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NAMA transfers another €350m to Exchequer

By December 22, 2023No Comments

The National Asset Management Agency has today completed a €350m cash transfer to the Exchequer as it approaches its orderly wind down.

Today’s transfer brings the total cash paid to the Exchequer from NAMA’s surplus to €3.85 billion.

NAMA has also made corporation tax payments of more than €400m so far.

NAMA was set up in 2009 to clean the property crash related debts from the balance sheets of the main Irish banks.

It said its lifetime surplus projection is currently €4.5 billion and when tax is included, its lifetime dividend to the State will be around €4.9 billion.

The so-called “bad bank” said it expects to make additional transfers to the State to the value of €650m by the time the it completes its work in 2025. All future surplus transfers are subject to prevailing market conditions.

Brendan McDonagh, NAMA’s chief executive, said the €350m payment to the Exchequer has been made possible by the agency’s continuous focus on maximising the value of its assets for the benefit of the State.

“We have now transferred over €4.25 billion comprising €3.85 billion in cash, plus over €400m in tax, and will make further payments to the Exchequer by the time we complete our work in 2025,” the CEO added.

Finance Minister Michael McGrath said today’s transfer of €350m of NAMA’s lifetime surplus to the Exchequer represents yet another positive step as the agency approaches its orderly wind down.

Article Source – NAMA transfers another €350m to Exchequer – RTE

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