Michael Ring (Mayo, Fine Gael)
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182. To ask the Minister for Finance the amount of capital given to the National Asset Management Agency (NAMA) on its establishment; the repayments/dividend given to the State in the intervening years; the amount of assets/capital held by NAMA currently; and if he will make a statement on the matter. [36530/24]

Jack Chambers (Dublin West, Fianna Fail)
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In March 2010, the National Asset Management Agency (NAMA) borrowed €49 million from the then Minister for Finance to inject ordinary equity into the special purpose vehicle, National Asset Management Agency Investment Limited. This sum plus accrued interest was repaid by NAMA to the Minister for Finance in February 2011. In addition, in May 2010, NAMA borrowed €250m from the Minister for Finance to fund set up costs and provide working capital for the NAMA Group. The loan plus all accrued interest was repaid by NAMA in full to the Minister for Finance in October 2010.

It may be of interest to the Deputy to note that NAMA was not provided with any capital from the Exchequer in order to acquire loan assets from participating institutions. Rather the Agency issued bonds which were used as consideration for the loans. In total, NAMA issued €31.8bn in bonds: €30.2bn in senior debt guaranteed by the Government which was fully repaid by NAMA by October 2017; and €1.6bn in subordinated debt which was fully repaid by March 2020.

NAMA commenced the transfer of surplus payments to the State in June 2020 with an initial transfer of €2bn and to date has transferred €4.25bn to the Exchequer, including over €400m in tax paid. NAMA expects to transfer a further €950m to the State by the time it completes its work at end 2025, bringing overall transfers from the Agency to the Exchequer to a projected €5.2bn.

The below table details completed NAMA transfers to end-2023 and expected future transfers:

At end-March 2024, NAMA had net assets of €1.1bn in accordance with international accounting methodology, including accounting Fair Value of debtor loans of €455m, investment properties – comprising NAMA’s social housing portfolio – of €326m, and NAMA held cash of €311m. NAMA is currently winding down its operations and will conclude its work by end-2025.