NAMA redeems a further €1 billion in Senior Debt

The National Asset Management Agency (NAMA) has announced that it has redeemed another €1 billion of Senior Bonds today, its fourth redemption in 2015.This brings to €22.1 billion the amount of Senior Debt redeemed to date, 73% of the €30.2 billion of Senior Debt originally issued in 2010 and 2011 to acquire bank loans. Today’s redemption means NAMA has now redeemed €5.5bn of Senior Debt during 2015.
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 continue to make excellent progress in redeeming our Senior Debt and removing this contingent liability from the Irish State. We have reduced this contingent liability from €30.2 billion at its peak (over 18% of GDP) to €8.1 billion (4% of GDP) today. We remain confident it will be eliminated in full by 2018, two years ahead of our original strategic plan.”