NAMA has today published its review of 2022, summarising progress made during the year and since the establishment of the Agency. Business highlights for 2022 include:

• NAMA generated €492 million cash in 2022. Since inception, the Agency has generated €47.4 billion from its operations.
  
• NAMA expects to report a full-year profit for 2022 – its 12th consecutive year of profitability. The Agency reported a half year profit of €56 million for the period January to June 2022.
  
• NAMA transferred €500 million cash from its lifetime surplus to the Exchequer during 2022, bringing total surplus cash remitted to the State to €3.5 billion. Including €400m in corporate tax payments, NAMA’s total return to the State so far is €3.9 billion.
  
• A further €1 billion in surplus transfers are projected in the coming years, subject to market conditions. The Agency forecasts that it will deliver a total return of €4.9 billion to the State, including corporate tax payments.
  
• NAMA’s residential delivery programme continued to deliver much needed housing across Ireland, with 600 new homes delivered from NAMA-secured sites during 2022. NAMA will directly fund the delivery of 400 homes in 2023. In total 28,000 homes have been funded and facilitated by NAMA between 2014 and end-2022.

This figure consists of:

• 13,700 homes funded directly by NAMA
• 14,300 homes completed on sites for which NAMA had funded planning permission, enabling works, legal costs or holding costs prior to disposal.

• NAMA retains a 20% interest in the development sites with the Poolbeg West SDZ. The site has potential to deliver 3,800 residential units and 1 million square feet of commercial space. A planning application has been granted for 570 residential units (including 143 social and affordable homes). Planning has been lodged for a further 872 units (including 221 social and affordable homes) and 495,000 sq. ft. of commercial space.

CASH GENERATION AND PROFIT

€492 million cash was generated through NAMA’s disposal and portfolio management activities in 2022.

Over €47.4 billion in cash has been generated since the Agency’s inception, primarily through asset and loan sales.

NAMA’s operations remain profitable, with profit levels now reflective of the reduced size of the remaining portfolio.

SURPLUS TRANSFERS

NAMA transferred a total of €500 million to Exchequer during 2022. The Agency has now transferred a cumulative €3.9 billion to the State; €3.5 billion from its lifetime surplus and a further €400m in corporation tax payments.

NAMA’s lifetime surplus was revised upwards to €4.5 billion during the year excluding corporate tax payments of €400m to date. Further surplus transfers to the Exchequer totalling €1 billion are expected in the coming years, subject to market conditions.

RESIDENTIAL DELIVERY

NAMA has continued to work with its debtors and receivers throughout 2022 to fund the delivery of new homes on secured sites, where commercially viable. In 2022, 600 new homes were delivered on NAMA-secured sites and a further 400 new homes are expected to be delivered in 2023. In total NAMA has funded or facilitated the delivery of 28,000 new homes nationwide since 2014.

13,700 homes were delivered on sites actively funded by NAMA and a further 14,300 homes have been delivered on former NAMA-secured sites which benefitted from NAMA asset management and/or funding prior to their sale or refinance.

NAMA-secured sites have a residential pipeline of circa 16,000 additional units if appropriate zoning and planning can be secured, and necessary infrastructure put in place, which will be deliverable post-2025. Throughout its remaining lifetime, NAMA will continue to asset manage these sites and prepare them for development in the future, when the necessary services and infrastructure, planning approvals and updated local development plans have been put in place by local authorities and other stakeholders and these units will be commercially viable to deliver.

STRATEGIC DEVELOPMENT ZONES

NAMA has made considerable progress in the Dublin Docklands SDZ with 99% of its original interest now construction completed or sold with the benefit of planning permission. Overall, the sites in which NAMA originally had an interest have capacity for 4.2 million sq. ft. of commercial space and 2,183 residential units, when fully developed.

NAMA retains a 20% stage in the 37.2acre development site within the Poolbeg West SDZ. This site has potential to deliver 3,800 residential units (including 10% Part V and 15% social and affordable), 1 million square feet of commercial and retail space, a school site and cultural, community and public open space.

Planning has been approved for 570 residential units (including 143 social and affordable homes). Further planning applications for 872 units (including 221 social and affordable units) and 495,000 sq. ft. of commercial space have been lodged.

SOCIAL HOUSING DELIVERY

NAMA has delivered 2,693 residential units for social housing purposes across Ireland, exceeding its original target of 2,000 units by 35%. These figures exclude social housing provided under Part V arrangements on NAMA-funded developments.

Approximately half of NAMA’s social housing delivery has been facilitated through NAMA’s social housing vehicle, NARPS (National Asset Residential Property Services). NARPS will be retained within State ownership following the Government’s decision to transfer ownership of NARPS from NAMA to the Land Development Agency (LDA) in the future.

Brendan McDonagh, Chief Executive, said:

“NAMA continued to generate cash throughout 2022, with almost €450 million achieved from disposals and asset sales. We are proud that the Agency is still returning a profit from its significantly reduced portfolio, with €56 million profit reported for the first half of 2022.

As we look toward the final phase of NAMA’s work, through to the end of 2025, we are determined to deliver the largest return possible to the taxpayer and to maximise the value of the remaining assets. Our residential delivery programme continues to fund and facilitate housing with 1,000 units being delivered in 2022 and 2023 in areas of high demand and NAMA remains focused on preparing our remaining secured sites to be shovel ready for housing development post-2025.

Aidan Williams, Chairman of NAMA, said:

“NAMA has made a considerable financial contribution of €500 million to the Exchequer in 2022. This brings cumulative cash transfers to the State to €3.5 billion over the past three years, and a further €400 million in corporate tax payments were also made. A further important contribution came from NAMA’s residential programme which has facilitated the delivery of 28,000 homes since 2014.”

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