The Board of the National Asset Management Agency (‘the Agency’ or ‘NAMA’) presents its report and audited NAMA consolidated and Agency financial statements for the year ended 31 December 2014.

The financial statements are in the sections below:

• Consolidated Income Statement
• Consolidated Statement of Comprehensive Income
• Agency Income Statement
• Consolidated Statement of Changes in Equity
• Agency Statement of Changes in Equity
• Consolidated Statement of Cash Flows
• Agency Statement of Cash Flows
• Notes to the Consolidated Financial Statements

Statement of Agency’s Responsibilities for Financial Statements

The Agency has elected to apply IFRS as adopted by the European Union in preparation of the Group and Agency only financial statements. The Agency is required by the National Asset Management Agency Act 2009 (‘the Act’) to prepare financial statements in respect of its operations for each financial year.

In preparing those statements, the Agency:

• selects suitable accounting policies and then applies them consistently;


• makes judgements and estimates that are reasonable and prudent;


• prepares the financial statements on a going concern basis unless it is inappropriate to do so (accounting policy 2.1);


• discloses and explains any material departure from applicable accounting standards.

The Agency is responsible for keeping in such form as may be approved by the Minister for Finance (‘the Minister’) all proper and usual accounts of all moneys received or expended by it and for maintaining accounting records which disclose with reasonable accuracy at any time the financial position of the Agency and its related entities.

The Agency is also responsible for safeguarding assets under its control and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial Risk Management

The Group is exposed to credit risk, market risk (in the form of interest rate risk and foreign exchange risk) and liquidity risk in the normal course of business. Further details on how the Group manages these risks are given in 21 to 23 of the financial statements.

Board Members’ Interests

The Members of the Board have no beneficial interest in NAMA or any NAMA group entity and have complied with Section 30 of the Act in relation to the disclosure of interests.

Auditor

The Comptroller and Auditor General is the Group’s auditor by virtue of Section 57 of the Act.

On behalf of the Board

28 April 2015