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NAMA is set to cost ¤48m less

THE Minister for Finance has revealed that the running costs for NAMA will be significantly lower than expected this year.

Michael Noonan revealed that the cost of running NAMA for 2012 will drop from a projected cost of €242m to €194m -- a saving of 20pc.

However, despite the expected reduction of €48m in running costs for 2012, the overall amount has been slammed as "colossal" by the Fianna Fail finance spokesperson.

Michael McGrath hit out at the huge expense involved in running NAMA and called for more transparency when it comes to a breakdown of the costs.

"I think we need to learn lessons form the operations of NAMA over the two-year period it has been up and running. There is definitely scope to improve the transparency of how it operates and the costs it is incurring,"he said.

"Certainly on the face of it, it appears that a number of people seem to be doing very well thank you very much out of NAMA," he added.