Nama announces €714m losses

4 May 2011

The National Management Agency (Nama) has announced losses of €714 million ($1.07 billion) for 2010.

However, chairman of the organisation Frank Daly said the opening months of this year have been very busy for the agency and revealed it had acquired €72.3 billion in loans by the end of March.

The firm explained that it has paid a total consideration of €30.5 billion for the loans, which calculates at the equivalent of an average discount of 58 per cent.

It noted another €3.5 billion in such deals may be acquired over the coming months.

Mr Daly said the group had moved from being one of the largest individual debtors to the next phase of the project "where the focus is on identifying those we believe we can work with and moving other into the enforcement process".

Last month, it emerged that Moody's Investors Service had slashed Ireland's credit rating by two levels and was downgraded to the lowest investment grade.

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development