The National Asset Management Agency (Nama) said today that the total cash generated from asset disposals and loan repayments now stands at €9.5 billion – up from €8 billion at the end of June.
The agency’s chief executive Brendan McDonagh said cash receipts, up to mid-October, include €6.2 billion from asset disposals and €3.3 billion from recurring income such as rental payments on debtors’ properties and intensive management of assets securing the agency’s loans.
Mr McDonagh told the Joint Oireachtas Committee on Finance, Public Expenditure and Reform that cash-flow generation is “perhaps the most important measure” of the agency’s performance.
“The strong cash performance has enabled us to remain firmly on course to meet our debt repayment targets," he said.
Total sales approved by Nama now stand at €10.5 billion and the agency has approved new credit facilities for working and development capital of €1.6 billion by the end of September, Mr McDonagh said.
He said this reflected the agency’s commitment to invest in assets when commercially viable.
The agency has sourced tenants for 4,000 apartments that were previously vacant, bringing to almost 10,000 the number of apartments rented out by Nama. These generate annual rents of some €100 million for the agency. Some 206 requests for rent abatements from businesses that need support to ease cashflow pressures have been approved and 52 more requests are being reviewed.
Two cases have been referred to the Garda Bureau of Fraud Investigation which arise, Mr McDonagh said, from a suspected failure by debtors to fully disclose their assets and liabilities. Full disclosure is a statutory obligation.