Nama now owes less than 2% of its original €30.2bn debt

The National Asset Management Agency (Nama) redeemed €952 million of senior notes on Wednesday, leaving it with less than 2 per cent of its original €30.2 billion debt.

Nama said following its second redemption of the year that the amount of senior debt redeemed to date totals €29.7 billion, equivalent to more than 98 per cent of the senior debt originally issued in 2010 and 2011 to acquire toxic bank loans.

The agency’s remaining senior debt now stands at €500 million and this is due to be redeemed later this year.

“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,” said chief executive Brendan McDonagh.

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“Elimination of the contingent liability is a significant achievement in itself but it has also contributed to stabilising and reducing the funding cost of Ireland’s debt,” he added.