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THE NATIONAL ASSET Management Agency (NAMA) has today completed a €400 million cash transfer to the Exchequer.
It brings the total cash paid to the Exchequer from NAMA’s surplus to €4.25 billion.
Finance Minister Jack Chambers welcomed the transfer, calling it “another considerable achievement”.
In addition, NAMA has made corporation tax payments of €439 million to date, bringing the agency’s contribution to €4.69 billion.
It says that this comprises additional cash payments and other property assets of at least €550 million expected to transfer in 2025.
This includes the transfer of social housing vehicle NARPS to the Land Development Agency and other property assets, and tax payments.
Brendan McDonagh, NAMA Chief Executive, said it will continue to “maximise value from the remaining assets and will make additional and final transfers to the State prior to the Agency’s conclusion in 2025″.
“We anticipate a total lifetime contribution to the State in excess of €5.2 billion by end 2025.”
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Whats that as a percentage of what we paid to bail out Anglo Irish? Spinning this as a win is just pure fantasy.
@David Healion: a ‘considerable achievement’ is not a ‘win”. There is a significant difference.
@Alan: a very costly wind up to Irish taxpayers
@David Healion: When Brian Lenihan set up NAMA in 2009, Richard Bruton said in the Dail that it would never make a penny and would be a disaster. We are now going to make €5.2 billion from it. Bruton has neven acknowledged that he got it wrong.
@Ciaran O’Mara: we’re making absolutely nothing from it, it cost taxpayers billions, not a single cent was made
@Paul Mooney: wrong, NAMA has a returned a profit every year
@Johnny Wilson: I have some magic beans, if you’re interested
@Alan: When does a huge loss become a considerable achievement?
@Ciaran O’Mara: Think of all the thousands of apartments and houses that Nama sold to vulture funds for less than €100k.
The state is now renting most of them back at €2k + per month.
Call that making a profit !!
@David Healion: remember who is now in charge and said there was never a recession ?
@Dominic Leleu: also remember that he would love teaching history… his history
@Paul Mooney: you haven’t a clue. Read a book
@Paul Mooney: I don’t like paying it any more than you do. For all those who support market based politics this is what you get. Obviously, it kills me to have to finance capitalist adventurism. But on the assumption that the majority of people would prefer to be entrapped by a free market, what alternative would you have suggested?
@Thomas Sheridan: all those apartments should have been transferred to Dept of Housing ,,, we missed a golden opportunity to eradicate homelessness,,,, I’ve seen whole developments demolished
@Ciaran O’Mara: yes but that still leaves us 21 billion in the hole plus interest.
@David Healion: Can’t wait for the temporary USC to be done away with after this
@Ciaran O’Mara: How much cumulative interest have we paid so far – so far – on the money added to our national debt because of NAMA and the IBRC?
How much would each billion borrowed for these back in 2008 be worth in today’s money?
There is a reason why our national debt ballooned to over €200 billion.
Despite NAMA returning funds to the state coffers.
If these ag ebcies had made a true profit then our national debt would have been restored to level closer to those of the 2000s.
@Dave G Doe:
Sinn Fein voted with the government on the night of the vote to Bale out the bankers,
Only Labour voted againced.
Sinn Fein tried doing a U turn afterwards. Typhoid Mary even denied on the Pat Kenny radio programme that Sinn Fein voted to bale out the bankers,
Until a researcher checked the Dail records during the show.
@Ciaran O’Mara: We all partied
@David Healion: 15% roughly. Even if it was let crash. There going be a lot of collateral damage. Most of the Credit unions had their main account with Anglo.
This isn’t reporting. It’s a PR statement from NAMA. It needs to be put in context. What has NAMA cost the taxpayer and how much has it returned to the taxpayer ?
@Pat Duggan: too true Pat. An organisation full of backhanders. Land taken off developer’s and sold back to them for pittance, their debts then gone. Construction contractor’s who couldn’t finish the job, sites taken from them and then handed back to them by NAMA for them to run! The list is endless, corrupt as phuck, the fg, ff way, the Irish way!!
“Ah sur as long as someone is making a few bob!!” The usual Irish answer to the corrupt phucking Irish system.
@Pat Duggan: Whatever about NAMA, why are we still paying austerity taxation?!?! FG can’t control their spending since they got in and a huge chunk of it wasted. …. It’s scandalous!
@another one? what’s going on is the semi state sec: FF gimp
@Paul Mooney: Nope…… Like paying more taxes than you should while these lads in govt waste it with no accountability?!?! Media spinning that they’re doing a great job?!?! More fool you!
@another one? what’s going on is the semi state sec: I’m quite comfortable, as a matter of fact
@Paul Mooney: I never asked if you’re comfortable …… ya tool!!
@another one? what’s going on is the semi state sec: glad to share
@another one? what’s going on is the semi state sec:
I don’t think we are paying ” austerity taxation”. Have a look at the taxation levels in other comparative countries.
@Pat Duggan: What is USC and why was it brought in? Compare the taxation we paid before the crash to after it!!!…. Do we have the same level or higher level of services than those other comparative countries get for their tax? What about the state pension of those countries, how does ours compare? Are those other countries supporting big militaries?
Just remember they sold off all the best parcels of land to the very people who were bailed out in the first place. You fail upwards in Ireland.
They sold the land to vulture funds to then allow them build apartments for rent only!
Oversaw by FFG our heros
NAMA Part 2 on the way very soon.
@Gerard Carey: I’ve read that the bubble will burst,the one that they say isn’t there, I nean when you see house prices continuing to rise there is a definite bubble.
I see the son of a former fine gale td has landed the agricultural correspondent role in rte. The 700 million working well now
And we will see a need for NAMA again with the way the price houses are going, ESRI are estimating 10% overvalued… and once again the government are heeding advice given, and once the taxpayer will have to foot the bill.
Genuine question. Does that money go towards paying off the national debt? If so, great but if not, why not?
@Séamas Mac Cárthaigh: government’s rarely pay off the national debt . They pay the interest only and renew the bonds when they are due. To take say 20 billion out of the economy to reduce our debt would cause immediate recession and still only pay a small fraction of the debt. Government’s rely on GnP growth and inflation to reduce the debt to GNP ratio over time.
@john salmon: that’s y they kinda like inflation. Remember Michael noonan glistening when talking about how his house in raheen cost 3k and don’t I make that a week now….hahahahahaha
Still loads of commercial and retail developments laying idle across the country i guess not enough back handers for these
That money should be given back to taxpayers
Never heard much about the insider trading scandal. All buried deep.
that is a bit of money to fix the homeless problem…oh wait….wont happen
When will we see this reflected in our taxes?
So we can now build another cycle shed and a security hut great
I wouldn’t be winding it up just yet…
have your say