NAMA reports profit of €211m for 2013, generated €4.5bn in cash

THE National Asset Management Agency (NAMA) has reported a profit after impairment, tax and dividends of €211m for 2013, its fourth year in operation.

The impairment charge for the year was €914m, up from €518 the previous year, following a review of impairment provisioning.

Cash generated was €4.5bn including asset disposals by debtors and receivers and rental income.

It also said that by the end of 2014, it plans to have redeemed a total of €15bn in senior debt, 50pc of the amount it issued to acquire loans.

From inception to date, NAMA has generated €18.6bn in cash, including €14.1bn from asset disposals, it said today in its annual report.

“We reported a profit for taxpayers for the third year in a row and successfully met our first major milestone of repaying €7.5bn of NAMA’s debt in full and on time,” said chief executive Brendan McDonagh.