Dáil Éireann Debate, Thursday - 25 February 2021
70. Deputy Bernard J. Durkan asked the Minister for Finance the value of properties currently held by NAMA; the value of all such property disposed of to date; and if he will make a statement on the matter. [10887/21]
View answerI am advised that NAMA does not typically own property, rather NAMA acquired a portfolio of loans for which the properties act as security. As set out in NAMA’s most recent Section 55 Quarterly Report and Accounts, NAMA’s assets at 30 September 2020 included i) loans (primarily secured by properties) measured at fair value of €1,039m; and ii) trading properties and investments in equity and properties of €469m. The majority of properties in NAMA’s remaining secured portfolio comprise land and development assets, much of which is intended for residential development by NAMA’s debtors and receivers.
At acquisition, the properties securing NAMA’s loans were valued at €32 billion. From inception up to 30 September 2020, NAMA generated cash of €39.3bn from the disposal of these properties and loans. An additional €6.4bn was generated in non-disposal income, including rental income from secured properties.
NAMA’s expected lifetime contribution to the Exchequer, between the projected surplus of €4 billion and projected total tax payments of €400m, is €4.4 billion. €2 billion of this projected surplus was transferred to the Exchequer last year.
