NAMA makes 12 million profit

Tadgh McNally

The National Asset Management Agency (NAMA) has turned a 12 million euro profit for the third quarter of 2019, making almost 60 million euro in the first nine months of 2019.

According to their quarterly reports, NAMA has 5.2 billion euro worth of assets, including 3 billion in cash and equivalents and 465 million worth of government bonds. This has increased from 5.2 billion in the previous quarter. 

In a letter addressed to the Minister for Finance Paschal Donohoe, then-chairman Frank Daly and CEO Brendan McDonagh revealed that NAMA has generated 45 billion euro since its establishment in 2009.

The agency was originally created to deal with the 2008 financial crisis and the fallout from the bursting of the property bubble.

The net cash from debtor loans reached 160 million at the end of the third quarter, with a total of 443 million at the end of the nine months. 

Several developments have also been progressed, with NAMA having delivered 16,000 residential units since 2014. 11,200 units were delivered using NAMA funding, while 5,100 were constructed on sites owned by NAMA debtors or receivers.

According to the quarterly report, 5,250 sites are under construction or have received planning permission. There are also 12,584 developments that are still within the planning phase or have not yet been granted planning permission.

Their Dublin docklands development, which aims to provide office space for businesses, will also contain 2,183 residential units and 4.2M sq ft of commercial space. 

NAMA has also said that they have delivered 2,000 social homes, and by September 30th, have identified 7,050 residential units that could be used for social housing. According to the report, local authorities want 2,792 of these units, with 96 per cent of these units committed to or developed. 

The Poolbeg West development can provide up to 3,500 residential units within Dublin city. 15 per cent of these units are set to be both social and affordable homes, totalling at 525 homes. 

The report, which was initially sent to the government in December, was published on March 20th after being put forward to the Oireachtas. 

Tadgh McNally

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