The National Asset Management Agency (Nama) has upgraded its projected lifetime contribution to the Exchequer by a further €300 million to €5.2 billion.
The figure includes a forecast lifetime surplus of €4.8 billion and some €400 million of corporation tax it has paid to date, Nama said in a statement on Tuesday as it unveiled its latest annual report.
The so-called bad bank, set up in 2009 to take over risky commercial property loans from Irish banks, posted a €68 million profit last year, its 13th straight year of profitability.
The profit is down from the €81 million out-turn for 2023 and reflects the ongoing reduction in the size of the Nama loan portfolio, which stood at €449 million at the end of 2023, approximately 1 per cent of the €32 billion paid by Nama to acquire the loans on establishment.
It has upgraded its lifetime surplus forecast a number of times in the past decade from an original position that it would only make enough money to repay its senior debt.
Nama is set next year to take over the remaining assets of Irish Bank Resolution Corporation (IBRC) during 2025 and complete its wind-down by the end of that year. IBRC carries the remnants of Anglo Irish Bank and Irish Nationwide and has been in liquidation since 2013.
Minister for Finance Michael McGrath recently announced that any remaining Nama assets or activities will be transferred to a newly-established Resolution Unit within the National Treasury Management Agency (NTMA) at the end of 2025.
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