Belfast Telegraph

'Bad bank' rakes in £1.2bn since June

By Amanda Poole

The National Asset Management Agency (Nama) says it has taken in another €1.5bn (£1.2bn) since the end of June.

The total cash generated from asset disposals and loan repayments to the Republic's 'bad bank' now stands at €9.5bn (£7.6bn).

Nama chief executive Brendan McDonagh said its cash receipts, up to mid-October, includes €6.2bn (£5bn) from asset disposals and €3.3bn (£2.6bn) from recurring income, such as rental payments on debtors' properties and intensive management of assets securing the agency's loans.

Mr McDonagh yesterday told the Joint Oireachtas Committee on Finance, Public Expenditure and Reform it is on course to meet its debt repayment targets.

"Perhaps the most important measure of Nama's performance is cash-flow generation and this remains very strong," he said.

"The strong cash performance has enabled us to remain firmly on course to meet our debt repayment targets," he said.

Mr McDonagh said the agency's strong financial performance last year has continued into 2012 and explained it had approved new credit facilities for working and development capital of €1.6bn (£1.2bn) by the end of September.

Total sales approved by Nama stand at €10.5bn (£8.5bn) and it has obtained fresh security worth €514m (£415m) on its loans, through securing charges on previously unencumbered assets and the reversal of earlier asset transfers by debtors.

Since Nama was set up, at the end of 2009, tenants have been sourced for 4,000 apartments that were previously vacant. The agency's portfolio includes almost 10,000 apartments that are being successfully rented and generating annual rents of €100m (£80m).

It said a total of 206 requests for rent abatements from businesses that need support to ease pressures on cashflow have been approved, with 52 further requests being reviewed.