The Irish Nationwide were pretty tardy in putting their annual report online. However, it’s up now, available here.
I’m not sure what to add to what’s already been said about the multi-layered failures at this institution. That said, one useful aspect of the report is that it gives us some additional information on the quality of the loans going into NAMA. The INBS loans are being purchased by NAMA at a discount of 58% relative to their original face value. The report tells us that, of these loans, €1.4 billion of the total of original €8.7 billion face value are currently counted as neither past due or impaired. (I’m not a big fan of the phrase “performing”.)