Nama could no longer use taxpayers’ money to fund ‘unsustainable’ facility

Nama’s decision to stop financially propping up Mount Carmel Hospital, and the jobs of more than 300 people, came after it suffered more than three years of losses since it acquired the hospital’s loans in 2010.

A Nama spokesman said it could no longer use taxpayers’ money to fund “unsustainable” losses at the private facility. He also confirmed that neither the HSE nor the Department of Health were willing to take on the facility once the extent of its problems had been established.

“The hospital has been incurring significant losses since Nama acquired the loans in 2010,” the spokesman said. “These losses have been funded by Nama while it has sought, in conjunction with the debtor, to put in place arrangements which would enable the hospital to operate on a viable basis. Unfortunately, it has not been possible to formulate such arrangements.”