NAMA publishes an annual statement under Section 53 of the NAMA Act which sets out NAMA’s objectives and strategy for the year ahead.
This statement has also been laid before the Oireachtas and is now available at the following link:
https://www.nama.ie/uploads/documents/Section-53-Annual-Statement-Final.pdf
A note on page 5 of this statement discloses for the first time that NAMA has recently acquired sites from debtors with a combined capacity for 4,000 new homes.
These sites are now on NAMA’s balance sheet (as they are now assets owned by NAMA and no longer owned by the relevant debtors) and are expected be transferred to another State entity by the time NAMA’s wind-down has completed at the end of 2025.
Quarterly report for Q2 2024
NAMA also publishes a quarterly report under Section 55 of the NAMA Act.
The latest report (for Quarter 2 2024) has been laid before the Oireachtas and is now available on the NAMA website at the following link:
https://www.nama.ie/uploads/documents/Q2-2024-s55-Accounts.pdf
The report is accompanied by a letter to the Minister for Finance which includes the following information:
· Profit for the period January-June 2024: €53 million
· Total cash generated in the 6-month period: €115 million (with a further €93 million generated between 1 July and 27 September, bringing total cash generated since inception to €47.9 billion)
· Total lifetime transfers by NAMA to Exchequer of €4.25 billion (€3.85 billion surplus plus €400m corporation tax payments)
· NAMA’s expected lifetime contribution to the Exchequer, between the projected surplus of €4.8 billion and projected total tax payments of €400m, is in the region of €5.2 billion.
· An update on NAMA’s residential delivery activity (to September 2024) as follows:
- 39,377 new homes delivered since 2014
- Of these, 14,336 homes were delivered directly through NAMA funding and 25,041 delivered indirectly on sites sold by NAMA debtors or refinanced
- So far in 2024, 118 new homes have been directly delivered by NAMA, with a further 324 to be directly delivered that are under construction
