Group	Note	2014 Group €’000	2013 Group €’000
Surplus income on loan repayments (in excess of loan carrying values)	19	572,517	530,838
Net loss on disposal of loans	19	(289,705)	(29,386)
Net profit on disposal of property assets		2,001	3,959
Total net profit on disposal of loans and property assets; and surplus income		284,813	505,411

For certain assets acquired, the proceeds from the disposal of the underlying collateral in a debtor connection exceeded the carrying value of those loans and receivables. This surplus is recognised in the income statement as realised profits on loans. Of the total amount of €573m recognised, €243m (2013: €306m) was generated from debtors who have fully repaid all NAMA debt and any further cash received is recognised as profit. A further €330m (2013: €225m) of surplus income is recognised on specific loan assets within a debtor connection where the cash generated and received by NAMA at the reporting date has exceeded the loan carrying value; and the estimated discounted cash flows for the total debtor connection are greater than the total loan carrying values. Further information on the recognition of surplus income is included in Note 3, critical accounting estimates and judgements.

During the year, the Group disposed of certain loans and receivables to third parties. Profit or loss on disposal of loans is measured as the difference between the cash received, including any deferred consideration, less related selling expenses less the net carrying value of those loans and receivables. The Group realised a net loss of €289.7m (2013: net loss of €29.4m) on the disposal of loans in the year. Of the €289.7m, €11.3m related to costs of disposal, and €278.4m was recognised against loans and receivables (see Note 19). Profit on disposal of loans is not recognised where the overall debtor connection is impaired in accordance with the latest available impairment assessment data.

The costs of €11.3m incurred on the disposal of loans have been recognised within net profit on disposal of loans in 2014 in line with IFRS, which outlines that any profit or loss on the derecognition of loans and receivables should be recognised after deduction of selling costs from disposal proceeds. This differs to 2013, whereby such costs of €2.6m were recognised directly within administration expenses (refer to Note 10.5).

During the year, the Group sold certain trading property assets to third parties. Profit or loss on disposal of properties is measured as the difference between proceeds of sale received and the carrying value of those property assets. The Group realised a net profit of €2.0m (2013: €3.9m) on the disposal of trading property assets in the year.

The following table summarises NAMA’s overall profit / (loss) recognised on the transactions relating to the disposal of underlying collateral and loans for the years 2014 and 2013:

Group	Disposals of underlying collateral €m	Disposals of loans €m	2014 Total €m	Disposals of underlying collateral €m	Disposals of loans €m	2013 Total €m
Proceeds of disposal	5,138	3,424	8,562	4,186	294	4,480
Profit / (loss) recognised in income statement (Note 9)	572	(290)	282	531	(29)	502
Crystallisation of existing impairment provision (Note 19)	(1)	(609)	(610)	(30)	(23)	(53)
Total	571	(899)	(328)	501	(52)	449

The crystallisation of existing impairment provision represents the amount of the previously recognised impairment provision that is attributed to the disposal of underlying collateral and loans. It does not represent an income statement charge in the period of crystallisation. Instead, the income statement recognition occurred when the impairment provision was previously recorded. Combined with the ‘Profit / (loss) recognised in income statement’, it presents an overall profit / (loss) in respect of the disposal of underlying collateral and loans for the period.

There were no disposals of loans or property assets by the Agency.