National Asset Management Agency Reports Strong Financial Gains and Continued Commitment to Housing Development
In a positive turn of events, the National Asset Management Agency (Nama) has revealed an impressive profit of €80 million from January to September last year, according to its Q3 2024 financial report. Established in 2009, Nama was set up as a strategic initiative to manage the property development loans that were previously under the control of retail banks, helping stabilize the financial sector during challenging times.
The agency has successfully transferred €4.65 billion to the Irish State from its surplus funds, which includes over €400 million generated from corporate taxes. This is a testament to Nama’s ongoing commitment to bolstering the economy. The latest report shows that the agency generated a remarkable €207 million in cash within the nine-month period, adding to the total cash flow which now stands at an astounding €48 billion since its inception.
Looking ahead, Nama anticipates a lifetime contribution to the Exchequer amounting to approximately €5.2 billion. One of the most significant achievements of Nama has been its impact on addressing the housing supply issue in Ireland. Since 2014, the agency has delivered over 41,500 new homes, with direct funding accounting for 14,420 of those units. An additional 27,108 homes have been indirectly facilitated through sites sold by Nama debtors or refinanced projects.
As we approach the year’s end, Nama’s proactive efforts are evident. From January to December 2024 alone, the agency has delivered 202 new homes directly, with another 240 homes currently under construction. Among these achievements is the commitment to social housing, with nearly 3,000 homes either delivered or pledged, alongside key site acquisitions poised for an estimated 4,000 residential units. This forward-thinking approach not only addresses immediate housing needs but lays the groundwork for sustainable community development.
Brendan McDonagh, CEO of Nama, stated in January, “In 2024, we have continued our strong progress in reducing debt while keeping a clear focus on concluding operations by the end of 2025.” He reiterated the agency’s commitment to enhancing returns to the State, highlighting the community value of the sites acquired for future housing.
As Nama prepares to wind down its operations by the end of 2025, it is setting the stage for a resolution unit within the National Treasury Management Agency to manage any residual activities from 2026. This careful transition underscores Nama’s success in managing a portfolio that, at its peak, included €32 billion worth of assets across diverse global locations, including South Africa.
In a time of economic uncertainty, Nama’s achievements provide a glimmer of hope for the housing market and the broader economy, demonstrating that strategic management can lead to substantial financial and social benefits.
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