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Irish 'bad bank' NAMA raises forecast surplus to 3 billion euros
June 1, 2017 / 9:18 AM / 6 months ago

Irish 'bad bank' NAMA raises forecast surplus to 3 billion euros

DUBLIN (Reuters) - Ireland’s state-run “bad bank” the National Asset Management Agency (NAMA) on Thursday forecast it would post a lifetime surplus of 3 billion euros (2.6 billion pounds), up from an earlier estimate of 2.3 billion.

NAMA used 31.8 billion euros of senior and junior debt to rid local banks of 74 billion worth of risky property loans from 2010 following the country’s financial crash, and says it is on target to pay off the final 500 million euros of outstanding senior debt by the end of the year.

The bank also reported an after-tax profit of 1.5 billion euros for 2016.

Reporting by Conor Humphries; Editing by Hugh Lawson

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