NAMA redeems €1.75bn in Senior Debt

The National Asset Management Agency (NAMA) has announced that it has redeemed another €1.75 billion of senior bonds today, its third redemption in 2015.

This brings to €21.1 billion the amount of senior debt redeemed to date, 70% of the €30.2 billion of senior debt originally issued in 2010 and 2011 to acquire bank loans.

NAMA’s target is to redeem at least 80% of its senior debt [€24 billion] by the end of 2016.

NAMA Chief Executive Brendan McDonagh said:

“We are now 70% of the way towards repaying our Senior Debt and have made excellent progress in removing this contingent liability from the Irish State. We remain on course to redeem all of our Senior Debt by 2018, two years ahead of our original schedule.”