Business Irish

Saturday 30 August 2014

Nama 'speeding up' debt repayments

Donal O'Donovan

Published 28/02/2014 | 13:29

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NAMA Chairman Frank Daly at Treasury Buildings last thursday.
Photo: Tony Gavin 26/7/2012
NAMA Chairman Frank Daly at Treasury Buildings Photo: Tony Gavin

NAMA says it is dramatically speeding up repayment of its debts.

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The chairman of the agency Frank Daly said the agency will make a surprise €3bn bond repayment within weeks.

Half of the agency's start up costs will be paid off by the end of this year, he said.

NAMA used binds to finance its acquisition of property loans from the banks, when it repays the binds the cash goes back to the banks.

As well as the repayment due in the coming weeks a further €2.5bn that will be paid of later in the year.

The decision to speed up the repayment is 'coincidental' to a review of NAMA currently underway that includes assessing whether the agency should be wound down faster than first planned, Frank Daly said.

NAMA has more than €3bn of assets on sale at the moment and is making a commitment.

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