NAMA has this afternoon published its management accounts and quarterly report for the three months ending 31st December 2012. So we finally have the unaudited picture for 2012. There will be detailed analysis tomorrow but here are the headlines for 2012. The report is here and the accounts are here.
(1)Profit after impairment and tax of €230m
(2) Impairment in 2012 of €518m
(3) Tax charge in 2012 of €69m
(3) Admin costs of €119m but remember this excludes legal costs which NAMA thinks it will recover from developers. It also excludes the cost of receivers, liquidators and administrators whose costs are charged to the developers’ companies.
(4) 18% of loans are performing, similar to Q3,2012
(5) 223 loans with a nominal value of €867m were enforced in Q4,2012 with receivers in each case.
(6) NAMA initiated six legal cases in Q4,2012 as follows
(7) NAMA sold €2.8bn of assets in 2012
There will be a detailed analysis on here tomorrow, remember these are unaudited accounts and in previous years, the final audited impairment charge has been considerably higher than the figure in the management accounts.
NAMA Wine Lake 
“NAMA made €2.8bn from asset sales in 2012”
Sham headline on RTE website.
BTW, €2.8 billion of asset sales, Rental income of €1.2 billion against a cost of funds of c. €300 million. And they made a profit of €230 million? Take out the FX profit and the Agency that manages the nationalised Irish property industry that it received at a 60% discount just about breaks even. Risible.
Not booking the derivatives. I wonder why?
Capital Investment and Vendor Finance:
NAMA has approved 1.7 Billion.
1 Billion drawn down-by whom for what-ah its a secret !
Must be one the few state agencies in the world,that can approve 1.7 Billion of expenditure,spent 1 Billion of it and the stakeholders havent a clue who got it or what it was spent on…
Some oversight required here,what metric is utilized…yeah yeah maximise the return to the taxpayer…..a bit vague.
This is also slightly confusing to follow as pg 4 Funds advanced to borrowers,amounts to 308-why the slowdown in funding ?
Rent Abatements:
So there are only 276 ‘elegible applications’ how many in total,this is quite disingenuous,using a 97% approval rate is a poor reflection on the culture and ethos of the agency.
Scary Part:
Performing Loans-pg 11.
Mother of god close this sh*t show down,WTF are these people doing all day….seriously this is the METRIC to judge asset management companies by….they have failed miserably.
In the category 120+ days default, NAMA has 7,563 loans or 75%,what are they waiting for a rainy day……………are they expecting the borrowers to catch up,rectify the problem!
“An analysis of the non-performing profile of the loan book indicates significant volume in the ‘120+ Days Delinquent’ classifications. NAMA is addressing this issue in part by insisting, as part of any ongoing consensual support provided by NAMA to the debtor, that all income produced by the underlying secured
assets is paid to NAMA. The extent to which debtors do not comply with this, and other key milestones set by NAMA, will determine whether these delinquent loans will be enforced. In some cases, the delinquent loans
may be re-financed on new terms set by NAMA. The sole driver of NAMA’s decisions in this regard is the maximisation of the return to the taxpayer”
Refinanced,yeah right more like reclassified…smoke and mirrors….how many have been ‘re-financed on new terms’ then….ah its a dirty little secret!
Many thanks NWL.
Your reporting on the NAMA accounts remains extremely informative.