Michael Noonan (Limerick City, Fine Gael)

NAMA advises me that it recently carried out an analysis which indicated that the agency would repay all its senior bonds by the end of 2020, with a small surplus given one scenario and a relatively small loss given another scenario. It is predicting a break even, under present circumstances, on the basis of that analysis.

NAMA has also provided me with the unaudited accounts to the end of 2011. These indicate that NAMA expects to generate pre-impairment profit of €1.01 billion in 2011. Taking an impairment charge of €810 million into account, this should generate a profit for 2011 of €200 million. The calculation of the impairment charge is, of course, subject to final agreement between NAMA and its auditors and the Comptroller and Auditor General. I have no function in that process.

NAMA also assures me that it expects to make a pre-impairment profit in 2012.

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