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  • NAMA posts €209 million profit
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Nov 16, 2011 - 16:08

NAMA posts €209 million profit

The MyHome Newsdesk
By The MyHome Newsdesk
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NAMA posts €209 million profit

The country's biggest property holder, the National Asset Management Agency, has made cumulative profits in the first six months of the year of €209 million.
Its results were laid before the Houses of the Oireachtas by the Minister for Finance on Wednesday.
Up to the end of June, NAMA had generated €828 million net cash from its operating activities, primarily due to receipts from debtors totalling €874 million and derivative inflows of €51 million.
Cash outflows included €75 million advanced to debtors to enable them to complete projects and to fund working capital.
NAMA redeemed €500 million of bonds in issue during the quarter. It had total cash balances of over €1 billion and a further €182 million of investment assets at the end of June.
The percentage of performing loans in the portfolio at end-June 2011 was unchanged at 23 per cent.
NAMA chairman Frank Daly said the results reflected the solid progress being made by the agency.
In October, NAMA completed the acquisition of the last remaining loans set to be acquired by the agency. The nominal value of the last tranche of loans was €1.9 billion.
Loan balances totalling €74.2 billion have been acquired since the first tranche of loan transfers in March 2010.
NAMA has now reviewed 170 business plans of the 188 debtors whose loans are directly managed by it.
In addition, significant progress has been made on the review of business plans of over 600 debtors whose loans are being managed by participating institutions under delegated authority from NAMA.

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The MyHome Newsdesk
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