Ireland's state-run bad bank, the National Asset Management Agency (Nama) unveiled a loss of EUR 1.18 bn in its first year in operation as a result of massive impairment charges of EUR 1.48 bn.

Nama, which was created in early 2010 to relieve struggling Irish banks of their risky development loans, has so far acquired some 12,000 loans with nominal balances of over EUR 72 bn. The acquisitions were made for a total consideration of EUR 30 bn, representing a discount of 58%, the Nama said in a statement on Thursday.

Around EUR 3.9 bn worth of assets were sold in the period up to the end of June, it added.

'We've made enormous progress on a wide range of fronts over the past 15 months and we're ahead of schedule in respect of many areas,' said Chief Executive Brendan McDonagh during the results presentation.

Some 61% of the property assets securing Nama loans are thought to be in Ireland, 32% in UK and Northern Ireland and 7% in the rest of the world. An estimated 59% of the assets comprise investment property and 41% comprise land or property under development.

Nama owned 847 properties in receivership or administration as of end-June 2011 and said it may acquire up to an additional EUR 2.4 bn of assets following talks currently under way with unnamed debtors.