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Thread: NAMA makes profit of 6 million during Q2 of 2010

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    Default NAMA makes profit of 6 million during Q2 of 2010

    The NAMA Quarterly report for the second quarter of 2010, published today, reports that the NAMA Group made a profit of €6 million. However for the first half of 2010, Nama made a loss of €1m due to a cost of €7m associated with costs of setting up NAMA.

    The reports are available now from http://www.nama.ie/

    By the 30th of June, NAMA had issued €8.1 billion in NAMA Government Guaranteed Floating Rate Notes and €425 million in NAMA Callable Perpetual Subordinated Bonds as consideration for eligible assets acquired from the five participating institutions. This represents an injection of €8.5 billion of liquidity into the Irish banking syste
    - Part of NAMA Report.

    Brian Lenihan has welcomed the results, saying that NAMA is "functioning well".

    “I welcome the €6 million profit earned by NAMA in the second quarter of 2010. I am pleased to say that NAMA is functioning well, with transparency and sound governance. The reports published today illustrate how far the Agency has come in a relatively short time.”

    NAMA will manage the loans of the largest 150 debtors directly and will delegate the management of another 700 debtors to the participating institutions, within tight NAMA oversight conditions.
    - Brian Lenihan TD, Minister for Finance

    [ame="http://www.scribd.com/doc/40737080/NAMA-Publishes-Second-Quarter-Report-and-Accounts-Annual-Statement"]NAMA Publishes Second Quarter Report and Accounts & Annual Statement.@@AMEPARAM@@document_id=40737080&acc ess_key=key-2d9li388wi0dvp6cmmnx&@@AMEPARAM@@40737080@@AME PARAM@@key-2d9li388wi0dvp6cmmnx[/ame]

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    Isnt the profit just down to property sold in the UK?

    I doubt they have made any profits from the bulk of their portfolio which is Irish property.

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    even if it is off the english properties doesnt such profits mean that if NAMA are making such profits it means that they have discounted too much off the banks which means that the banks will need more capital anyway so then the money made from NAMA is just goin in their anyway?

    that was the argument made by the indo about the 90m profit made on one sale of land

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    How can profits from land sales, plus interest income, come close to outweighing the costs of finance that have been racking up since the date of loan acquisitions?

    If the claim in that headline and press release is not supported by proper, honest cash accounting, Ireland's credibility will sink further.

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    Will this transparent organisiation reveal its gross profit and tell us it's administrative and professional fees, as well costs to banks which tbd State own or control?

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    Quote Originally Posted by Libero View Post


    How can any profits from land sales come close to outweighing the costs of finance that have been racking up since the date of loan acquisitions?

    If the claim in that headline and press release is not supported by proper, honest cash accounting, Ireland's credibility will sink further.
    It can't go much lower, can it?

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    Quote Originally Posted by LgCastell View Post
    even if it is off the english properties doesnt such profits mean that if NAMA are making such profits it means that they have discounted too much off the banks which means that the banks will need more capital anyway so then the money made from NAMA is just goin in their anyway? that was the argument made by the indo about the 90m profit made on one sale of land
    Yes - but it means that the taxpayer gets a bigger chunk of the banks for the same overall contribution.

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    Quite frankly, I don't believe a word of it. Some positive spin in advance of the budget - cue Lenihan endlessly claiming, yet again, 'we are turning the corner'.

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    Gross profit or net profit?

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    Quote Originally Posted by Holy Cow View Post
    Gross profit or net profit?
    It made a loss for the first half of the year, NAMA cost €7m to setup, and so lost €1m.

    The line from the Department of Finance focussed on the Q2 profit and completely ignored the overall loss.

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