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Thursday 27 October 2016

Nama cuts senior debt below €8bn after bond sale

Published 29/10/2015 | 02:30

The National Asset Management Agency (Nama) has reduced its senior debt to less than €8bn, after making its fourth bond redemption of 2015.

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The latest €1bn repayment to banks that transferred loan assets to the agency back in 2010 means 73pc of its original €30.2bn of senior bonds have been paid off.

Nama has been repaying its senior bonds from the proceeds of its own loan sell-offs, and rental and interest income.

The money then goes to the main banks and is used by them to reduce their debts, including to the Central Bank.

To date, Nama has redeemed €22.1bn of senior debt, or 73pc of the total. The agency is working to a timetable that would leave just 20pc of the senior debt in place by the end of 2016.

Nama is due to close at the end of a 10-year schedule.

Irish Independent

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