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NAMA takes control of sites for 4,000 homes from debtors

NAMA said today it generated a total of €115m cash in the six month period, with a further €93m generated between July 1 and September 27.
NAMA said today it generated a total of €115m cash in the six month period, with a further €93m generated between July 1 and September 27.

The National Asset Management Agency has reported a profit of €53m for the six months from January to June of this year.

NAMA said it generated a total of €115m cash in the six month period, with a further €93m generated between July 1 and September 27.

This brings the total cash generated since its inception to €47.9 billion.

NAMA has transfered a total of €4.25 billion to the Exchequer, which includes a €3.85 billion surplus plus €400m corporation tax payments.

Its expected lifetime contribution to the Exchequer, between the projected surplus of €4.8 billion and projected total tax payments of €400m, is in the region of €5.2 billion.

NAMA also said today it has delivered a total of 39,377 new homes since 2014.

Of these, 14,336 homes were delivered directly through NAMA funding and 25,041 delivered indirectly on sites sold by NAMA debtors or refinanced.

So far this year, 118 new homes have been directly delivered by NAMA, with a further 324 still under construction.

NAMA also said today for the first time it recently acquired sites from debtors with a combined capacity for 4,000 new homes.

These sites are now sssets owned by NAMA and no longer owned by the relevant debtors and are expected be transferred to another State entity by the time NAMA's wind-down has completed at the end of 2025.

The National Asset Management Agency was set up in 2009 to clean the property crash related debts from the balance sheets of the main Irish banks and used €32 billion of debt to rid banks of €74 billion worth of risky property loans.