DUBLIN, April 5 Ireland's state-run "bad bank"
has redeemed a further 952 million euros of senior bonds, it
said on Wednesday, cutting its outstanding senior debt to just
500 million euros or 2 percent of the total it originally issued
during the financial crisis.
"With the government-guaranteed NAMA senior debt now reduced
to 500 million euros, NAMA is close to achieving, three years
ahead of schedule, its primary commercial objective of redeeming
its senior debt and thereby eliminating this contingent
liability for Irish taxpayers," NAMA Chief Executive Brendan
McDonagh said in a statement.
The National Asset Management Agency (NAMA), which used 31.8
billion euros worth of mostly senior debt to rid local banks of
74 billion euros worth of risky property loans from 2010, has
said it expects to return a lifetime profit of 2.3 billion euros
to the government from its loan and property sales.
(Reporting by Padraic Halpin; editing by Jason Neely)