Bad bank was set up in 2009 amid economic collapse
NAMA said it will post a profit for 2022 when it releases final figures for the period later this year.
It has also confirmed that its total projected returns to the Exchequer will be €4.9bn, from a €4.5bn estimate last summer. The bad bank has already paid €3.9bn to the State, having transferred a total of €500m last year, including €250m in December.
The remaining €1bn will be transferred to the Exchequer in coming years, “subject to market conditions”, according to Nama.
Nama was established in 2009 by the government as the country’s banks struggled to survive under the weight of soured loans that had been doled out during the Celtic Tiger years.
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.
Nama chief executive Brendan McDonagh said in a year-end review published on Thursday that the agency is “determined to deliver the largest return possible to the taxpayer and maximise the value of the remaining assets”.
The agency said that it generated €492m in cash last year and €47.4bn since its inception.
Nama also said in its latest review that 600 new homes had been built on Nama-secured sites last year.
It said it will directly fund the delivery of 400 homes this year and that between 2014 and the end of 2022, it has funded and facilitated the construction of 28,000 homes.
Of those, 13,700 were funded directly by Nama, while the remainder were constructed on sites for which Nama had funded planning applications, enabling works, legal costs or holding costs prior to disposal.
It added that it has provided almost 2,700 homes for social housing to local authorities and approved housing bodies. The figure excludes social housing units provided under planning requirements at Nama-secured sites.
The agency said that Nama-secured sites have a total pipeline of about 16,000 housing units, if zoning and planning can be secured, as well as infrastructure installed. Such units won’t be delivered until some time after 2025.
Nama also holds a 20pc interest in the Poolbeg West strategic development zone in Dublin. The site has the potential to deliver 3,800 residential units and one million square feet of commercial space.
Planning was secured last year for 570 residential units at the location, while an application has already been lodged for an additional 872 units and 495,000 sq ft of commercial space.
This time last year, Nama had anticipated that construction of the first units at the Poolbeg site would have begun in 2022.
In 2020, 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.
This article was amended on January 5,2023 to correct a quote from Nama chief executive Brendan McDonagh.