Tuesday, 26 February 2013

Questions (178)

Éamon Ó Cuív

Question:

178. Deputy Éamon Ó Cuív asked the Minister for Finance the profit or loss made to date by the National Assets Management Agency; the book value of all property and financial assets respectively held at present and the projected profit that will be made by NAMA by the end of 2018; and if he will make a statement on the matter. [9556/13]

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Written answers (Question to Finance)

NAMA has advised me that it reported in its annual financial statements a loss of €1,180m in 2010 and a subsequent profit of €242m for 2011. For 2012, NAMA has reported a profit of €363m for the nine months to 30 September 2012 in the recently published S.55 financial statements of National Asset Management Limited, the principle operating entity through which NAMA conducts its business. These financial statements also disclose assets totaling €29,040m including loans and receivables of €24,010m and property assets of €7.2 million. NAMA reports its financial results quarterly and annually in accordance with the requirements of the National Asset Management Agency, Act 2009 and the rules of International Financial Reporting Standards and does not publish projections of future profits.

I would like to take this opportunity to remind the Deputy that NAMAs Financial Statements and Section 55 Financial Statements as well as the relevant reports are available on the NAMA website www.nama.ie.