The National Asset Management Agency said it expects to potentially return more cash to the state than the €4.25 billion currently forecast by extracting additional value from its remaining portfolio.
In its end of year review, NAMA said it transferred a total of €1 billion to the Exchequer during 2021 and has now paid a total of €3.4 billion cash to the State.
This includes €3 billion from its lifetime surplus and a further €400m in corporation tax payments.
NAMA's lifetime surplus was revised upwards to €4.25 billion during the year and further transfers totalling €1.25 billion will be delivered to the Exchequer in the coming years - subject to market conditions.
NAMA said today that it generated €670m cash last year. Since its inception, the agency has generated about €47 billion from its operations.
Set up in 2009, NAMA used €32 billion of debt to rid banks here of €74 billion worth of risky property loans after a banking collapse that tipped the country into an international bailout.
NAMA said today that expects to report another profitable year in 2021 having reported a profit of €130m for the nine months to the end of September.
During 2021, NAMA exceeded its target of delivering 20,000 residential units in Ireland.
By the end of the year, it said the delivery of 23,155 new homes had been funded and facilitated by the agency.
This includes 13,185 homes funded directly by NAMA and 9,970 homess completed on sites for which NAMA had funded planning permission, enabling works, legal costs or holding costs before their disposal.
NAMA also continued to make progress in facilitating the delivery of grade A office space and residential units in the Dublin Docklands SDZ.
When finished the development will deliver 4.2 million square feet of commercial space and over 2,000 residential units.
By December 2021, just 13% of NAMA's original interests in the Dublin Docklands remained under construction, all of which is due for completion this year.
In June, NAMA received €200m for an 80% stake in a key development site in the Poolbeg West SDZ.
The agency retains a 20% interest in the site which has potential to deliver 3,800 residential units and 1 million square feet of commercial space.
A planning application for the first phase of 600 residential units (including 152 social and affordable homes) was lodged in July and a decision on the site is expected by Dublin City Council this year.
Brendan McDonagh, NAMA's chief executive, said that 2021 was another year of strong performance by the agency.
"We continued to extract significant value from our residual portfolio, generating €670m cash during the year and reporting a nine-month profit of €130m," Mr McDonagh said.
He said that major deals such as Project Pembroke, which completed during the year for €200m, meant NAMA was in a position to increase its projected lifetime surplus to €4.25 billion in 2021 while paving the way for the future delivery of much needed residential development post-NAMA's lifetime.
"NAMA is now in the final phase of its work to 2025, however we remain committed to delivering best value for the taxpayer from our remaining portfolio," he added.
Aidan Williams, Chairman of NAMA, said that notwithstanding the ongoing impact of Covid-19, NAMA continued to deliver on its mandate during 2021.
"Another €1 billion was paid to the Exchequer from NAMA's surplus, bring the total transferred to date to €3 billion," Mr Williams said.
"Our residential programme exceeded its 20,000 unit delivery target with over 23,000 new residential units facilitated and funded by NAMA to date. Our Dublin Docklands commercial delivery programme remains on track with all construction due to complete during 2022," he added.
