Alongside the launch of the 2011 NAMA Annual Report today, the Agency has this afternoon published its management accounts and report for the three months ending 31st March, 2012.
There will be a review of the report and accounts over the next day, but a quick skim of the accounts and report shows the following:
1. Performing loans as a proportion of total NAMA loans are now 19% down from 20% at Q4, 2011 and remember these include loan restructures. By reference to original loan values, the estimation on here is that only 15% of NAMA loans are performing, down from 18% in Q4, 2011.
2. Profit before impairments for Q1, 2012 total €133m. Impairments are likely to have wiped this out, but impairments are only calculated once at year at the year end.
3. Legal fees were just €23,000 during Q1, 2012 and costs overall seem remarkably subdued with just €25m of costs versus a full year budget of €193m.
Does this bear any relationship to current value or future value. It seem the only value that’s being treated is past value and that might as well be written by a novelist so inflated were the numbers.
Are we ever going to get to a point where all the fake supports cease and something akin to reality exposed.
oh, I meant to say those links are blind.
Frank telling big porkies on Vincent Brown. Vincent was aggressive, but was not well prepped and didn’t ask the right questions. Pity. Constantin pointing out that you can’t take a tax credit in a company that is not liable to tax. Nice point.
@WSTT responded on other thread,getting moderated !!!
Will catch this in morning,but agreed regarding tax neutral status,was surprised myself reading about it this morning.Perhaps,the real value in NAMA is in “loss caryforward” but no expert on Irish taxation.
“An accounting technique that applies the current year’s net operating losses to future years’ profits in order to reduce tax liability. Generally accepted accounting principles (GAAP) specify that loss carryforwards can be used in any one of the seven years following the loss.”
Read more: http://www.investopedia.com/terms/l/losscarryforward.asp#ixzz21gSx9F9A
Is anyone else getting a 403 Forbidden message from the NAMA web server when trying to open the management accounts link?
@Ian, this occassionally happens with links from WordPress, I don’t know why. However if when the 403 error appears, you just place the cursor on the link address at the top of your browser window and hit enter, that will work (just tried it on the link you refer to!)