Ireland’s National Asset Management Agency, set up in 2009 to take on property loans from national banks during the financial crisis, has paid off the last of its outstanding debt.
The redemption of €1.064bn (£928bn) in subordinated debt means Nama has now repaid all of the €31.8bn it issued to take on loans from banks.
The agency had €1.593bn in subordinated debt, issued during 2010 and 2011.
Nama now expects to start transferring the first €2bn of its €4bn surplus to the exchequer.
“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 €2bn of its surplus to the exchequer later this year,” said Nama chief executive Brendan McDonagh.
“Nama is now in a position to make a meaningful and tangible return of €4bn to the state – a return that was not considered feasible a decade ago.”
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