NAMA announces Senior Debt redemption of €952m

NAMA announces Senior Debt redemption of €952m

 
  

Wednesday 5  April 2017

The National Asset Management Agency (NAMA) has redeemed €952m of Senior Notes today (Wednesday 5th April  2017), its second redemption in 2017.

This brings to €29.7 billion the amount of senior debt redeemed to date, representing over 98% of the €30.2 billion of senior debt originally issued in 2010 and 2011 to acquire bank loans.

Today’s redemption means NAMA’s senior debt now stands at €500m, less than 2% of its original level.

 

NAMA CEO, Mr Brendan McDonagh, said:

“With the Government-guaranteed NAMA senior debt now reduced to €500m, NAMA is close to achieving, three years ahead of schedule,  its primary commercial objective of redeeming its senior debt  and thereby eliminating this contingent liability for Irish taxpayers.

 

We remain on course to redeem the remaining €500m of NAMA senior debt later this year.  Elimination of the contingent liability is a significant achievement in itself but it has also contributed to stabilising and reducing the funding cost of Ireland’s debt.”