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Irish 'bad bank' NAMA raises forecast surplus to four billion euros

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DUBLIN (Reuters) – Ireland’s state-run “bad bank”, the National Asset Management Agency (NAMA), on Thursday forecast it would post a lifetime surplus of 4 billion euros (£3.5 billion), up from an earlier estimate of 3.5 billion.

Seen as a major liability for Dublin’s finances when it was established in 2009 during a crash that cut property values in half, NAMA has since ridden a surge in demand for Irish real estate.

NAMA used 32 billion euros of senior and junior debt to rid local banks of 74 billion worth of risky property loans and last year redeemed the final tranche of government-guaranteed senior debt three years ahead of schedule.

In its annual report published on Thursday, NAMA reported an after-tax profit of 795 million euros for 2018.

(Reporting by Conor Humphries; Editing by Toby Chopra)

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