March 2, 2020 / 12:45 PM / a month ago

NAMA completes the repayment of all outstanding debt

DUBLIN, March 2 (Reuters) - Ireland’s state-run “bad bank” has repaid all of the outstanding debt issued by the agency to acquire loans during the financial crisis.

The National Asset Management Agency (NAMA)on Monday said it had redeemed the outstanding 1.064 billion euros of subordinated debt, completing the redemption of the 1.593 billion euros of subordinated debt issued by the agency during 2010 and 2011.

NAMA was established in 2009 during a crash that halved Irish property values. The agency used 32 billion euros of senior and junior debt to rid Ireland’s nationalised banks of risky property loans with a face value of 74 billion euros. (Reporting by Graham Fahy; Editing by Alex Richardson)

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