Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Irish 'bad bank' NAMA raises lifetime profit forecast to 2.3 billion euros

Published 08/06/2016, 14:56
Updated 08/06/2016, 15:00
© Reuters.  Irish 'bad bank' NAMA raises lifetime profit forecast to 2.3 billion euros

LONDON (Reuters) - Ireland's National Asset Management Agency (NAMA) is on course to make a profit of 2.3 billion euros (£1.7 billion) by the time it winds down, up from an earlier forecast of 2 billion euros, the state-run "bad bank" said on Thursday.

NAMA became one of the largest property groups in the world when it was established in 2009 and paid 31.8 billion euros to rid local banks of 74 billion worth of risky loans made before a property market collapse.

NAMA said on Wednesday that it made a profit of 1.8 billion euros in 2015, a four-fold increase on 2014, and retained a portfolio with a book value of 9.6 billion euros at the end of last year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.