'Bad bank' Nama on course to have returned €5.5bn to State

Reuters

The National Asset Management Agency (Nama) is on course to have returned €5.5 billion to the State by the time it winds down at the end of the year, up from an earlier estimate of €5.2 billion.

Set up in 2009, the State-run "bad bank" used €32 billion of debt to rid banks of €74 billion worth of risky property loans following a banking collapse.

It has so far returned €4.7 billion to the State from surplus cash and corporation tax after selling almost all of its loans and properties.

It will transfer the remaining €800 million by the end of the year, Nama said in a statement.