NAMA hoping to submit planning permission for 8,500 new homes this year

It comes as the agency says it 'achieved its primary objective' last year, three years earlier than planned

NAMA hoping to submit planning permission for 8,500 new homes this year

NAMA'S headquarters in the Treasury Building Dublin. Photo: Sasko Lazarov/RollingNews.ie

Around 7,200 homes have been delivered by the National Asset Management Agency (NAMA) over the last four years, according to its 2017 year end review.

A further 9,500 homes are being built or have planning permission, with another 8,500 units to submit planning this year.

Since the start of 2012 NAMA has delivered almost 2,500 social housing units.

The report also says the agency's exposure to unfinished housing estates has reduced from a peak of 335 in 2010 to just eight estates now.

Late last year, NAMA paid off the final portion of debt guaranteed by the Government three years ahead of time, and is on target to close its doors by 2020.

In a statement today, NAMA said: "During the course of 2017, NAMA redeemed the final €2.6 billion of its government-guaranteed senior debt. €30.2 billion of senior debt was originally issued by NAMA in 2010 and 2011 to acquire bank loans and, when issued, it was intended that this debt would be redeemed by 2020.

"The final redemption was made over three years ahead of schedule. This means that NAMA’s primary objective has been achieved with the elimination of a €30.2 billion (at its peak) contingent liability of the Irish State."

It adds: "NAMA continues to manage a diverse portfolio of loans valued at €3.7 billion and expects to generate a profit for 2017. Subject to favourable market conditions prevailing and the effective management of its remaining portfolio of assets, NAMA expects to deliver a surplus of the order of €3 billion by the time it completes its work."

Image: NAMA