Nama boss predicts profit of less than €500m

The National Asset Management Agency (Nama) will deliver a surplus of less than €500m on the bad loans it bought from the country’s banks by the time it concludes its business, if market conditions remain unchanged.

The level of potential profit outlined by Nama chief executive, Brendan McDonagh at a hearing of the Oireachtas finance committee is less than half of that previously reported in May. At the time Mr McDonagh declined to comment on the reported €1bn figure.

Mr McDonagh also announced that the agency is to redeem a further €600m of its senior debt, bringing total senior debt redemptions to €7.6bn so far in 2014.