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Irish bad bank on target to clear senior debt by year-end
January 5, 2017 / 3:06 PM / a year ago

Irish bad bank on target to clear senior debt by year-end

DUBLIN, Jan 5 (Reuters) - Ireland’s state-run “bad bank” is on target to clear all its remaining senior debt by the end of 2017, a year ahead of schedule and subject to market conditions, the National Asset Management Agency (NAMA) said on Thursday.

NAMA used 31.8 billion euros ($33.55 billion) of senior and junior debt to rid local banks of 74 billion worth of risky property loans from 2010 following the country’s financial crash, and had cut its outstanding debt to less than 9 percent by the end of 2016.

It reiterated that it expects to return a lifetime profit of 2.3 billion euros to the government from its loan and property sales and said it had received planning permission to add a further 7,300 residential properties to the 4,700 new homes already built in a commitment to complete 20,000 by 2020.

$1 = 0.9480 euros Reporting by Padraic Halpin; Editing by Andrew Heavens

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