Nama redeems a further €750m in bonds

The National Asset Management Agency (Nama) redeemed a further €750m in senior bonds in relation to the €12.9bn floating rate charge over IBRC assets.

A total of €1.75bn has so far been redeemed following the €1bn bond redemption last year.

The special liquidators of IBRC are currently in the process of selling the loan books for the former Anglo Irish Bank. In an appearance before the Oireacthas Finance Committee two weeks ago, the Minister for Finance Michael Noonan said he expects between €5bn-€6bn par value debt to transfer to Nama.

When IBRC was liquidated 12 months ago, Nama issued a total of €12.9bn in bonds to the Central Bank in exchange for a floating charge over the assets of IBRC. Any assets that are not sold by the special liquidators are to be transferred into Nama.

The sales process has been hampered by a number of delays. When the liquidation was first announced, Mr Noonan said the valuation of the IBRC loans would be completed by last May with the divestment process scheduled to conclude by the end of last August.

However, disagreements over the valuation methodology pushed out this process.

The demand for commercial assets in particular has increased over the past few months as the property market recovers. Nama chief executive, Brendan McDonagh, has said he will accelerate the sale of Nama assets over the course of this year to take advantage of improving market conditions.

It was reported last Friday, that Green REIT and Kennedy Wilson had secured the Central Park portfolio in south Dublin for over €310m.

Green Reit issued an update yesterday: “As announced in our statement issued on 31 January 2014, Green REIT, together with our partners, has been selected as preferred bidder by the National Asset Management Agency (NAMA) regarding the potential acquisition of a portfolio of commercial real estate known as Central Park, located in Dublin.

This acquisition will be financed from existing company resources alongside its funding partner PIMCO.

“The company is always considering its funding options including debt, equity and joint ventures, as would be expected in the ordinary course of business. The company will update the market when it is appropriate.”


After separating from my husband of 15 years I was worried about how to meet someone new. In fact, on the dating apps I signed up to, I’ve had an overwhelming number of replies — but only from sexually enthusiastic younger men.Sex File: Dating a younger man is socially acceptable

Their paths first crossed in the classroom 13 years ago for childhood sweethearts Emma Murphy and Kevin Leahy.Wedding of the Week: Lessons in love started in the classroom for childhood sweethearts

“This podcast features something never previously heard — anywhere, from anyone — the confession tape of an Irish serial killer.'Podcast Corner: Chilling story of an Irish serial killer

Children’s creativity is inspiring, says Helen O’Callaghan.Inspiring creativity: Kids on call for climate essay

More From The Irish Examiner