I think “Alice in wonderland” has more to do with reality than this financial report!
Minster Noonan is also seeing the green shoots of recovery just like Brian lenihan .
We all know how that ended!
Speaking in the Dail a short while ago, the Minister for Finance Michael Noonan announced NAMA’s preliminary results for 2011 as follows
Operating profit €1.01bn
Impairment charge €0.81bn
Net profit €200m
Remember these are the results from the 2011 management accounts and we won’t get NAMA’s annual report until the summer. Last year NAMA’s impairment charge in the management accounts was €1.0bn but rose to €1.485bn in the annual report.
The NAMA CEO, Brendan McDonagh told Neil Callanan of Bloomberg last week that the public might be “pleasantly surprised” by the 2011 impairment charge.
The announcement will raise some eyebrows.
Brendan McDonagh told aLondon meeting of Irish chartered accountants a month ago that the 2011 operating profit would be “at least €750m”, and although it is true that €1.01bn is “at least €750m”, there’s quite a difference.
Based on underlying asset values, the expectation on here was that the impairment…
View original post 338 more words