Léim ar aghaidh chuig an bpríomhábhar
Gnáthamharc

NAMA Accounts

Dáil Éireann Debate, Wednesday - 8 May 2019

Wednesday, 8 May 2019

Ceisteanna (162)

Pearse Doherty

Ceist:

162. Deputy Pearse Doherty asked the Minister for Finance the estimated amount of the €3.5 billion NAMA surplus due to be received in each year until all the payments are made in tabular form. [19504/19]

Amharc ar fhreagra

Freagraí scríofa

I wish to advise the Deputy that NAMA’s currently projected surplus of €3.5 billion is expected to be available for return to the State when the Agency substantially completes its work in 2020/2021. NAMA is on track to have repaid all its subordinated debt and to have reimbursed the private shareholders in the NAMA Investment DAC by that time.

It is important to note that this surplus has yet to fully crystallise. Realisation of this surplus depends on prevailing market conditions and on the success of NAMA's ongoing deleveraging, its Dublin Docklands SDZ programme and its residential delivery programme.  These activities must be completed for the expected surplus to be earned.

It is currently envisaged that the available surplus will be transferred to the Exchequer in 2020 and 2021. It is currently estimated that €2 billion will be transferred in 2020 with a further €1.5 billion being transferred in 2021. This timeline is contingent on NAMA’s projected surplus of €3.5 billion remaining unchanged. NAMA reviews its estimate of the projected terminal surplus every year as part of the process of preparing its Annual Report and Financial Statements. The Agency’s Annual Report for 2018 will be published on 30 May 2019. If any revision to the current projected surplus is announced at that stage, the timing of transfers, as indicated above, may also need to be revised.  

Any NAMA surplus paid, while Exchequer positive, will not impact the general government balance, in line with EUROSTAT rules. It will be a decision for the Government as to how any surplus returned by NAMA will be utilised within the framework of the fiscal rules. However, the intention has always been to use such receipts from the resolution of the financial sector crisis to pay down our national debt and reduce our debt servicing costs.

Barr
Roinn