NAMA announces redemption of €750m in Senior Bonds issued for the purchase of IBRC floating charge

NAMA has today announced the redemption of €750m in Senior Bonds which were issued as consideration for the purchase of the IBRC floating charge from the Central Bank following the appointment of Special Liquidators to IBRC in February 2013. Taking into account the redemption of another €1 billion in 2013, this brings NAMA’s cumulative redemption of these bonds to €1.75 billion. In total, NAMA issued €12.93 billion in Senior Bonds to the Central Bank as consideration for the floating charge and the redemptions to date mean that the bonds in issue have been reduced to €11.18 billion. The Special Liquidators to IBRC are currently engaged in the sale of various IBRC loan portfolios and the loans which are not sold during this process will be acquired by NAMA over the coming months.