NAMA to pay off remaining senior debt three years ahead of schedule

Modesto Morganelli
Ottobre 13, 2017

The "bad bank" set up nearly a decade ago to mop up toxic assets inIreland's financial system marked a milestone on Friday by redeeming the final tranche of government-guaranteed senior debt three years ahead of schedule.

Minister for Finance Paschal Donohoe TD welcomed the announcement.

"We have delivered NAMA's core objective - an objective many people thought unachievable at the outset", NAMA's chairman Frank Daly stated.

"Nama's performance has always, to some degree, been linked to Ireland's recovery".

After that is repaid in 2020, it is expected to leave a surplus for the State which is now projected to be €3 billion.

Nama will announce plans today to redeem the last tranche of senior debt it issued to help to clean up the banking system.

Friday's 500 million-euro redemption completed the repayment of the agency 30.2 billion euros of senior debt.

As a result it remains on target to close its doors in 2020.

The agency, which started out as one of the world's largest property groups, sold most of its portfolio to large, mainly US private equity firms like Cerberus Capital Management and Lone Star, helping restore investor confidence in Ireland.

NAMA will still have €1.6 billion of unguaranteed debt which is owed to AIB, Bank of Ireland and other investors.

NAMA and Cerberus have said they did nothing wrong.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE