Operating segments are reported in accordance with the internal reporting provided to the NAMA Chief Executive Officer (the chief operating decision-maker). The Act provides that the Chief Executive Officer shall manage and control generally the administration and business of NAMA and the staff assigned to it and shall perform any other function conferred on him by the Board. The Chief Executive Officer is also the accountable person for the purposes of the Comptroller and Auditor General (Amendment) Act, 1993.

The Group has determined it has only one operating segment on a worldwide basis, which is its acquired loan portfolio. The primary activity of the business is that of the acquisition from Participating Institutions of eligible loans, dealing expeditiously with the loans acquired and protecting or otherwise enhancing the value of those loans.

The information provided about the segment is based on monthly and quarterly financial reports and monthly management information, which is reviewed by the Chief Executive Officer.

NAMA reports monthly key performance indicators (KPI's) to the Senior Executive Team and the NAMA Board. The critical KPI's reported by NAMA are cash generation, disposal receipts and non-disposal income.

Segmental results of operations

The segmental information provided to the Chief Executive Officer for the reportable segment is the same information as the consolidated income statement and consolidated statement of financial position and is not re-presented in the Notes. The table below shows the geographical analysis of external revenue, assets and liabilities. The analysis is shown for assets and liabilities external to the Group and does not show inter-group assets or liabilities.

Geographical analysis

2012 Group	Ireland excluding Northern Ireland €'000	UK including Northern Ireland €'000	Rest of World €'000	Loan impairment €'000	2012 Total €'000
Gross external revenue	834,638	459,726	92,459	-	1,386,823
External assets
Loans and receivables before impairment	16,494,077	7,354,609	2,190,998	-	26,039,684
Impairment of loans and receivables	-	-	-	(3,263,422)	(3,263,422)
Loans and receivables	16,494,077	7,354,609	2,190,998	(3,263,422)	22,776,262
Other external assets	4,218,679	226,800	6,301	-	4,451,780
Total external assets	20,712,756	7,581,409	2,197,299	(3,263,422)	27,228,042
External liabilities	26,816,295	-	-	-	26,816,295
Total liabilities	26,816,295	-	-	-	26,816,295

2011 Group	Ireland excluding Northern Ireland €'000	UK including Northern Ireland €'000	Rest of World €'000	Loan impairment €'000	2011 Total €'000
Gross external revenue	789,040	401,999	92,209	-	1,283,248
External assets
Loans and receivables before impairment	17,558,818	8,689,175	2,110,662	-	28,358,655
Impairment of loans and receivables	-	-	-	(2,751,266)	(2,751,266)
Net loans and receivables	17,558,818	8,689,175	2,110,662	(2,751,266)	25,607,389
Other external assets	4,802,513	253,786	4,964	-	5,061,263
Total external assets	22,361,331	8,942,961	2,115,626	(2,751,266)	30,668,652
External liabilities	30,147,328	-	-	-	30,147,328
Total liabilities	30,147,328	-	-	-	30,147,328

Revenues and assets are attributed to countries on the basis of the location of collateral.

Impairment of loans and receivables by geographic sector is not provided as the impairment assessment is carried out at a debtor level and individual debtors will have collateral located across the different geographic sectors.

The majority of external liabilities includes senior debt securities in issue, which are issued in euro on the Irish Stock Exchange and are therefore reported as part of Ireland's geographic segment.

No revenues were derived from transactions with a single external customer that amounted to 10% or more of the Group's revenues.