Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

It is expected that NAMA will substantially complete its work by the end of 2020-21. Over 2020 and 2021 it expects a surplus currently projected to be €3.5 billion to be available for return to the State. NAMA announced last year that it had redeemed all of its €30.2 billion in senior debt, which was guaranteed by the State. Since April 2018, it has commenced the redemption of its €1.6 billion in subordinated debt. Notwithstanding the successful achievement of repaying the State's contingent liability three years ahead of schedule, there is still a significant body of work yet to be completed by NAMA. While it is currently estimated that it will return a surplus in the region of €3.5 billion to the Exchequer, this surplus has yet to fully crystallise. It is important to note that the realisation of this surplus depends on the success of NAMA's ongoing deleveraging, its Dublin docklands SDZ programme and the residential funding programme. The final phase of its deleveraging will be slower, with few major sales, but it expects the final major sales to be completed by the end of 2018. The focus to 2020 will be on the Dublin docklands SDZ and residential delivery programmes.

NAMA was mandated in late 2009 to deal expeditiously with its acquired loan portfolio and obtain the best value from it. It has been very successful in achieving this mandate. It continues to de-risk its positions in order that, by 2020, the real estate and financial assets supported by NAMA funding will comprise a relatively small portfolio of liquid commercial and residential exposures. NAMA's end-of-life strategy is being considered actively, with the maximisation of the return of any surplus to the State in respect of these remaining assets.

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