Friday 14 December 2018

Nama's stock of assets down to €3.7bn at the end of June

At the 15th Institutional Investor Roundtable global summit in Dublin’s Shelbourne Hotel were Conor O’Kelly, CEO of the
National Treasury Management Agency, and Paschal Donohoe,
Minister for Finance. Photo: Fennell Photography
At the 15th Institutional Investor Roundtable global summit in Dublin’s Shelbourne Hotel were Conor O’Kelly, CEO of the National Treasury Management Agency, and Paschal Donohoe, Minister for Finance. Photo: Fennell Photography
Donal O'Donovan

Donal O'Donovan

The National Asset Management Agency (Nama) has reported €1.5bn of income generation during the first half of the year, down from last year's rate as the agency's stock of loans declines.

Earlier this month Nama announced that it would redeem the final outstanding €500m of its original €32bn of senior debt on October 25. That debt was settled yesterday.

Nama's remaining debt is €1.6bn of so-called subordinated bonds, which were never guaranteed by taxpayers and which don't have to be repaid until 2020.

The half-year results yesterday show Nama has assets valued at around €3.7bn left to sell.

Redemption of senior debt and the 2020 deadline to repay junior loans gives the agency greater flexibility to use its cash, including to fund house building.

Nama generates cash from asset sales and from interest and rents.

Nama is a stand-alone agency, staffed by the National Treasury Management Agency (NTMA). Yesterday, NTMA CEO Conor O'Kelly hosted the 15th Institutional Investor Roundtable global summit in Dublin on behalf of the Ireland Strategic Investment Fund.

The event brought together 40 of the world's top investors, including sovereign wealth fund and major pension funds that manage around €12 trillion in assets.

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