It was now virtually impossible for the National Asset Management Agency (Nama) to be profitable, Fine Gael finance spokesman Michael Noonan claimed yesterday.
He said the Nama business plan revealed that only 25 per cent of loans transferred to it were performing, rather than the original estimate of 40 per cent. “This means that only one-quarter of all property-backed loans in the Nama-covered institutions in excess of €5 million are performing.’’
He said “there is no longer 40 per cent liquidity in Nama’s portfolio so it has already taken a huge hit’’.
Nama, said Mr Noonan, was presented to the Irish taxpayer as a good deal which over time would realise a profit of €4.6 billion. However, it was now clear that it had paid too much for the portfolio and that losses were inevitable.