Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The NAMA chief executive stated in his opening address to the Committee of Public Accounts on 18 December 2014 that NAMA is aiming to redeem a cumulative 80%, or €24 billion, of its senior debt by the end of 2016 and hopes to have redeemed all of it by the end of 2018.  He stated that these targets were predicated on conditions in the Irish market remaining favourable and on NAMA being in a position to retain sufficient specialist staff to enable it to generate the optimal financial return from the realisation of its residual loan portfolio. I am advised by NAMA that any redemption of senior bonds ispro rata by reference to the amounts held by each institution.  The current breakdown of outstanding NAMA senior bonds by holding institution is set out in the following table. Of the total of €12,590,000 of senior notes outstanding, AIB holds €8.78 million, or 69.7%, of the total; Bank of Ireland holds €2.213 million, 17.6%, of the total; Permanent TSB holds €1.202 million, or 9.5%, of the total; and the Central bank of Ireland holds €395,000, or 3.1%, of the total.

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