Belfast Telegraph

Nama issues a profits warning

The Republic's bad bank Nama said it made a profit in the first half of 2013, but is only expected to break even over the course of its 10-year existence.

The agency made a profit in the first half of the year, but warned it faces "potentially serious consequences" because it is struggling to hold on to staff.

It has lost 28 staff so far this year, equal to around 10% of the total head count, and the "exodus" is likely to continue, its chief executive, Brendan McDonagh (above), has told the Dail's Public Accounts Committee. It's happening at a time when the agency needs to boost its own staff by as much as 220 to cope with the transfer of new loans from IBRC, he said.

Belfast Telegraph