NAMA redeems a further €2.5 billion in Senior Debt and exceeds 80% debt redemption target 9 months ahead of schedule

The National Asset Management Agency (NAMA) has announced that it will redeem another €2.5 billion of Senior Notes on Wednesday(16th March 2016), its first redemption in 2016.This will bring to €24.6 billion the amount of Senior Debt redeemed to date, 81% of the €30.2 billion of Senior Debt originally issued in 2010 and 2011 to acquire bank loans.

Wednesday's redemption means NAMA will have already met its end-2016 target of redeeming at least 80% of its senior debt and is firmly on course to meet its ultimate target of redeeming all of its senior debt by 2018.

NAMA Chief Executive Brendan McDonagh said:
“The contingent liability arising from NAMA’s senior debt is now less than one-fifth of its peak size. This is a major achievement that has been made possible by the strong cash flows that NAMA has generated from its assets. We remain on course to eliminate this contingent liability in full by 2018 and, through our strategic programmes of disposals and investment, to deliver an overall surplus of €2 billion for Irish taxpayers once we are finished our work”.

NAMA Chairman Frank Daly said:
“We have met the 80% debt repayment milestone almost three years ahead of our original target and nine months ahead of our revised target. This clearly reflects the enormous progress that NAMA has made since its first loan acquisition which was six years ago this month”.