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NAMA HAS ANNOUNCED today that it has redeemed €500 million in senior bonds and met its “first major milestone” – the redemption of €7.5 billion of senior bonds by the end of 2013.
The bond redeemed today were issued as consideration for the original loans acquired from financial institutions in 2010 and 2011.
Todays redemption leaves €22.7 billion outstanding in the agency’s loan portfolio. The board has set a target of redeeming a further €7.5 billion in senior bonds by the end of 2016 and its expectation is that all senior debt will be redeemed by 2020.
The agency also announced the redemption of €200 million in senior bonds which were issued as consideration for purchase of the IBRC floating charge from the Central Bank in February of this year.
Special liquidators to IBRC are currently engaged in the sale of various loan portfolios and the loans which are not sold during this process will be acquired by NAMA over the coming months.
Commenting today, NAMA chairman said the milestone attained today “is an important one, not only for NAMA in terms of its own progress, but also because it reinforces the very positive international perception of Ireland as a country that is resolutely addressing its difficulties and meeting its targets”.
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YAY..we are paying money we never borrowed and never owed..go us.
Not paying anyone. Nama are going to get it all back, read the article “All debt will be redeemed by 2020″.
Go Nama.
So where did Bertie and Biffo get all the money from to double public spending between 1997 and 2007? Yes you guessed it…largely from the taxes on borrowed money.
So while the state may not have borrowed it directly, it certainly was borrowed! Now whether we should have accepted responsibility for all of it is a different question!
Justin..when it says the redemption of €500 million ..that means NAMA paid money to people it borrowed from. NAMA are not receiving money they are paying it out. You should read the article not me.
Reg …”The bond redeemed today were issued as consideration for the original loans acquired from financial institutions in 2010 and 2011″…i.e Nama borrowed money to ‘pay’ the banks for their busted loan books. This article is about NAMA paying back money it borrowed to buy loans from banks. This is all bank related debt we never had anything to do with.
Nama can’t payout what they haven’t received. Debt levels are being reduced & that is good news in my book especially when we were being told at one stage that Nama would be a disaster.
Can someone please explain the value of the loans nama hold, and the expected losses to the taxpayer now that property values are at the bottom of the curve this should be an easy calculation. …… except that the taxpayer is still staring at a huge loss and the establishment doesn’t want the truth to get in the way of a good story.
Justin..you are missing the point they are paying out money and paying off debts that are not our debts. Yes they are reducing their (our) debt level, but these debts never should have been ours. You are celebrating the fact that we are re-paying money we never owed.
It’s like me getting you to pay my mortgage, why would you?
If you can’t grasp that ….
Despicable You
You clearly don’t believe in decency integrity or honesty which are the virtues one would expect from a modern and sovereign State in a place like Western Europe. Clearly your view is that the States can give undertakings of a fiscal nature and then dishonour them. Apparently such behaviour that you support is that of the shyster and the gangster and the resultant effects on our economy were we to have behaved in such a manner would have totally collapsed our economy. We would also have been shunned from membership of the Eurozone and left on the margins of all decision making as pariahs and undesirables. Every part of our economy would have collapsed and then we would have seen the rise of a political movement such as the Extreme Left…………of dear!
Party in my house tonight. Go Nama!!!
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