NAMA redeems last remaining €1.064 billion of outstanding debt

Subordinated Debt redemption completes the repayment of all €31.8 billion in debt issued by NAMA to acquire loans and leaves NAMA debt-free

  • The National Asset Management Agency (NAMA) has announced that it has redeemed the outstanding €1.064 billion of subordinated debt today, 2nd March 2020.
  • This final transaction will complete the redemption of the €1.593 billion of subordinated debt originally issued by NAMA during 2010 and 2011. This subordinated debt accounted for 5% of the total amount of €31.8 billion paid for the loan portfolio acquired from each of the Participating Institutions.
  • This redemption marks the achievement of another key objective for NAMA and is an important step which will enable the Agency to commence the transfer of the first €2 billion of its expected €4 billion surplus to the Exchequer later this year.
  • Post this redemption and the final repayment of the €30.2 billion NAMA senior debt in October 2017 (three years ahead of schedule), NAMA has now fully repaid all €31.8 billion debt issued to acquire loans from the Participating Institutions.

NAMA CEO Brendan McDonagh said:

The full repayment of our subordinated debt represents another significant milestone for NAMA, particularly as it paves the way for the Agency to commence the transfer of the first €2 billion of its surplus to the Exchequer later this year. NAMA is now in a position to make a meaningful and tangible return of €4 billion to the State – a return that was not considered feasible a decade ago.”

Article Published: 03/03/2020