Pádraig Mac Lochlainn (Donegal North East, Sinn Fein)
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Question 13: To ask the Minister for Finance if he will provide an update on the operations of the National Asset Management Agency, including whether NAMA made a profit or loss in 2011 and his assessment of whether NAMA will return a profit or loss in 2012. [5655/12]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by NAMA that it will make a pre-impairment profit of circa €600 million in 2011. I am also informed by NAMA that due to the decline in property values during 2011, it will have to make an impairment provision. The size of the impairment provision is not yet calculated as it is a complex exercise which is carried out under International Financial Reporting Rules (IFRS). The final level of impairment is subject to agreement between the Board of NAMA and its auditors the Comptroller and Auditor General. I understand that NAMA expects to publish its audited 2011 Annual Report and Accounts in June 2012. I would also bring to the Deputy's attention the fact that the NAMA quarterly report to the end of September 2011 was laid before the Houses of the Oireachtas yesterday, and has been published on the NAMA website. Finally, I am informed by NAMA that it expects to make a pre-impairment profit for 2012.