National Asset Management Agency

Dáil Éireann Debate, Tuesday - 3 July 2012

Tuesday, 3 July 2012

Questions (193)

Pearse Doherty

Question:

198 Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Question No. 165 of 26 June 2012, the average percentage interest rate paid by the National Asset Management Agency on its senior bonds in the calendar year of 2011; if he will provide a breakdown of the interest paid including the interest calculated by reference to the six-month Euribar interest rate specified in the bonds’ terms sheets plus any hedging, derivatives or other costs associated with the senior bonds incurred by NAMA; and if he will provide the interest rate applicable to NAMA’s subordinated bonds for the same period. [32172/12]

Written answers

Minister for Finance (Deputy Michael Noonan)

The average percentage interest rate paid by the National Asset Management Agency on its senior bonds in the calendar year of 2011 was 1.4654%. As per the published fourth Quarter 2011 accounts, in 2011 NAMA paid interest on its senior bonds of €423.3 million and interest on derivatives where hedge accounting is applied of €58.3 million. To date NAMA has not made an interest payment on the NAMA subordinated bonds. The rate of interest on the NAMA Subordinated debt was set in March 2010 at 5.264%.