Dáil Éireann Debate, Wednesday - 5 March 2014
56. Deputy Michael McGrath asked the Minister for Finance the amount of subordinate National Asset Management Agency bonds in issuance; when interest payments on these will commence; the interest payment that will attach to these bonds; and if he will make a statement on the matter. [11125/14]
View answerI am advised by NAMA, that there is €1.593 billion of NAMA subordinated debt, currently outstanding in issuance. This year, for the first time, NAMA declared a coupon on its subordinated debt. A coupon of €83.9 million was paid to the noteholders on the 3rd March 2014. The fixed coupon on the subordinated debt is 5.264%, which was set by reference to the Irish 10-year government bond yield (plus 75 basis points) on the date that the subordinated debt was first issued in March 2010. I am advised by NAMA that decisions in relation to the payment of a subordinated coupon are made by the NAMA Board in each financial year.
