NAMA reports profit of €211 million for 2013

NAMA has announced that an additional €2.5bn Senior Debt will be redeemed next month, bringing total redemptions to €13bn.

From inception to date The agency has generated €18.6bn in cash, including €14.1bn from asset disposals. €3.5bn of this has been generated in the first five months of 2014. NAMA has already exceeded its full-year target for 2014 for paying down its debt; its original target for paying down debt in 2014 was €2.5bn but it now expects to pay down €7.5bn.

From inception to date NAMA has generated €18.6bn in cash, including €14.1bn from asset disposals. €3.5bn of this has been generated in the first five months of 2014. NAMA has already exceeded its full-year target for 2014 for paying down its debt; its original target for paying down debt in 2014 was €2.5bn but it now expects to pay down €7.5bn.

Speaking today, Brendan McDonagh, Chief Executive, said: “NAMA’s very strong performance and excellent cash generation means we are now well ahead of schedule in getting our job done successfully. We reported a profit for taxpayers for the third year in a row and successfully met our first major milestone of repaying €7.5 billion of NAMA’s debt in full and on time. We have benefited from very strong demand for the assets in our portfolio and from the exceptional dedication of our staff who work diligently and professionally on taxpayers’ behalf. 

Frank Daly, Chairman, said: “2013 saw a remarkable turnaround in investor sentiment towards Ireland and NAMA took full advantage of the opportunities this presented.

We are beating our targets and it is becoming increasingly likely that NAMA will achieve its objectives sooner than anyone would have expected when it was set up in late December 2009. This is very important for taxpayers. If our current strong momentum continues and conditions remain favourable over the next number of years, NAMA can deliver on a number of fronts for the Irish economy. We are playing our part in building confidence – at home and abroad – in Ireland’s strong recovery story, doing all we can to channel investment in the Irish economy and cementing Ireland as an excellent location for investment, enterprise and employment. NAMA’s future is one of funding viable projects, identifying attractive opportunities and delivering the best returns we can get for taxpayers. We have a lot of work to do but this work will become increasingly visible – whether in the sight of cranes returning to Dublin’s Docklands or in renewed activity involving our assets throughout Ireland.”  www.nama.ie