Nama completes surplus transfers of €500m to exchequer for 2022

The State’s National Asset Management Agency (Nama) has completed a €500 million programme of surplus transfers to the exchequer for 2022.

Nama made a €250 million payment on Tuesday, it said, with this being the second such transfer from its surplus this year.

Nama, established 12 years ago to bail out Irish banks by acquiring their toxic commercial property loans in the wake of the financial crash, is due to wind up its operations by the end of December 2025.

To date, €3.9 billion has been paid by the “bad bank” to the exchequer, including €3.5 billion in cash surplus payments and more than €400 million in corporation tax.

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Additional transfers of €1 billion are likely in the coming years, with Nama this year increasing its lifetime surplus projection to €4.5 billion. All surplus transfers are subject to market conditions.

“Today’s €250 million payment to the exchequer, like the €3.25 billion already paid in cash, has been made possible by Nama’s continued focus on maximising the value of its assets for the benefit of the State,” said Nama chief executive Brendan McDonagh.

“Today’s transfer brings total cash delivered from Nama to the State to €3.9 billion. This is a considerable achievement, and we will continue to endeavour to make additional significant contributions to the exchequer in future years.”

Nama chairman Aidan Williams said the surplus payments made during the past three years was a significant financial return that had not been anticipated at Nama’s inception.

“Nama is committed to delivering further value for the taxpayer from its remaining assets.”