June 13, 2018 / 9:35 AM / in 4 months

Irish 'bad bank' NAMA raises forecast surplus to 3.5 bln euros

DUBLIN (Reuters) - Ireland’s state-run “bad bank”, the National Asset Management Agency (NAMA), on Wednesday forecast it would post a lifetime surplus of 3.5 billion euros (3.07 billion pounds), up from an earlier estimate of 3 billion.

Seen as a major liability for Dublin’s finances when it was established in 2009 during a crash that cut property values in half, NAMA has since ridden a surge in demand for Irish real estate.

NAMA used 32 billion euros of senior and junior debt to rid local banks of 74 billion worth of risky property loans and last year redeemed the final tranche of government-guaranteed senior debt three years ahead of schedule.

The agency has been given additional roles by the government, including building 20,000 homes on land it controls and building a new business district dubbed the “Canary Wharf of Dublin”.

In its annual report published on Wednesday, NAMA reported an after-tax profit of 481 million euros for 2017.

Reporting by Conor Humphries; Editing by Toby Chopra

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