Written answers
Thursday, 20 February 2014
Department of Finance
NAMA Loan Book
Michael McGrath (Cork South Central, Fianna Fail)
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60. To ask the Minister for Finance the current book value and the estimated market value of loan assets and property assets currently under the control of the National Asset Management Agency; if he will set out the proposed disposal schedule; and if he will make a statement on the matter. [8801/14]
Michael Noonan (Limerick City, Fine Gael)
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As set out in the NAMA Section 55 Quarterly Report to 30 September 2013, the book value of NAMA's loans at that date was €20.7bn. Details relating to the book value of NAMA loans will be set out, in line with IFRS accountancy requirements, in its annual report for 2013, which will be published in the coming months.
On December 4th, 2013, NAMA announced that it had met its first major milestone the redemption of €7.5 billion of Senior Bonds by the end of 2013. NAMA also announced at that time that the NAMA Board has set a target of redeeming another €7.5 billion in Senior Bonds by the end of 2016 and its expectation is that all senior debt will be redeemed by 2020. I understand that the Board continues to review its senior debt redemption schedule in the light of current market conditions.
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