Nama will ‘break even by 2020’ despite initial €1bn profit prediction

Nama chief executive Brendan McDonagh has told the Dáil Public Accounts Committee that the agency remains on course to break even by 2020 when it is scheduled to wind down.

However, in 2010 Nama said its base case forecast was to make a profit of €1bn when it closed in 2020.

Nama paid €32bn for €74bn in property loans from the Irish banks in 2009. Mr McDonagh rejected criticism from a number of TDs that the agency had overpaid for the loan portfolio.