Wednesday, March 12 15:08:35
The National Asset Management Agency (NAMA) has confirmed that it has redeemed E3 billion in Senior Bonds.
These were issued as consideration for the original loans acquired from the participating institutions in 2010 and 2012.
This redemption means that NAMA has redeemed a total of E10.5 billion in Senior Bonds to date.
NAMA paid E31.8 billion to the participating institutions when it acquired their loans in 2010 and 2011.
Some 95pc of the consideration (E30.2 billion) was in the form of Senior Bonds guaranteed by the Minister for Finance and the residual 5pc (E1.6 billion) was in the form of subordinated debt.
NAMA recently announced that this year, for the first time, it will be in a position to pay a coupon on the subordinated debt. This coupon goes directly to the NAMA banks.