Nama raises forecast for surplus to €4.25bn

Sum is €250m higher than previously forecast

The State agency confirmed that it had increased the projected surplus it will pay to the exchequer at the end of its life. Photograph: Cyril Byrne

The State agency confirmed that it had increased the projected surplus it will pay to the exchequer at the end of its life. Photograph: Cyril Byrne

 

The National Asset Management Agency (Nama) expects to boost the surplus it will pay to the State by €250 million to €4.25 billion.

Nama, which took over property loans from the Irish banks in the wake of the financial crash, said on Thursday that it earned profits of €192 million in 2020.

The State agency confirmed that it had increased the projected surplus it will pay to the exchequer at the end of its life to €4.25 billion, from its original estimate of €4 billion, market conditions allowing.

Combining this with €400 million in tax paid on profits since 2016, this would bring its total contribution to the State to €4.65 billion, the agency said.

Nama also announced that it would pay €300 million to the State later this month, following payments of €2 billion a year ago and €200 million in March this year.

’Positive work’

Paschal Donohoe, said the increase in Nama’s projected surplus highlighted the “positive work” that the agency had done.

Brendan McDonagh, Nama chief executive, said 2020 was its 10th profitable year in a row. He added that it earned this against a difficult backdrop.

Nama chairman, Aidan Williams, dubbed the increase in the projected surplus a “remarkable achievement”.