Noonan: NAMA profit 'almost impossible'

Fine Gael finance spokesman Michael Noonan has warned that it is now "virtually impossible" for NAMA to be profitable.

In a statement today, Mr Noonan said: "The NAMA business plan revealed that only 25% of loans transferred to it are performing, rather than the 40% of loans estimated to perform in its original business plan. This means that only one quarter of all property-backed loans in the NAMA-covered institutions, in excess of €5m, are performing.

"When seen in this way, the task of NAMA is truly enormous and it is virtually impossible for NAMA to be profitable."

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