Ireland’s The National Asset Management Agency (NAMA)  has announced that it has repaid its remainder of its €1.064 billion of outstanding debt.

The final transaction will complete the redemption of the €1.593 billion of subordinated debt originally issued by NAMA during 2010 and 2011. This subordinated debt accounted for 5% of the total amount of €31.8 billion paid for the loan portfolio acquired from each of the Participating Institutions.

This redemption marks the achievement of another key objective for NAMA and is an important step which will enable the Agency to commence the transfer of the first €2 billion of its expected €4 billion surplus to the Exchequer later this year.

Post this redemption and the final repayment of the €30.2 billion NAMA senior debt in October 2017 (three years ahead of schedule), NAMA has now fully repaid all €31.8 billion debt issued to acquire loans from the Participating Institutions.

NAMA CEO Brendan McDonagh said “The full repayment of our subordinated debt represents another significant milestone for NAMA, particularly as it paves the way for the Agency to commence the transfer of the first €2 billion of its surplus to the Exchequer later this year. NAMA is now in a position to make a meaningful and tangible return of €4 billion to the State – a return that was not considered feasible a decade ago.”

The National Asset Management Agency (NAMA) was established in 2009 as one of a number of initiatives taken by the Government to address the serious crisis in Irish banking which had become increasingly evident over the course of 2008 and early 2009.