The Covid-19 crisis could rock Nama’s profit forecasts this year and make it harder to deliver the full final €2bn payment to the State as pledged. The National Asset Management Agency disclosed in its annual report that Covid-19 disruption could shave more than €100m off its previous profit forecasts for this year. Nonetheless, the virus would “have a material impact on Nama’s 2020 cash generation and, consequently, profitability”. The disclosures overshadowed Nama’s announcement — reported earlier this week by the Irish Independent — that the State agency has just paid its first €2bn to the Exchequer. But they conceded that the Covid crisis had unsettled previous models and assumptions and could make this goal harder.

Source: Irish Independent July 01, 2020 13:41 UTC