Nama completes €300m transfer to the Exchequer

The National Asset Management Agency (Nama) has completed a €300 million transfer to the Exchequer.

This is the third payment to the Exchequer from Nama’s lifetime surplus with cash transfers totalling €2.2 billion already completed. Nama plans payments to the Exchequer totalling €1 billion over the course of 2021.

The so-called bad bank recently increased its lifetime surplus projection to €4.25 billion and has made corporation tax payments to date totalling €400 million.

Nama said it will make additional transfers from its surplus over the coming years. All surplus transfers are subject to market conditions.

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Nama chief executive Brendan McDonagh said: “Today’s payment brings total transfers thus far in 2021 to €500 million. These transfers are made possible by Nama’s continued strong performance and profitability.

“Our projected lifetime contribution to the State, including tax paid, now stands at €4.65 billion and we will continue to make valuable payments to the Exchequer over the coming months and years.”

Nama generated €900 million in cash last year, which exceeded its internal targets and brought total cash generated since its inception in 2009 to €46 billion, the agency said.

Last year also saw Nama complete the repayment of the final instalment on the €32 billion owed to five lenders for the risky commercial property loans they transferred to the agency between 2010 and 2011.

The €32 billion represented a 57 per cent discount on the original €74 billion value of the loans.