NAMA reaches end-of-year target for redemption of €7.5bn in bonds
The National Asset Management Agency has reached a target to have repaid a quarter of its initial costs by the end of this year.
NAMA said it redeemed €700m of debt owed to the main Irish banks, including €500m of so-called senior bonds.
The latest repayment means NAMA has met a target to have redeemed €7.5bn of senior bonds by the end of 2013, a deadline agreed between the Government and the EU/IMF.
When NAMA was established it issued €30.2bn of bonds to the main banks, in exchange for taking over their risky property loans.
As cash rolls into NAMA from selling off property and loans, and increasingly from rental income, it uses the funds to buy back the bonds from the banks.