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Ireland's NAMA to redeem 1.5 bln euro bond next week
May 30, 2013 / 10:49 AM / 5 years ago

Ireland's NAMA to redeem 1.5 bln euro bond next week

DUBLIN, May 30 (Reuters) - Ireland’s state-run National Asset Management Agency (NAMA) is to redeem 1.5 billion euros in senior bonds next week and is “well on course” to meet a year-end deadline under the country’s EU/IMF bailout to repay a quarter of its bonds.

The redemption by Ireland’s ‘bad bank’, created in 2009 to purge Irish banks of some 74 billion euros of risky loans, means it has will have redeemed 6.25 billion euros of senior bonds since its establishment three years ago.

NAMA said in a statement it remains “well on course to achieve its target of repaying 25 percent of this debt by the end of 2013.”

It has committed to pay 7.5 billion by the end of the year.

NAMA Chief Executive Brendan McDonagh told journalists the possibility of missing the deadline was “a non issue”.

In its annual report, NAMA said it had generated 12 billion euros ($15.6 billion) in cash since its inception, two thirds from asset disposals, mostly outside Ireland.

It said it had earned 1.4 billion euros from asset disposals in the first five months of 2013.

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