Nama expects to report profit for 2021 and deliver €4.25bn surplus to State

Nama said it expects to report a profit for 2021, and restated its view that it will deliver a total surplus of €4.25 billion to the exchequer by the time it winds down its activities in 2025. It will also pay €400 million in corporate tax to the State.

As reported in December, Nama transferred €1 billion to the State last year, bringing total surplus cash remitted to €3 billion.

Nama said it generated €670 million cash in 2021, bringing the total to €47 billion since inception.

In its year-end review,Nama said 23,155 new homes had been funded and facilitated by the agency since 2015. This consists of 13,185 units funded directly by Nama and 9,970 units completed on sites for which Nama had funded planning permission, enabling works, legal costs or holding costs prior to disposal.

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“To date Nama has provided 2,687 homes for social housing to local authorities and approved housing bodies,” the agency said.

Nama restated that it had received €200 million for an 80 per cent stake in a key development site in the Poolbeg West strategic development zone from a consortium led by property developer Johnny Ronan.

Nama retains a 20 per cent interest in the site, which has potential to deliver 3,800 residential units and one million square feet of commercial space.

A planning application for the first phase of 600 residential units (including 152 social and affordable homes) was lodged in July, and a decision is expected by Dublin City Council in 2022.

Significant value

Brendan McDonagh, Nama chief executive, said 2021 was another year of “strong performance” for the agency.

“We continued to extract significant value from our residual portfolio, generating €670 million cash during the year and reporting a nine-month profit of €130 million. Nama is now in the final phase of its work to 2025, however we remain committed to delivering best value for the taxpayer from our remaining portfolio.”

Nama-secured sites have a residential pipeline of about 20,000 additional units, of which 2,600 units are potentially deliverable by Nama, as currently being under construction or with Nama-funding approved, it said.