FINANCE: Nama’s progress on debt redemption has been ‘faster than anticipated’ in 2014, the bank’s chief executive Brendan McDonagh said today.
Nama has repaid 55% of its senior debt, or €16.6bn (£13.1bn), putting it two years ahead of its repayment schedule. Of this, €9.1bn was repaid in 2014 alone.
“Our faster-than-anticipated progress on the debt redemption has been made possible by the major improvement in conditions in the Irish commercial property market over the past 18 months and the depth of investor capital being deployed towards Ireland,” said McDonagh.
The bank has exceeded its target of funding 1,000 homes in 2014 and plans to deliver an additional 1,500 in 2015, followed by a total of 4,500 by the end of 2016, according to a progress update published today.
Nama was created in 2009 in the aftermath of the Irish property crash to work out €77bn of toxic loans linked to property.
