€52m from sales and rents of €2bn for NAMA

After impairments of €385m, mainly from writing down property and loan values, and after tax, the figure drops to just over €52m.

The agency realised €2bn in cash from asset sales and rental income in the first six months of the year, and has raised almost €13.7bn in cash since it was set up, according to the latest figures.

Including the latest write-downs, NAMA has now written down its assets by a total of €3.6bn, from original valuations based on property prices in 2009.

The unaudited figures were published last night as part of NAMA’s ongoing reporting schedule.

NAMA’s full end of year financial results will ultimately be audited by the State’s spending watchdog, the Comptroller and Auditor General, before being published.

The latest set of accounts shows NAMA has so far advanced just under €140m to the Special Liquidators of IBRC to help finance the costs associated with shutting the bust bank.

The agency has a total of €1bn available to lend to the liquidators Kieran Wallace and Eamonn Richardson to help close down the former Anglo Irish Bank and Irish Nationwide Building Society.

Under the terms of the IBRC liquidation, NAMA will take on any loans not sold by liquidators by the end of this year.

Taking on a portfolio that could total as much as €22bn of loans, by face value, will be the major task facing the agency next year, NAMA said in a separate Annual Statement for 2014, also published last night.

The annual statement said NAMA’s staff is now at 326. They are employed indirectly through an arrangement with the National Treasury Management Agency (NTMA).

NAMA does not disclose its staff costs, but it paid €51m to the NTMA to reimburse the cost of staff and other services.

Of the 4,300 houses and apartments offered by NAMA to local authorities for social housing, just over 1,700 have been accepted or deemed suitable.

The agency appointed receivers over assets in 229 cases in the first six months of the year. Source: Irish Independent