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Treasury Building where NAMA has its headquarters. Leon Farrell/Photocall Ireland

NAMA redeems €1.5 billion in bonds

This means NAMA has reduced its indebtedness by over €5 billion since its establishment three years ago.

THE NATIONAL ASSET Management Agency announced today that it has redeemed a further €1.5 billion of NAMA bonds. This is the fifth redemption of bonds to date and brings the total value of NAMA bonds redeemed to some €4.75 billion.

Of this figure, some €3.5 billion has been redeemed in 2012, NAMA said today.

In addition to €299 million in repayments made in 2010 and 2011 made to NAMA by the Minister for Finance when it was established, this means that NAMA has reduced its indebtedness by over €5 billion since its establishment three years ago.

Frank Daly, Chairman of NAMA, said that the agency continued to see strong inflows of cash from debtors in 2012. 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.

Speaking today, he said; “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.”

Read: Another 180 houses now available through NAMA’s 80:20 scheme>

Read: 27 bankers earning over €500,000 a year>

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