Dáil Éireann Debate, Wednesday - 18 June 2025
49. Deputy Ivana Bacik asked the Minister for Finance the amount added to the Exchequer by the sale by NAMA of what is known as the former Irish Glass bottle and fabrizia sites, in tabular form; and if he will make a statement on the matter. [33018/25]
View answerI wish to advise the Deputy that in Q1 2025, the NAMA Board increased its overall surplus projection to €5.5 billion from €5.2 billion, an increase of €300 million. This includes a projection of €450m in tax paid by NAMA to the Exchequer.
By end 2024, €4.69 billion from NAMA’s surplus had been transferred to the State, inclusive of tax payments made NAMA expects to transfer a further €800 million surplus (including National Asset Residential Property Services (NARPS)) by the time it completes its work at end-2025.
Once NAMA had repaid all debt (€31.8bn) and equity (€56m) obligations, it was able to commence the transfer of its surplus funds to the Exchequer in 2020. The table below sets out the transfer of surplus funds to the Exchequer since 2020.
Surplus Transfers
|
- |
Actual |
Projected |
Tax Paid |
||||
|
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
2016-2024 |
Overall Total |
|
€2bn |
€1bn |
€500m |
€350m |
€400 |
€800m* |
€450m |
€5.5bn |
*includes the transfer of NARPS to the LDA
As the Deputy is aware, the Irish Glass Bottle site, located within the designated Poolbeg West Strategic Development Zone (SDZ), extends to approximately 37.2 acres. The site has the potential to provide, subject to planning approval from Dublin City Council, up to 3,800 new homes (including 900 social and affordable homes) and 1 million sq. ft. of commercial development, as well as educational facilities, public open spaces, civic spaces, and other community amenities.
The site was owned by Pembroke Ventures DAC (PV) and NAMA disposed of its interest in the site in two separate transactions:
• In June 2021, a consortium comprising Ronan Group Real Estate, Oaktree Capital Management, L.P. and Lioncor Developments Limited acquired an 80% shareholding in PV from NAMA.
• In June 2023, NAMA sold its remaining 20% interest in PV.
I am advised by NAMA that the disposal of its 100% interest in this asset would have contributed around €240 million to the gross cash available for transfer to the Exchequer.
