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Ireland's NAMA to garner over 1 bln euros in profit this year

Xinhua, December 17, 2015 Adjust font size:

Ireland's National Asset Management Agency (NAMA), the country's state-owned "bad bank," said on Wednesday its full-year 2015 profits are expected to be well in excess of 1 billion euros (1.09 billion U.S. dollars).

In response to a request from parliament for an update on NAMA's progress, NAMA Chairman Frank Daly and Chief Executive Brendan McDonagh said the agency had generated cash receipts of 8.8 billion euros so far in 2015, bringing to 32.4 billion euros the total amount of cash generated since its formation.

They said NAMA is close to achieving its target of redeeming 80 percent or 24 billion euros of its senior debt by the end of 2016. As of now, 22.1 billion euros or 73 percent have been redeemed.

NAMA is confident of redeeming all of its senior debt, worth 30.2 billion euros, by the end of 2018, and of generating a surplus of about 2 billion euros by the time it completes its work, according to them.

They also gave details of NAMA's development plans for the Dublin docklands, as well as its plans for the construction of residential housing.

NAMA said it had achieved its target of delivering 2,000 units for social housing this year, while the number of unfinished housing estates had also fallen significantly.

NAMA was set up in 2009 as one of a number of initiatives taken by the Irish government to address the serious crisis in Irish banking which had become increasingly evident over the course of 2008 and early 2009. Enditem