Nama to redeem last slug of senior debt ahead of schedule

Finance Minister Paschal Donohoe hailed a landmark day in the turnaround in the Irish economy since the international bail out in 2010

Finance Minister Paschal Donohoe hailed a landmark day in the turnaround in the Irish economy since the international bail out in 2010

NAMA will pay off the final portion of debt guaranteed by the Government three years ahead of time.

NAMA chairman Frank Daly said the agency has now delivered on its "core objective", claiming that was something "many people thought unachievable at the outset".

"Nama's performance has always, to some degree, been linked to Ireland's recovery".

Seen as a major liability for Dublin's finances when it began operating towards the end of a crash that cut property values in half, NAMA has since ridden a surge in demand for Irish real estate and expects to hand a 3 billion-euro profit to the state.

Nama will announce plans today to redeem the last tranche of senior debt it issued to help to clean up the banking system.

As a result it remains on target to close its doors in 2020.

NAMA will still have €1.6 billion of unguaranteed debt which is owed to AIB, Bank of Ireland and other investors.

It still has nearly 4 billion euros of loans to work out and was also given additional roles by the government, including building 20,000 homes on land it controls and building a new business district dubbed the "Canary Wharf of Dublin".

"While one job is done, we will continue to progress (these) programmes", Daly said.

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