The National Asset Management Agency (NAMA) has generated €10.5 billion in cash flow since its inception almost 3 years ago.
In its latest summary of progress the Agency says that it has sold €6.9 billion worth of assets and made a further €3.6 billion whcih it says is mainly rental receipts from properties controlled by debtors and receivers.
€3.5 billion worth of senior bonds were redeemed during the year which NAMA Chairman Frank Daly says will go a long way in repaying the debt it incurred in acquiring its loan portfolio.
Referring to its deferred payment mortgage initiative NAMA says 100 of its properties have gone 'Sale Agreed' with a value in excess of €18 million.
The agency has also identified close to 3,900 residential properties for social housing.
It says at the end of last year €1.5 billion worth of Irish assets was on the market through debtors and receivers.
NAMA 'made significant progress in 2012'
Commenting on the performance of NAMA in 2012, Chief Executive Brendan McDonagh said "the generation of €10.5 billion in cash in the 33 months since the first loans transferred to NAMA reflects a strong performance in terms of asset disposals and also shows the importance for NAMA of capturing the rental income from assets under the control of debtors".
While the NAMA Chairman Frank Daly commented that, with €3.5 billion in Senior Bonds redeemed during the year, NAMA has made significant progress in 2012 towards repaying the debt it had incurred in acquiring its loan portfolio.
"As we end 2012 with a healthy €3.6 billion in cash and with €4.75 billion redeemed to date, we remain firmly on course to meet our end-2013 Senior Bond redemption target of €7.5 billion" he said.
"Performance on a number of key targets during the year, in conjunction with growing indications that the Irish commercial and residential markets are stabilising, reinforces our confidence that we will achieve our ultimate objective of completing our work by 2020" he added.
