NAMA made an operating profit, before tax and impairment charges, of €826m in 2012. After recognising an additional impairment charge of €518m and a deferred tax charge of €76m, NAMA reports a profit after impairment, tax and dividends of €228m.
The 2012 impairment charge of €518m brings the cumulative impairment provision from inception to end-2012 to €3.26 billion (12.4% coverage).
€10.6 billion in cash flows
NAMA ended 2012 with cash balances and liquid assets of €3.6 billion.
From inception to end-2012, NAMA had generated over €10.6 billion in debtor receipts, including €4.5 billion during 2012, from asset disposals and non-disposal receipts.
€6.8 billion in asset sales completed
From inception to end-2012, NAMA had approved asset sales with a total value of €11.7 billion, including approvals of €4 billion during 2012.
Asset sales completed, as at end-2012, stood at €6.8 billion (in respect of 3,900 individual properties), including €2.8 billion completed in 2012.
Non-disposal income
NAMA generated non-disposal receipts of €1.45 billion in 2012, mainly rental income on debtors' assets.
Meeting debt reduction milestones
In 2012, NAMA redeemed a further €3.5 billion of NAMA Senior Bonds (thereby taking Senior Bond redemptions to a cumulative €4.75 billion by end-2012) and is on target to meet its redemption targets, including the redemption of €7.5 billion of Senior Bonds by end-2013.
€1.7 billion in new advances approved
NAMA advances funding which will enhance the long-term recoverable value of its debtors' assets. From inception to end-2012, credit advances of €1.7 billion had been approved, including advances of €741m in 2012.
€1 billion in new advances have been drawn down, including €308m in 2012.
In May 2012, NAMA announced its intention to advance up to €2 billion in development capital over the period to end-2016 to preserve and enhance the value of its Irish assets.
Over 20,000 credit decisions
From inception to end-2012, NAMA made a total of 20,035 credit decisions, 13,749 of which were made in 2012.
The average turnaround time for credit decisions in 2012 was 5 days.
Intensive engagement with debtors
By end-June 2012, all debtor business plans had been assessed, providing the business platform for the implementation of asset disposal and management strategies for 775 debtor connections.
For a majority of debtors, NAMA is working consensually with debtors to achieve the best result for the taxpayer through the workout of loans and underlying properties.
Where the consensual approach is not viable, NAMA exercises such enforcement options as are open to it. As at end-2012, 271 separate insolvency appointments (relating to 207 debtor connections) had been made.
€750m in additional security
As at end-2012, NAMA had secured over €600m in additional security for its debtors' loans by taking charges over previously unencumbered assets and by reversing asset transfers. It expects, after all negotiations have concluded, that about €750m in additional security will be available for debt repayment.
Supporting recovery in the Irish property market
During 2012, NAMA introduced a number of new initiatives to help support sustainable recovery in the Irish property market. These included a vendor finance initiative, through which the Agency is prepared to inject up to €2 billion in liquidity into the Irish commercial property market over the 2012-2016 period. Taken in conjunction with NAMA's proposed capital funding plans, this represents a potential injection of €4 billion into the Irish economy over the period.
In 2012, NAMA introduced a mortgage product, the DPI, to provide a level of protection for house buyers against possible falls in house values. By end-2012, sales had been agreed on over 100 of the 295 houses initially made available under the initiative. By end-March 2013, 146 of the houses included in the DPI had been sold (sales proceeds of €28m).
Contributing to wider public policy objectives
NAMA is contributing to the achievement of wider public policy objectives in areas such as the provision of social housing, the remediation of problems posed by unfinished housing estates and the negotiation of rent abatements with businesses in order to support jobs.
NAMA is working closely with public bodies such
as the IDA and local authorities to advance public policy objectives such as the facilitation of job creation initiatives.
