NAMA paid €30.2bn for 11,500 loans in 2010

The National Asset Management Agency has reported operating profits of €305m for last year.

However, in its annual report for 2010 published this morning, the agency says that after impairment charges of €1.4bn, its loss overall was €1.1bn.

NAMA notes that these provisions for impairments do not necessarily mean the losses will ever materialise.

Chief Executive Brendan McDonagh said the agency has made 'enormous progress' over the past 15 months.

He added: 'Our expectation now is that the pace of activity will step up again in the months ahead as we move through the implementation phase of our work.'

During 2010, NAMA paid €30.2bn for 11,500 loans belonging to 850 debtors. The value of the loans was €71.2bn, with a discount overall of 58%.

The majority of the assets acquired (61%) are in Ireland, 32% are in the UK and Northern Ireland, and 7% in the rest of the world.

NAMA also says that about 59% of the assets it has acquired to date are investment properties, while 41% is in land or property under development.

Three of the debtors in NAMA owe more than €2bn each, 12 debtors owe more than €1bn.

By the end of last month NAMA has agreed asset sales worth €3.9bn.

NAMA takes control of over 800 assets

NAMA has taken control of over 800 assets, according to its annual report.

The majority, 220 are in Dublin, followed by 80 in Cork, and 52 in Limerick, made up mostly of residential units and development properties.

Almost 30 hotels and golf clubs are included in the enforcement action, including Fota Island in Cork, Portmarnock Hotel and Golf Links in Dublin, and The Heritage in Laois.

The majority of hotels taken over are in Dublin (7), followed by Limerick (3), Meath (2) and Cork (2).

Weston Airport, in Kildare was also among the properties that NAMA has moved on.

It has also taken control of 78 assets in Northern Ireland and 193 in Britain.

In Britain, the majority of properties are developments (50), followed by public houses (37), retail units (35), and residential units (30).

Finance plan for home buyers

NAMA has also proposed a way of providing mortgage finance to home buyers in an attempt to energise the property market.

Chairman Frank Daly said that following talks with AIB and Bank of Ireland, it has come up with a deferred payment scheme, which will depend on the value after five years of any NAMA property purchased.

Under the scheme, a purchaser would seek a mortgage from a bank of €180,000 and pay a deposit of €20,000 on a property linked to a loan with NAMA for sale for €200,000.

NAMA then agrees to defer the payment of 20% of the current value of the property, in this case €40,000.

Should the property be worth €200,000 or more after five years the purchaser's repayments will continue to cover the €40,0000.

If after five years the property has fallen in value, for example to €160,000, NAMA waives the outstanding €40,000 from the 2011 purchase price and the purchaser will have to pay back €140,000 of the original €180,000 loan.

The scheme will be launched on a pilot basis this autumn and should apply to 12,000 individual residential units.

Some of the properties in the NAMA portfolio:

Fota Island Golf Course, Co Cork