Michael McGrath (Cork South Central, Fianna Fail)
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224. To ask the Minister for Finance the profit the National Asset Management Agency expects to make by the time of its wind-up; and if he will make a statement on the matter. [1070/16]

Michael Noonan (Limerick City, Fine Gael)
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It is difficult to indicate definitively what the surplus position will be when NAMA completes its work. As the Deputy may be aware, the NAMA Chairman and Chief Executive appeared before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform on 16 December 2015. At that appearance, the NAMA Chairman provided an updated estimate to the Committee when he stated that, assuming current market conditions prevail, NAMA "will have generated [an upper-range] surplus of the order of €2 billion to hand over to the Exchequer". I am advised that NAMA is currently conducting its end-2015 impairment review and, when that has been completed and approved by the NAMA Board, NAMA will formally update its projection for its terminal surplus position.

It is worth noting that NAMA estimates its projected terminal surplus on the basis of a range and that the projected €2 billion, which is at the upper end of that range, assumes that market conditions will remain favourable. However, even in an adverse scenario, where market conditions deteriorate, NAMA advises that it anticipates a surplus to the State, with a lower-range projection of approx. €0.5 billion.