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.