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Irish "bad bank" senior debt cut to 5 pct of original level

Reuters - UK Focus

DUBLIN, Feb 8 (Reuters) - Ireland (Other OTC: IRLD - news) 's state-run "bad bank" has redeemed a further 1.09 billion euros of senior bonds, it said on Wednesday, cutting its outstanding senior debt to 5 percent of the total it originally issued during the financial crisis.

The National Asset Management Agency (NAMA), which paid 31.8 billion euros to rid local banks of 74 billion worth of risky property loans from 2010, said it remained firmly on target to clear all its remaining senior debt by the end of 2017.

It reiterated last month that it expects to return a lifetime profit of 2.3 billion euros to the government from its loan and property sales. (Reporting by Padraic Halpin, editing by David Evans)