NAMA will make a profit after impairments of €200m, Minister for Finance Michael Noonan told the Dáil this evening.

The agency will post a profit for 2011 of €1 billion before impairments. Impairments in this case are the declining market value of assets that NAMA owns.

When the impairments of €810m are taken into account the National Management Agency will post a 2011 profit of €200m.


 

Earlier, the Minister for Finance also told the Dáil that he was confident that we will meet our target of 8.6% of GDP for 2012.

The end-of-March exchequer returns show that taxes have made a good start this year, performing better than expected in the first quarter, coming in close to 4.5%, ahead of profile on underlying basis.

Speaking during Minister's questions, he said this a welcome development, as we strive to reduce the deficit in our public finances.

He added that there were problems "on the expenditure side" in the public finances, but that Minister for Public Expenditure, Brendan Howlin, is dealing with that, ensuring that all Departments will stick within budget. He said we are dependent on external economies, as export led growth is our model, and that it is difficult to be certain.

He said that the economy grew by 1% in 2011, and as long as the economy is growing we can make recovery, adding that events across europe are very important to our recovery, as well as events in the UK and the US.