NAMA accounts for the second quarter of this year show the agency has generated €2 billion in cash during the first six months of 2013.
Total cash generated since NAMA started to the end of the accounting period was €12.6 billion. A cover letter with the unaudited accounts says the agency has generated in excess of €13.7 billion in cash up to October 22
The accounts also said the agency has agreed a €1 billion loan facility with the special liquidators of IBRC for working capital and cash collateral. At the end of June, €139.6m of this had been drawn down
The accounts show that interest income for the first six months of this year amounted to €658m. Total administration costs for the first half of the year amounted to €55m.
The agency paid a dividend of €2m to the private sector shareholders who own 51% of the NAMA master SPV, the special purpose vehicle structure used to keep NAMA debt off the states balance sheet.
The accounts show that the agency holds cash balances of €3.4 billion, after making bond redemptions of €6.25 billion. It will pay down another €1.25 billion of NAMA bonds during the fourth quarter of this year to meet Troika targets for repayment of debt.
The agency made an operating profit of €501m for the first half of this year - but this is before any impairment charges are deducted. It has increased its impairment provisions by €385m over the period, and has cumulative impairment provisions of €3.6 billion, or 14.4% of loans. This compares to 12.5% at the end of December 2012.
After impairments, the operating profit fell to €115m. A tax charge of €61m leaves the unaudited profit for the first half at €54.7m.
Unaudited total assets are stated at €38.5 billion, while total liabilities are stated at €37.8 billion.
NAMA said it has approved 237 applications for rent abatements from small and medium sized businesses that are struggling to survive. The agency says its current rate of approval for rate abatements is 97%, and to date the rent abatements agreed have an aggregate annual total value of €14 million.
NAMA announced a €2 billion capital investment plan in May 2012, to finance the completion of part developed properties. To date the agency has approved €1.9 billion in advances to debtors, of which over €1 billion has been drawn. €874 billion of the approved advances relate to projects in Ireland.
It has also set aside €2 billion for vendor finance - to part fund the sale of properties on its books. To date over €345m in vendor finance transactions have completed.
