January 3, 2014 / 2:31 PM / in 4 years

Ireland's NAMA made 16.5 bln euros in cash by end-2013

DUBLIN, Jan 3 (Reuters) - Ireland’s National Asset Management Agency (NAMA), the country’s state-run “bad bank”, generated 16.5 billion euros ($22.5 billion) from asset disposals and other income by the end of 2013, it said on Friday.

NAMA, created in 2009 to purge Irish banks of some 74 billion euros of risky property-related loans, said nearly two-thirds of the cash related to asset sales and the rest came mainly from rental receipts from properties controlled by debtors.

Ireland completed its EU/IMF bailout last month and its economy is slowly starting to pick up steam as Dublin tries to bring down one of Europe’s highest debt loads.

Last month, NAMA redeemed a further 500 million euros of senior debt to hit an end-2013 redemption target of 7.5 billion euros demanded under the bailout.

NAMA is charged over its planned 10-year lifespan with recovering the 32 billion euros it paid at a discount for the troubled loans and said it had sold more than 10,000 individual properties, mainly in Britain and Ireland. ($1 = 0.7322 euros) (Reporting by Sam Cage; Editing by Susan Fenton)

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