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NAMA has redeemed €2.5 billion in senior bonds today, bringing the total value of senior bonds redeemed by the state agency to date to €13bn.
The total value of NAMA’s outstanding senior bonds is €17.19bn. It plans to redeem a further €2bn by the end of this year.
The National Asset Management Agency recently reported a net profit of €211 million for last year and an operating profit of €1.2bn (up 45% on 2012). The agency said it generated €4.5bn in cash last year, including the proceeds of asset disposal by debtors and receivers, and non-disposal income such as rent.
Last month, NAMA sold a €1.8 billion loan portfolio which includes the tallest building in Ireland for an estimated €1.1 billion.
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NAMA made a profit, what a joke. It bought loans and ‘assets’ for sweet F all and put the loss on the Banks (ie the taxpayer), then it sells them for a small ‘profit’ and we are all supposed to cheer. Big load of BS, smoke, mirrors and spin.
If everybody applied the NAMA accounting model of ignoring the liabilities then every business would make a profit!
Journal, when commenting on NAMA please include the original book value of the Nama loans redeemded to date and amount they were sold for, this will give us the true monetary value of Nama and not the government crap that this article is full of.
Does all this money Nama re coups come off our government debt or what way does it work??
Barely paying the interest.
51% of Nama is owned by Private investors namely (Walbrook Capital, New Ireland Assurance Co. plc and Percy Nominees Ltd)
So NAMA bought these loans for flip all, make the taxpayers pick up the bill for the losses and the winner again is the private investors
Sure but the profits don’t go to the private owners. They get 10% on their investment. Not bad but hardly amazing.
The whole point of NAMA was to take the debt off the Irish balance sheet.
And that debt is still there David.
And reducing yeah?
David is right, NAMA takes the outstanding debt associated with same off the Gov Balance Sheet and allows NAMA raise debt if it so wishes.
Nama was the greatest slight-of-hand since the blanket guarantee.
51% privately owned its liabilities do not appear on public accounts. However, ultimately most of its profits will be returned to private investors (officially undisclosed), while the taxpayer will pick up losses when it all goes pear-shaped.
And we will all see that reflected in out income……… not.
Brilliant……..when is the party?
That is good to see.
Interesting to see the limited number of comments on stories of this nature which only goes to prove that the average reader of the Journal must be a member of Sinn Fein!
The evidence for such a conclusion is derived from the economic and fiscal illiteracy of such individuals and their avoidance of such subject matter.
Richard, you should continue your use of alliteration in your chosen names for commenting here. ‘Pompous Pr***’ would also be a good choice.
Richard,
Remind us all what the ECB thought of the Prom Night bonds…
have your say