Group	2012 €'000	2011 €'000
In issue at the start of the year	29,106,000	28,650,000
Issued in the year	11,000	2,044,000
Redeemed during the year	(3,500,000)	(1,250,000)
Cancelled in the year	(177,000)	(338,000)
In issue at 31 December	25,440,000	29,106,000
Current	25,440,000	29,106,000
Non-Current	-	-

The above debt securities are all Government Guaranteed Floating Rate Notes, which were issued by NAML and transferred to NAMGSL under a profit participating loan arrangement and by it to NALML. The latter company used these securities as consideration (95%) for the loan portfolio acquired from each of the Participating Institutions.

Interest accrues from the issue date of the Notes and is paid semi annually on 1 March and 1 September. The interest rate is 6 month Euribor reset on 1 March and 1 September in each year. To date only euro denominated notes have been issued.

Senior debt securities are issued on each asset acquisition date and all securities issued prior to 1 March 2012 matured on 1 March 2012. The securities issued permitted the issuer to settle all, or some only, of the securities at maturity by issuing a new security on the same terms as the existing security (other than as to maturity which may be up to 364 days from the date of issue notwithstanding that the existing security may have had a shorter maturity).

All the senior debt securities that matured on 1 March 2012 were settled by issuing new securities with a maturity of 1 March 2013.

In May 2011, the Minister for Finance issued a direction to NAMA under Section 14 of the Act that the terms and conditions of the securities issued on 1 March 2011, and of any securities issued thereafter, should be amended to remove the extendible maturity option from the securities issued under Section 48 of the Act to provide 95% of the total acquisition value of eligible bank assets acquired from participating institutions.

The securities in issue permit the issuer (where the issuer has not received a Holder Physical Delivery Rejection Notice) to physically settle all, or some only, of the securities at maturity which may be up to 364 days from the date of issue, notwithstanding that the existing security may have had a shorter maturity.

All of the securities which matured on 1 March 2013 were physically settled by issuing new securities with a maturity of 1 March 2014.