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Nama confirms €132m profit for nine months to September

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The Poolbeg West site has the potential for up to 3,800 homes

The Poolbeg West site has the potential for up to 3,800 homes

The Poolbeg West site has the potential for up to 3,800 homes

Nama has confirmed that it made a €132m profit in the nine months to the end of September last year.

It generated €552m in cash in the period, down from €920m in the corresponding nine-month period in 2020. By the end of last September, Nama has generated €46.8bn from its operations.

It generated an additional €100m in cash between the end of September last year and December 17, bringing the cumulative cash generated since inception to €46.9bn and total net cash generated by Nama in the year to 17 December 2021 to €650m.

Earlier this month, the bad bank said that it expects to return about €4.7bn to the State during its lifetime, which includes about €400m in corporation tax.

Nama was established in 2009 by the government as the country’s banks were drowning in a sea of soured loans.

Nama paid banks a total of €31.8bn to assume vast tranches of loans connected to property here and abroad. Those loans had a face value of about €74bn.

The agency paid €250m to the Exchequer on December 17 last year, marking the fifth transfer from Nama. It brought Nama’s total transfers to the Exchequer in 2021 to €1bn. It handed over €2bn in 2020.

Nama noted that the construction of 600 homes at Poolbeg on the former Irish Glass Bottle site in Dublin is due to begin this year. The Poolbeg West strategic development zone has the potential to provide up to 3,800 homes as well as significant commercial space, parks and schools.

Last year, a consortium including Johnny Ronan’s Ronan Group Real Estate, Oaktree Capital Management and Lioncor Developments acquired an 80pc stake in the company that controls the Poolbeg site. Nama retains a 20pc holding.

Nama also has significant interests in the Dublin docklands. About 14pc of its interests there remain under construction.

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