The National Asset Management Agency (NAMA) has today published its Annual Report and Financial Statements for 2014. 

The report shows an after-tax profit of €458m for 2014 – an increase of 115% on 2013.
 
Nama has announced that 1,600 residential units have been delivered by mid-May 2015 and that planning permission has been secured for another 5,800 units, 2,400 of which are under construction. Additionally, permission has been sought or will be sought in 2015 for another estimated 4,300 units and another estimated 13,600 units are at the pre-planning assessment stage with planning applications to be submitted after 2015, if commercially viable.
 
Furthermore, the agency claims it has now redeemed 64% of the €30.2bn senior debt it issued to acquire loans from participating institutions. A Senior Debt redemption earlier today of €1.75bn brought the cumulative total of redeemed Senior Debt to €19.35bn. 
 
NAMA Chief Executive Brendan McDonagh said, "This was a very strong performance in 2014. NAMA made tremendous progress in 2014 in reducing its senior debt and we are very hopeful that we can generate a surplus for the taxpayer over our lifetime. 

We took full advantage of a strong recovery in the Irish economy since mid-2013 and of the increased demand for Irish property assets among international investors."
 
Source: www.businessworld.ie