Ireland’s National Asset Management Agency is expected to make a profit of €200m in 2011 after write-downs of €810m.
The agency’s unaudited accounts for 2011, which have been presented to the Irish finance minister, Michael Noonan, include a pre-impairment profit of €1.01bn for the year.
The €810m write-down reflects a further decline in property values since the loans Nama bought from five Irish banks were valued in November 2009.
Speaking to Ireland’s Dáil, Noonan said: “Taking an impairment charge of €810m into account, this should generate a profit for 2011 of €200m.”
He added that the calculation of impairment was “subject to final agreement between Nama and its auditors, and the comptroller and auditor general”.
In 2010, Nama’s impairment charge in the management accounts was €1bn but rose to €1.485bn in the annual report.
This left the state agency with a loss of €1.18bn.
The 2011 annual report is due out in the summer.
bridget.oconnell@estatesgazette.com
