The National Asset Management Agency (Nama) faces "considerable challenges" in recouping costs on loans which it has acquired, according to a report by the State's spending watchdog.
The report by the Comptroller and Auditor General looked at the loan acquisition process and the profile of the collateral underlying these loans.
It also examined how Nama manages its relationships with borrowers following acquisition of the loans.
Nama has now acquired all the properties it intends to from the banks and its goal is to recover at least its costs from the management and disposal of the loans.
The Comptroller and Auditor General said that the risks facing Nama include an anticipated improvement in economic conditions not happening, properties, not collecting all cash from debtors and failing to achieve the best price available when assets are disposed of.