Written answers
Tuesday, 11 February 2025
Department of Finance
National Asset Management Agency
Mairéad Farrell (Galway West, Sinn Fein)
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203. To ask the Minister for Finance for the full list of NAMA project sales to date; the date of each sale; the value of each sale; the corresponding par value of each loan portfolio sold; and if he will make a statement on the matter. [4332/25]
Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy may be aware, NAMA acquired loans secured by properties with a market value at acquisition of €32.4 billion. NAMA’s legislative remit is to maximise the return on, and deal expeditiously with, the Agency’s acquired bank assets. NAMA’s deleveraging activity is guided by the objective of maximising recover and meeting this remit has involved intensive asset management and strategic phased disposal. NAMA released assets in a phased and orderly manner consistent with the level of demand, the availability of credit, and the absorption capacity of each relevant market.
Since 2013, NAMA has taken advantage of increased investor interest in Irish commercial assets by creating portfolios of loans for sale. By end-2024, NAMA’s acquired portfolio was almost 99% deleveraged and had generated total cash of €48.3 billion, of which €41.7 billion was generated through the sale of loans and property and other assets held as security. The strong performance by NAMA enabled the full redemption of €32 billion of debt issued on acquisition of its portfolio.
Furthermore, NAMA has to date transferred €4.7bn to the Exchequer, including over €400m in tax paid. NAMA expects to transfer a further €550m to the State by the time it completes its work at end 2025, bringing overall transfers from the Agency to the Exchequer to over €5.2bn.
I am advised by NAMA that Information on NAMA-related loan and asset disposals more generally is included in the Agency's Annual Report and Financial Statements and the Agency's quarterly accounts which are published in accordance with Section 55 of the NAMA Act. NAMA's annual and quarterly accounts are publicly available on the Agency's website, .
Based on the wording of the parliamentary question, NAMA has assumed that the Deputy is referring to loan portfolio sales with an associated project name. I am advised that Sections 99 and 202 of the NAMA Act prohibit NAMA from disclosing confidential debtor information, including inter alia information on the sale of loans relating to individual debtors.
Therefore, NAMA cannot provide the requested information relating to sale of loan portfolios specifying individual borrower connections. NAMA has, however, provided information detailing the larger multi connection transactions that have occurred since 2013 as individual borrower connections are not identified. This information is set out in the table below:
Transaction Description | Transaction value (billions) | Par value (billions) | Year of completion |
---|---|---|---|
Project Eagle | £1.32 | £5 | 2014 |
Project Arrow | €0.8 | €6.2 | 2015 |
Project Arch | €0.6 | €0.2 | 2015 |
Project Albion | €0.3 | €0.2 | 2015 |
Project Emerald/Ruby | €0.6 | €3.8 | 2016 |
Project Gem | €0.4 | €2.7 | 2017 |
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