Nama transfers €250m of its surplus to the exchequer

The National Asset Management Agency (Nama) transferred €250 million from its surplus to the exchequer on Friday, it has announced.

It said this represented its fourth such payment to the exchequer this year, completing the 2021 programme of surplus transfers totalling €1 billion, and brings total surplus cash transfers to date to €3 billion.

Nama said it will make additional transfers totalling €1.25 billion from its projected lifetime surplus of €4.25 billion over the coming years. All surplus transfers are subject to market conditions.

Coupled with corporation tax paid of €400 million, Nama’s total dividend to the State from its operations will be in the order of €4.65 billion, of which €3.4 billion has now been paid.

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In the context of Nama’s Strategic Plan 2022-2025 for the wind-down of its operations, the agency said it expects to extract further value from its remaining portfolio, thus enabling it to potentially revise its lifetime surplus upwards in the coming years.

Cash position

Nama chief executive Brendan McDonagh said: “Today’s payment of €250 million brings total cash delivered from Nama to the State to €3.4 billion.

“This is a considerable achievement, enabled by our strong cash position and continued profitability, and we will make further surplus payments to the exchequer over the coming years.”

Nama chairman Aidan Williams said the €3 billion in surplus payments made by Nama during 2020 and 2021 has “provided the State with significant additional financial resources during a challenging time”.

“Nama is committed to continuing to deliver further value for the taxpayer from its remaining assets,” he added.