- 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.”
