Nama redeems a further €1.75m in senior bonds

The National Asset Management Agency (Nama) has said it is now 70 per cent of the way towards repaying its senior debt as it announced it has redeemed another €1.75 billion of senior bonds today.

This marks its third redemption so far this year and brings to €21.1 billion the amount of senior debt redeemed to debt.

A total of €30.2 billion of senior debt used to purchase loans from Irish banks five years ago.

Nama intends to redeem at least 80 per cent of its senior debt - equivalent to €24 billion - by the end of 2015 with all senior debt redeemed by 2018, two years ahead of schedule.

The agency's chairman Frank Daly said earlier this year that Nama could achieve a "potential surplus" of €1 billion for the State by the time of its wind-down.