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.