The National Asset Management Agency has reported a loss of €49m for the first quarter of the year.

NAMA said this compares to profits of €41m the same time last year and reflected adjustments in the fair value of NAMA debtor loans to take account of market uncertainty and a lack of visibility on the full extent of market disruption due to Covid-19.

In its latest quarterly report, NAMA said it generated total cash of €226m in the first three months of the year.

This brought total cash generated from NAMA's inception to the end of March to €45.5 billion.

The report details NAMA's key activities so far this year, including the transfer of the first €2 billion of NAMA's projected €4 billion lifetime surplus.

NAMA also redeemed the final €1.064 billion in subordinated debt, while the State increased its shareholding in the NAMA SPV from 49% to 100%. 

NAMA also reported progress in the Dublin Docklands SDZ,  saying that less than 25% of its interest in the area remains under construction, with the other 75% contracted, completed or sold. 

Work is also continuing on NAMA's Poolbeg West SDZ site, which has the potential to provide up to 3,500 residential units and about 1 million square feet of commercial development, as well as a school site and community and public open spaces. 

The agency said that delivery of these projects has been impacted by the Covid-19 pandemic, but every effort will be made to mitigate the impact using measures within its control.