The National Asset Management Agency has said it no longer expects to make a profit as the economy and property market continue to struggle.

NAMA had said in 2010 that its base case forecast was to make a profit of €1 billion by the time it winds down in 2020.

But after reviewing the agency's business plan earlier this year, chief executive Brendan McDonagh told an Oireachtas committee that this was no longer the case.

''Our base case scenario is that we can break even," he said.

''Our base case scenario is that we can break even," he said.

The agency's best-case scenario in 2010 was to make a profit of €3.9 billion, while its worst-case scenario was for a loss of €800m.

NAMA said its new forecast was based on the expectation that its foreign assets would increase 10% in value from what it paid for them. It would also require Ireland's property market to recover most of the fall in values since 2009, McDonagh said.