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NAMA has redeemed E7.5bn bonds

Friday, January 03 14:42:27

By the end of last year, NAMA had redeemed E7.5bn in senior bonds leaving E22.69 billion of the original Senior Bonds outstanding, its end of year statement said today.

It said that E2.75 billion of these bonds were redeemed in 2013.

Of the remainder still to be redeemed, AIB accounts for E15.82bn or 70pc of the total while Bank of Ireland makes up just under E4bn or 28pc.

The agency has also redeemed E1 billion of the E12.9 billion of Senior Bonds issued in connection with the acquisition of the IBRC facility deed and floating charge in 2013.

NAMA continues to generate significant cash through disposal activity and non-disposal income. Some E5.8 billion in cash was generated in 2013, including E3.8 billion from the proceeds of asset disposals.

Total cash generated in the period of 45 months since inception has reached E16.5 billion (the first loan transfers took place in March 2010).

Of the E16.5 billion, E10.6 billion relates to asset disposals and E4.5 billion to other income, mainly rental receipts from properties controlled by debtors and receivers.

The residual E1.4 billion relates to payments of principal and interest received from the Special Liquidators to IBRC. This is on foot of the floating charge over IBRC assets that NAMA acquired from the Central Bank following the appointment of Special Liquidators to IBRC in February 2013.

At end-2013, NAMA held cash and cash equivalent balances of E4.3 billion, after making NAMA senior bond redemptions and other debt repayments totalling E8.8 billion since inception.

Over E2 billion worth of Irish assets are currently for sale through debtors, receivers and loan sales, including a number of significant property and loan portfolio sales recently brought to the market in response to interest from large institutional investors.

Since inception, NAMA has overseen the sale of E10.6 billion worth of loans and property and other assets held as security, including the sale of over 10,000 individual properties mainly across Ireland and Britain.

During 2013, NAMA completed the sale of its first major Irish loan portfolio - an E800 million par debt portfolio (Project Aspen) secured entirely on Irish commercial property - to a major US investment group.

The Project Club sale - a E250 million par debt portfolio secured mainly by a number of Irish shopping centres - completed in December 2013.

Bids are at second round stage for another loan portfolio of E373m par debt- Project Holly - which is secured by offices, hotels and land in Dublin and Meath.

NAMA is prepared to invest an additional E1.5 billion in funding for Irish projects over the next three years. This will include the construction of 4,500 new houses and apartments in Dublin, in addition to office accommodation in the city centre and investment in commercially viable retail projects. It will include significant development in the Dublin Docklands and in the other main urban centres in response to the emerging growth needs of the economy. The timing of actual drawdowns of NAMA funding, for a number of major projects, is dependent on the resolution of planning and infrastructural issues.