NAMA has generated €10.5bn since inception

NAMA has generated €10.5bn since inception

NAMA has today issued an end-year summary of progress made in 2012, and since its inception, on a number of its key objectives and targets.

Among the highlights are the generation of €10.5 billion in cash flows since inception. It is estimated that €6.9 billion of this relates to asset disposals and €3.6 billion to other income, mainly rental receipts from properties controlled by debtors and receivers.

Meanwhile, it was also revealed that over 3,900 individual properties have been sold by the agency.

Commenting on NAMA’s performance in 2012, Chief Executive, Brendan McDonagh said: “The generation of €10.5 billion in cash in the 33 months since the first loans transferred to NAMA reflects a strong performance in terms of asset disposals and also shows the importance for NAMA of capturing the rental income from assets under the control of debtors”.

NAMA chairman, Frank Daly, commented that, with €3.5 billion in senior bonds redeemed during the year, NAMA has made significant progress in 2012 towards repaying the debt it had incurred in acquiring its loan portfolio.

“As we end 2012 with a healthy €3.6 billion in cash and with €4.75 billion redeemed to date, we remain firmly on course to meet our end- 2013 Senior Bond redemption target of €7.5 billion. Performance on a number of key targets during the year, in conjunction with growing indications that the Irish commercial and residential markets are stabilising, reinforces our confidence that we will achieve our ultimate objective of completing our work by 2020.”

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