National Asset Management Agency - Annual Report 2013

Group
2013
€'000
2012
€'000
In issue at the start of the year 25,440,000 29,106,000
Issued in the year 12,928,000 11,000
Redeemed during the year (3,750,000) (3,500,000)
Cancelled in the year - (177,000)
In issue at 31 December 34,618,000 25,440,000

Current 34,618,000 25,440,000
Non-Current - -
Terms of notes issued for the acquisition of loans by NALML

The total debt securities outstanding at 31 December 2013 issued in respect of the original acquisition of loans by NALML is €22.7bn (2012: €25.4bn). The debt securities are all government guaranteed Floating Rate Notes, which were issued by NAML and transferred to NAMGSL under a profit participating loan facility 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.

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 3 March 2014 were physically settled by issuing new securities with a maturity of 2 March 2015.

Terms of notes issued for the acquisition of the loan facility deed and floating charge by NARL

On 28 March 2013, NAML issued government guaranteed senior debt securities to the value of €12.928bn as consideration for the acquisition by NARL of a loan facility deed and floating charge over certain assets of IBRC as part of its funding arrangements with the Central Bank of Ireland (CBI). The debt securities issued in respect of the acquisition of the loan facility deed and floating charge are all government guaranteed senior unsecured floating rate notes, which were issued at par and transferred to NARL under a profit participating loan arrangement, which were used as consideration for the loan facility deed and floating charge acquired from the CBI. The balance in issue as at 31 December 2013 was €11.928bn (2012: €nil).

Interest accrues from the issue date of the Notes and is paid semi annually on 20 February and 20 August. The interest rate is 6 month Euribor reset on 20 February and 20 August in each year. Euro denominated notes only have been issued.

Senior debt securities were issued on 28 March 2013 and matured on 20 February 2014. 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 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 of the securities which matured on 20 February 2014 were physically settled by issuing new securities with a maturity of 20 February 2015.