NAMA has paid back 98% of its senior debt

The National Asset Management Agency (NAMA) redeemed €952m of Senior Notes today, repaying bonds issued to borrowers during Ireland's recession.

This was the second redemption in 2017 and it brings the total amount of senior debt redeemed to €29.7bn, which is more than 98% of the €30.2bn of senior debt issued in 2010 and 2011.

NAMA CEO, Brendan McDonagh, said: "With the Government-guaranteed NAMA senior debt now reduced to €500m, 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.

"We remain on course to redeem the remaining €500m of NAMA senior debt later this year. 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."

A recent report on the activity of NAMA found that the agency could have raised an extra €18bn for the tax payer and that it lost money on assets by selling them too quickly.

The research has found that 11 major sales to investment funds were then 'flipped' by the buyers with an average profit of 47%.

The study was conducted by Economist Jim Power and Lisney Estate Agency and commissioned by the Property Developer David Daly.