NAMA Redeems €1.5 Billion of NAMA Bonds

The National Asset Management Agency (NAMA) has announced that it has redeemed a further €1.5 billion of NAMA Bonds (Senior Securities) today. This is the fifth redemption of bonds to date and brings the total of NAMA bonds redeemed to some €4.75 billion (€3.5 billion of which have been redeemed in 2012). 

In addition to repayment in 2010 and 2011 of €299m in advances made to NAMA by the Minister for Finance, this means that NAMA has reduced its indebtedness by over €5 billion since its establishment three years ago. 

Mr. Frank Daly, Chairman of NAMA, said that the Agency continued to see strong inflows of cash from debtors. Cash is typically generated through the sale of property by debtors and receivers, through rental income from assets which remain under the control of debtors and receivers and through the sale of loans by NAMA. “Following today’s redemption and the prospect of a strong cash performance being sustained during the coming year, we are confident that we will meet our target of repaying €7.5 billion of Senior Bonds by the end of 2013”.