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NAMA has taken in E9.5bn from disposals

Wednesday, October 24 16:24:16

NAMA's chief executive today said that the Agency has taken in over E9.5 billion from asset disposals and loan repayments compared to E8 billion at the end of June.

The agency's chief executive Brendan McDonagh said cash receipts, up to mid-October, include E6.2 billion from asset disposals and E3.3 billion from recurring income such as rental payments on debtors' properties and intensive management of assets securing the agency's loans.

Mr McDonagh told the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, that cash-flow generation is "perhaps the most important measure" of the agency's performance. "The strong cash performance has enabled us to remain firmly on course to meet our debt repayment targets," he said.

Total sales approved by Nama now stand at E10.5 billion and the agency has approved new credit facilities for working and development capital of E1.6 billion by the end of September, Mr McDonagh said.

He said this reflected the agency's commitment to invest in assets when commercially viable.

The agency has sourced tenants for 4,000 apartments that were previously vacant bringing to almost 10,000 the number of apartments rented by Nama. These generate annual rents of some E100 million for the agency. Some 206 requests for rent abatements from businesses that need support to ease cashflow pressures have been approved and 52 more requests are being reviewed.