NAMA redeems bonds worth €750 million

The National Asset Management Agency (NAMA) has redeemed a further €750 million in senior bonds linked to last year's special liquidation of IBRC. This brings the total value of outstanding bonds linked to the liquidation down to €11.18 billion.

The bonds were originally issued as consideration for the purchase of the IBRC floating charge from the Central Bank following the appointment of special liquidators to IBRC in February 2013. In total, NAMA issued € 12.93 billion in senior bonds to the Central Bank as consideration for the floating charge. Given total redemptions to date of €1.75 billion, this means that the bonds in issue have been reduced to € 11.18 billion.

The liquidators are currently engaged in the sale of various IBRC loan portfolios and the loans which are not sold during this process will be acquired by NAMA over the coming months. It s expectedthat loans with a par value of between € 5- €6 billion to transfer.

Meanwhile, in an interview with The Irish Examiner today, NAMA chief executive Brendan McDonagh said that the agency has discussed offering staff bonuses with the Minister for Finance Michael Noonan, on the grounds that it is a challenge to retain skilled employees.