, up from the €4.25bn it projected last year.

Together with €400m in corporation tax paid over its lifetime, the surplus Nama will transfer to the State's coffers will now top €4.9bn, the agency said today.

The agency also announced that it would be paying the State €500m in dividends after booking a €195m profit in 2021.

Nama has already given the State €3bn in dividends since starting payments in 2020 with a €2bn lump sum. Last year the agency made four quarterly installments amounting to €1bn.

It ended the year with €750m in cash or cash equivalents after generating €670m from asset sales and non-disposal income.

The agency, which has been profitable since 2010, has generated €47bn in cash over its lifetime and has just €700m of loan and property assets left on its books as part of its overall €32bn disposal programme.

Nama will be wound down over the next three years by selling its residual portfolio, funding residential property development and managing strategic development sites.

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