NAMA redeems a further €1 billion in Senior Debt
NAMA redeems a further €1 billion in Senior Debt
- NAMA’s outstanding Senior Debt now reduced to less than 9% (€2.6 billion) of its original level of €30.2 billion
- €5.5 billion redeemed during 2016
Wednesday 14th December 2016
The National Asset Management Agency (NAMA) has redeemed a further €1 billion of Senior Notes today (Wednesday 14th December 2016).
This brings to €27.6 billion the amount of senior debt redeemed to date, representing 91% of the €30.2 billion of senior debt originally issued in 2010 and 2011 to acquire bank loans.
This is NAMA’s fourth redemption of Senior Debt in 2016, bringing the total redeemed in 2016 alone to €5.5 billion.
Today’s redemption means NAMA’s senior debt now stands at €2.6 billion, less than 9% of its original level.
NAMA Chief Executive Brendan McDonagh said:
“In 2014, NAMA set a target of redeeming 80% of its senior debt by the end of 2016 - €24 billion. That has now been exceeded by €3.6 billion.
NAMA’s strong cash generation has reduced the State’s contingent liability from €30.2 billion at its peak to €2.6 billion. We are now close to eliminating this contingent liability completely and we remain on course to deliver a surplus for Irish taxpayers which is currently estimated to be of the order of €2.3 billion”.
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