C&AG: Nama will meet debt target

Nama will meet its minimum debt redemption target unless there "is a further significant economic downturn in the next few years", according to a review of the agency by the Comptroller & Auditor General.

Nama was set up in 2009 to take over €74.4bn in property-related loans from the banks in return for €31.8bn in senior bonds — with 5% of the total sum in the form of junior bonds which would only be paid out in the event the agency met certain performance targets.

Nama’s main commercial objective is to redeem, at a minimum, senior debt issued to meet costs incurred by Nama over its lifetime.