NAMA’s €1 billion write-down may increase

NAMA made a loss of €714 million in 2010 after taking a €1 billion impairment charge to cover potential losses on loans it acquired at a 58% discount from Irish banks.

Yesterday, NAMA released excerpts from its fourth quarter 2010 report and unaudited accounts which showed just 23% of the €71bn in loans it acquired are “performing”.

More than three-quarters of NAMA’s non-performing loans are at least 120 days in arrears.