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Nama's scorecard for 2014 is in, so how did they do?

They’re ahead of schedule, but how much have they made?

Niamh Haslam pictured outside the Treasury Building at the launch of the United Alliance Against Cuts (UAAC) in 2009.
Niamh Haslam pictured outside the Treasury Building at the launch of the United Alliance Against Cuts (UAAC) in 2009.
Image: Sasko Lazarov/Photocall Ireland

THE NATIONAL ASSEST Management Agency (NAMA) generated €8.6 billion in cash in 2014, including €7.8 billion from the proceeds of asset disposals.

During the course of 2014, NAMA redeemed €9.1 billion of senior debt. This brings to €16.6 billion the amount of senior bonds redeemed since the body’s inception in March 2011 - 55% of the €30.2 billion of senior debt originally issued to acquire loans in 2010 and 2011.

This means that NAMA has exceeded the cumulative 50% (€15.1 billion) senior debt redemption target it originally set for the end of 2016 – two years ahead of schedule.

At the end of last year, NAMA held cash and cash equivalent balances of €1.8 billion.

Since March 2010 it has generated €23.7 billion. Of this, €18.7 billion relates to asset disposals and €5 billion to other income, mainly rental receipts from properties controlled by debtors and receivers.

In a joint statement NAMA Chair Frank Daly and NAMA CEO Brendan McDonagh said 2014 was “a tremendous year in terms of cashflow generation and accelerated debt paydown and in terms of NAMA making a significant contribution to the delivery of social housing, private housing and the Dublin Docklands Strategic Development Zone”.

We look forward with continued confidence to delivering on NAMA’s challenging mandate in 2015.

Housing

In terms of housing, NAMA established a dedicated Residential Delivery team in April 2014. Over 1,000 housing units were provided by the end of December. The team hopes to deliver a further 1,500 residential units in 2015 and 4,500 by the end of 2016.

NAMA also established its Asset Residential Property Services to help the Environment Department meet social housing needs.

By the end of 2014, over 1,000 social housing units were delivered under this initiative and NAMA expects that local authorities and approved housing bodies will take up a further 1,000 houses and apartments his year.

To date, NAMA has identified over 5,700 residential properties as being available and
potentially suitable for social housing. Of these, demand has been confirmed by the Housing Agency on behalf of local authorities for just over 2,200 properties and a further 187 are currently being evaluated.

NAMA made just over 1,900 houses and apartments available in Dublin, of which 742 have been taken up for social housing. A breakdown for the four Dublin
local authorities is set out below:

nama social housing dublin Source: NAMA

NAMA said it also saved close to 1,000 jobs by facilitating the examinership of trading businesses during 2014.

Docklands Development

As part of the Docklands Strategic Development Plan, NAMA estimates that up to 3.4 million square foot of commercial space and 1,848 apartments could potentially be delivered if all the sites in which NAMA has an interest were to be fully developed over the next five to seven years.

Last month, NAMA announced it would be providing €150 million for the development of the landmark Boland’s Mill site in Dublin’s south Docklands.

Subject to planning permission, 450,000 square foot of office and residential accommodation at 5 Hanover Quay and 76 Sir John Rogerson’s Quay will be built. Construction is likely to begin in the next couple of months, leading to office space for up to 2,400 workers and 158 apartments.

NAMA is also involved in developing a 645,000 square foot office space at North Wall Quay, with construction expected to begin late this year or early next year.

Nama has a €150 million plan for Boland’s Mill

Nama: Developers will not be paid “bonuses” but they may get financial rewards

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About the author:

Órla Ryan

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