[The annual report is now available here]
NAMA is publishing its 2011 Annual Report today. The profit and loss account and balance sheet shouldn’t be much changed from the unaudited 2011 accounts published at the start of May 2012.
But they are.
The impairment provision for 2011 has increased by a staggering €467m from €800m to €1,267m. NAMA has decided that it can book a “tax credit” of €235m, something not apparently contemplated when the unaudited accounts were published, and NAMA seems to have “found” profit elsewhere of €185m. We wait for the publication of the report to look for further clues.
Overall NAMA is declaring an audited profit before the tax credit of €12m, and after tax of €247m. That compares with €200m in the unaudited accounts for both headings. Given that it is the State that is on the hook for the tax credit, you might say the more accurate reflection of performance in this instance is the pre tax profit.
There is a press conference with the duo at the top of NAMA, and Minister for Finance Michael Noonan presently ongoing at NAMA HQ in Dublin, and the full annual report is expected here shortly.
NAMA Wine Lake 
Reblogged this on Brian M. Lucey and commented:
phew… 12m eh. As close to zero given the size of the company as makes no difference…
You are a sceptic!
Still though, why would they have a credit of 235m last year but zero in 2010?
Perhaps it is using 2010+2011 credits in one year?
A slightly upbeat report on RTE lunchtime radio news headlines. Probably to be expected. Towards the end of their piece they mention NAMA’s view that the Dublin market was stabilising.
Given NAMA seem unable to value the current value of their portfolio, perhaps they’re not best positioned to offer an opinion on the outlook for the property market.
The paper of record bigs it up as well: “Nama reports after tax profit of €247 million for last year”
http://www.irishtimes.com/newspaper/breaking/2012/0725/breaking23.html
No mention of €235m tax credit in the IT’s report.
Astonishing. July 5th, McDonagh says “we’ll make zero profit at all!”. Today, he’s trumpeting a €247m win for the taxpayer? Just blogged on this (link below), and referenced this story too. NAMA’s job is to mitigate losses, but they’re claiming profits like we should be thanking them (and presumably paying them more).
The Culture of NAMA Stinks.
There is an explanation at note 26 re tax credit. What do you think?