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Nama to pay back all of its taxpayer backed debt three years ahead of schedule

Nama has paid back more than €30 billion in the past seven years.

The National Asset Management Agency building in Dublin.
The National Asset Management Agency building in Dublin.

Updated 9.10am

THE NATIONAL ASSET Management Agency (Nama) has announced that it is paying off all of its taxpayer guaranteed, senior debt three years ahead of schedule.

The agency will repay the final €500 million in the coming weeks meaning it will have paid off over €30 billion of government-backed debt since it was issued in 2010 and 2011.

Minister for Finance Paschal Donohoe said repaying the debt ahead of schedule was a testament to the strength of the Irish economy.

This is a remarkable achievement and a landmark day in Ireland’s recovery from the financial crisis, which every day we leave further behind.

The agency’s chairman Frank Daly said it reflects “enormous progress” but added that Nama’s work isn’t finished as it still needs to maximise the return on its remaining portfolio of close to €4 billion.

Nama still holds €1.6 billion in unguaranteed debt which is owed to investors including AIB and Bank of Ireland.

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That is expected to be fully repaid in March 2020 after which Nama is expected to leave a surplus for the State which is currently projected to be €3 billion.

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Ceimin Burke

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