Will Nama need more capital?

Super stuff as usual from Namawinelake in Nama

NAMA Wine Lake

Today is the last day for NAMA to hand over its latest quarterly management report and accounts to Minister for Finance, Michael Noonan. The accounts will cover the three month period ending on 31st December 2011 and will also show the annual figures for 2011. For the first time in NAMA’s reporting of its results for 2011, we will see what NAMA calculates to be its so-called “impairment charge” – this will make the difference between profit, and remember NAMA was last week forecasting a profit before impairment of “at least €750m” and loss, sadly NAMA didn’t have an estimate of impairment charges last week. Although these accounts that are due today are not fully audited, and NAMA will not publish its full annual report until the summer, these accounts should give an accurate picture of NAMA’s performance in 2011. Here are seven things to look out for:

(1) The impairment…

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