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IRELAND'S so-called 'bad bank' NAMA forked out €75m to developers to help them to finish projects in the last quarter as it recorded a €118m profit.

The agency's profits jumped up a huge 29.6pc within just one quarter.

However NAMA said that just 23pc of the loans it manages are performing -- a figure which remains unchanged from the first quarter of the year.

The agency has a strict review process and has investigated 170 business plans for the 188 debtors whose loans are directly managed by it.

NAMA chairman Frank Daly (above) said that the results reflected the "solid progress" being made by the agency.

"Significant progress has been made on the review of business plans of over 600 debtors whose loans are being managed by participating institutions under delegated authority from NAMA," he said.

"In October, NAMA completed the acquisition of the last remaining loans set to be acquired by the agency.

"Loan balances totalling €74.2bn have been acquired since the first tranche of loan transfers in March 2010. Consideration of €31.7bn has been paid to the institutions," he added.

The State-owned agency redeemed €500m of bonds in issue during the quarter, but it still had cash balances of over €1bn and a further €182m of investment assets at the end of June.


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