NAMA records €247m profit after it's forced to write off €1.3bn
discount of 57pc. Officials said NAMA has now acquired all €74bn of loans it was set up to manage and is in a new phase of managing the assets.
The agency said it is on course to have repaid €7.5bn of the IOUs used to acquire the vast NAMA portfolio from banks by the end of 2013 -- to date €3.55bn of the debt has been repaid.
Mr McDonagh said NAMA had also repaid €300m in start- up costs to the Minister for Finance.
Finance Minister Michael Noonan congratulated NAMA for what he called its admirable record. He said this included creating a viable organisation from scratch over a short period of time.
Even so, NAMA's writedown of €1.3bn in the value of assets last year remains a concern.
It followed a €1.48bn write-off in 2010 that together reflects the reality that property prices have fallen continually since NAMA was established.
It means that the initial discounts that NAMA paid to acquire loans were far above the current value of the assets.
"We are not immune from what is happening in the economy and the substantial impairment charges reflect the market," Mr McDonagh said yesterday.
The writedowns reflect NAMA's conservative approach, he said.
The agency did not include income of €1.8bn that it believes it will make from assets that are currently undervalued in the accounts, he noted.
He said the agency is delivering strong cash flow, which he believes may prove more vital than short-term profit figures.
"The task before us is significant, but I am optimistic that NAMA will succeed in doing the job set out for it," he told reporters in Dublin.
NAMA has signed off on sales of €9.2bn since it was set up two years ago.
It has a further €2.2bn of sales in the pipeline.
The agency has approved new development loans totalling €1.3bn to finance completion of building schemes, €586m of it in Ireland.