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Ireland's NAMA to redeem 80 pct of senior debt by 2016
July 16, 2014 / 10:11 AM / in 3 years

Ireland's NAMA to redeem 80 pct of senior debt by 2016

DUBLIN, July 16 (Reuters) - Ireland’s National Asset Management Agency (NAMA) is committed to paying down a minimum of 80 percent of its senior debt by the end of 2016, two years earlier than planned, a government review of the state-run “bad bank” said on Wednesday.

Seen as a major liability for Dublin’s finances until quite recently, NAMA has been taking advantage of a surge in demand for Irish real estate and already expects to pay back 50 percent of its 30 billion euros ($40.5 billion) of senior debt by year end.

The government said last week that it would support an accelerated disposal strategy that would see NAMA, one of the world’s largest property groups, offload at least 80 percent of the assets by the end of 2016.

$1 = 0.7391 Euros Reporting by Padraic Halpin, editing by John Stonestreet

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