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NAMA made €20m profit in first three months of 2021

The National Asset Management Agency recorded a €20m profit in the three months to the end of March, according to accounts submitted to the Oireachtas.

The State body had revenues of €114m in the period, the majority of which came from the sale of loans and collateral relating to properties.

NAMA said it was holding €1.966 billion in assets and debtor loans by the end of March, down €180m on the end of last year.

It transfered €200m to the Exchequer in March, followed by €300m last month, bringing to €2.5 billion the amount paid to the Exchequer since its creation.

NAMA currently predicts that it will pay €4.25 billion to the Exchequer by the time it completes its work, with a further €400m paid in tax.

In a letter to the Minister for Finance accompanying the results, NAMA says it is involved with more than 6,000 homes that are either under construction or have secured planning permission.

A further 7,397 units are either in, or preparing to enter, the planning system. Meanwhile it says it has funded pre-planning and feasibility work on sites under the control of debtors and receivers which could lead to the creation of 8,521 more homes.

NAMA says it has already directly funded the delivery of 12,823 homes since the start of 2014, with thousands more built on the land sold by its debtors and creditors.

It said the pandemic had slowed the delivery of new units from its portfolio, but it was working with debtors and receivers to improve supply.

On the office side, it said almost 14% of its interest in the Dublin Docklands remains under construction.

When its work is completed it said it will have delivered 4.2 million square feet of commercial space and 2,183 residential units across 15 sites.

Article Source – NAMA made €20m profit in first three months of 2021 – RTE

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