The National Asset Management Agency (NAMA) has completed a €300m transfer of surplus cash to the Exchequer. The payment had been flagged when the agency published results at the start of the month.

It brings the total paid by NAMA to the State to €2.5bn. The agency has forecast a total lifetime surplus of €4.25bn.

Nama CEO Brendan McDonagh said cash payments will continue over the coming months.

“Today’s payment brings total transfers thus far in 2021 to €500m. These transfers are made possible by NAMA’s continued strong performance and profitability. Our projected lifetime contribution to the State, including tax paid, now stands at €4.65bn and we will continue to make valuable payments to the Exchequer over the coming months and years.”

Nama has said it will generate a total surplus by the time the agency is wound up, including cash and a €300m social housing vehicle, the National Asset Residential Property Services (Narps). The housing vehicle has leased 1300 homes built or funded by Nama to local authorities and housing associations for use as social housing.

Narps will be transferred to another State agency later this year as part of the gradual winding down of Nama.