Is NAMA insolvent.

Erk : NAMAwinelake now suggests NAMA may be balance sheet insolvent… Read on….

NAMA Wine Lake

NAMA was required to deliver to the Department of Finance its quarterly and annual management accounts for 2011 by 31st March, 2012 so it is likely that they are now resting on Minister for Finance Michael Noonan’s desk. Last year the annual management accounts were published on 4th May – it is unclear on here why there is any delay at all in the Department of Finance, but they have other tasks occupying their time – for example, we’re still waiting for an explanation for the €3.6bn error in the national accounts uncovered at the start of November 2011. In addition to NAMA’s management accounts, which will be published shortly, we will get an annual report but we must wait until the summer for that. Both the latest management accounts and the annual report will, for the first time in 2011, make provision for what NAMA calls its “impairment charge” – the…

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