Michelle Mulherin (Mayo, Fine Gael)
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112. To ask the Minister for Finance the timeframe for the winding down of the National Asset Management Agency; and if he will make a statement on the matter. [19255/15]

Michael Noonan (Limerick City, Fine Gael)
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As I recently highlighted, in my response to Dáil Question 12 on 7 May 2015, I am advised that the NAMA Chief Executive, in his opening address to the Public Accounts Committee on 18 December 2014, stated that NAMA is aiming to redeem a cumulative 80% (€24 billion) of its senior debt by the end of 2016.

To date, NAMA has redeemed a total of €17.8bn, that is 58%, of its senior debt.  NAMA also hopes that it will have redeemed all of its senior bonds by the end of 2018 a full two years ahead of schedule.  NAMA's success is providing increasing visibility regarding the elimination of the State's contingent liability through the accelerated redemption of NAMA's government guaranteed senior notes.

The NAMA Chief Executive 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.