DUBLIN (Reuters) - Ireland's state-run "bad bank" will redeem 2.5 billion euros of senior debt this week, it said on Monday, meaning it will have exceeded its target to repay 80 percent of 30.2 billion euros of senior bonds by the end of the year.
The National Asset Management Agency (NAMA) has taken advantage of a surge in demand for Irish real estate to redeem 24.6 billion euros or 81 percent of the debt issued since 2010 when it purged Irish banks of 74 billion worth of troubled, property-related loans.
"We remain on course to eliminate this contingent liability in full by 2018 and, through our strategic programs of disposals and investment, to deliver an overall surplus of 2 billion euros for Irish taxpayers once we are finished our work," NAMA Chief Executive Brendan McDonagh said in a statement.