NAMA's profits quadruple

The agency took in €1.8 billion for 2015

NAMA's profits quadruple

NAMA's Brendan McDonagh and Minister Michael Noonan at today's report launch | Image: RollingNews.ie

The National Asset Management Agency (NAMA) has revealed it made a profit of €1.8 billion in 2015, marking the body's fifth consecutive year of profits.

The massive figure for 2015 was approximately four times the size of the €458m they earned in the previous year.

Its cash generation allowed it to redeem senior debt totalling €5.5bn during 2015. Paired with further debt redemptions in early 2016, NAMA's senior debt has been reduced from €30.2bn to €5.6bn – less than one-fifth of its original size.

NAMA generated €9.1bn in cash during 2015 – exceeding the €8.6bn generated in 2014.

Not only that, NAMA achieved its target of delivering 2,000 homes for social housing by the end of 2015. It further 3,000 NAMA-funded units are currently under construction.

Planning permission has been obtained for 5,100, and planning applications submitted for a further 5,000.

Over the next 12 months, applications for 6,600 more units will be submitted.

NAMA Chief Executive Brendan McDonagh said: "This was an outstanding performance that delivered a very substantial profit.

"We continue to make excellent progress in achieving what the Oireachtas asked us to achieve – eliminating a €30.2bn contingent liability for the taxpayer and maximising the financial return from our assets.

"We are also on course to deliver a significant surplus for the taxpayer over NAMA’s lifetime, in addition to fulfilling our more recent mandates of delivering 20,000 new homes where they are most needed and world-class offices and commercial space in the Dublin Docklands."

Chairman Frank Daly said: "NAMA has come a long way since it was set up. The debate has changed dramatically from how much NAMA will lose over its lifetime to how big its surplus will be.

"We are currently projecting that NAMA may, if current market conditions prevail, deliver a lifetime surplus of €2.3bn."