Nama paid €250m to State in December

State agency generated €100m in cash in fourth quarter of last year

The National Asset Management Agency (Nama) generated €100 million in cash from the end of September to mid-December, its latest report shows.

The agency's quarterly report to the Minister for Finance, Paschal Donohoe, confirms that it generated a total of €650 million in the year to December 17th.

Nama’s operations produced €100 million of this from September 30th to December 17th, the report noted.

It paid €250 million to the Exchequer in December, bringing its total contribution to the State to €3.4 billion, which includes €400 million in corporation tax.

Nama ultimately expects to have contributed €4 billion to the Exchequer when it is wound up in coming years.

Set up to save insolvent Irish banks in the wake of a financial collapse in 2010, Nama has generated €46.9 billion to date.

Since 2014, Nama says it has financed or facilitated the construction of 22,650 new homes. Of those Nama funded 13,030 directly. Developers built a further 9,620 on sites that benefitted from agency cash, but which its debtors or receivers subsequently sold.

Overall, Nama calculates that it could support the building of a further 20,000 dwellings.

The agency expects work to begin this year on the first 600 of up to 3,800 homes likely to be built in the Poolbeg strategic development zone in Dublin.

Nama owns 20 per cent of the site, while a consortium of Ronan Group Real Estate, controlled by builder Johnny Ronan, Oaktree Capital and Lioncor Developments owns the other 80 per cent.

The agency has provided 2,629 social homes to local councils, excluding those that planning laws require to be built in Nama-funded developments.