Board meets for last time to complete paperwork for dissolution

The National Asset Management Agency (NAMA) today marks the completion of its commercial statutory mandate following more than sixteen and a half years of operation. The Board of the Agency held a final meeting today to complete the final paperwork necessary to facilitate the dissolution of the Agency.

NAMA will cease operations completely and remaining activities, including c€58m of cash held by NAMA and an asset portfolio with a value of c€23 million, will transfer to the proposed Resolution Unit within the National Treasury Management Agency (NTMA).

NAMA was established in December 2009 as one of the initiatives taken by the Government to address the nonperforming commercial and associated loan crisis in Irish banking. NAMA was tasked with addressing the resolution of €74 billion of distressed property-related loans acquired from participating financial institutions at a cost of €31.8 billion. NAMA has worked to maximise the value of those assets, recover debt on behalf of the taxpayer and support financial stability and economic recovery.

Over the course of its lifetime, NAMA generated €48.5 billion in cash through active management of its acquired loan portfolio, enabling it to fully repay the €30.2 billion in Senior Debt issued to acquire those assets and subsequently repay all remaining subordinated liabilities of €1.6 billion. NAMA's commercial performance generated a surplus of €5.6 billion for the State, along with the State Aid payment of €5.6 billion to the financial institutions representing a significant overall €11.2 billion return for Irish taxpayers.

NAMA facilitated the delivery of over 44,500 new homes in Ireland, with 14,660 directly funded and delivered. Similarly, it contributed to the transformational development of the Dublin Docklands SDZ.

Beyond its commercial mandate, NAMA made a significant contribution to Ireland's social and economic recovery. The Agency facilitated the delivery of 3,000 homes for social housing, supported the remediation of unfinished housing estates, and provided funding for developments that contributed to the regeneration of communities and the broader economy. NAMA also worked constructively with Government Departments, local authorities and State agencies to support transactions that advanced public policy objectives where consistent with its statutory mandate.

Aidan Williams, Chairman of NAMA, said:

“Today is an important day as it brings an end to an unprecedented but necessary State intervention through NAMA to resolve a severe nonperforming loan problem that spilled over from the financial institutions into the sovereign. I want to thank the current and former staff of NAMA and my fellow Board members, past and present. Their dedication, professionalism and resilience have been central to the Agency's achievements. On behalf of the Board, I acknowledge their exceptional contribution to the Agency's work since its establishment in 2009.”

Brendan McDonagh, Chief Executive of NAMA, said:

"NAMA was created in 2009 at a time of profound economic uncertainty and with a clear mandate to work on behalf of, and to protect the interests of, the Irish taxpayer. Over the past sixteen and a half years, the Agency worked diligently to fulfil that mandate, ultimately repaying its liabilities and generating a €11.2 billion surplus for the State. Along the way, NAMA supported the delivery of new homes, facilitated economic activity and helped restore confidence in Ireland's property and banking sectors and aided Ireland’s re-entry to the international sovereign debt markets. Today marks the end of an extraordinary chapter in Ireland’s history.

I am immensely proud of what has been achieved, and I am deeply grateful to all the staff, the Board and committee members who took on the responsibility to respond to what was an extraordinary challenge and who worked tirelessly and with great dedication and skill to make that sure that NAMA was a success."

Issued on behalf of NAMA by Gordon MRM

Ref: Ray Gordon

Note to Editor:

NAMA Surplus - €5.6 billion lifetime contribution to the State delivered

• NAMA transferred cash to the value of €450m to the State in 2025.
• NAMA completed the transfer of assets with a value of €425 million to the State (the Land Development Agency) in 2025
  • National Asset Residential Property Services DAC (NARPS), NAMA’s portfolio of 1,366 homes for social housing purposes, was transferred to the Land Development Agency (LDA) at a value of €356m.
  • NAMA transferred two residential development sites with the potential for 7,000 homes to the LDA at a value of €68.5m.
• Over its lifetime to date, NAMA transferred €4.7 billion in cash to the Exchequer.
• Over its lifetime, NAMA also paid €450 million in corporation tax, resulting in a total lifetime contribution to the State of €5.6 billion.

Residential Delivery – delivery programme completed in 2025.

• The Residential Delivery programme completed during 2025 with all the residential land originally secured to NAMA built on, refinanced, or sold. This programme worked with debtors and receivers to enhance the value of secured residential assets and deliver much needed housing.
• Between the start of 2014 and the end of 2025, NAMA funded or facilitated the delivery of 44,566 new homes.

• Of these 44,566 homes, 14,660 were directly funded by NAMA, with the remainder delivered indirectly on sites for which NAMA had funded planning permission, enabling works, legal costs or holding costs before they were sold for completion under new ownership. NAMA’s residential delivery programme aims to strike an appropriate balance between direct and indirect delivery, de-risking a portion of the programme and delivering significant numbers of new units without putting taxpayer capital at risk.

• There is potential to deliver a further 7,000 residential units on two major sites in North Dublin and Kildare transferred in 2025 by NAMA to the LDA.
• The Agency has delivered approx. 3,000 homes for social housing, exceeding the original target of 2,000 units by 50%.
• It is estimated that over 9,000 people have been housed in social housing delivered by NAMA.

Strategic Development Zone – regeneration of the Dublin Docklands SDZ and Poolbeg SDZ

• NAMA-linked sites in the Docklands with 4.2 million sq. ft. of commercial space and 2,183 homes are now construction complete or sold. This area is double the size of original IFSC and its regeneration accommodates 20,000 office workers and homes for 5,000 people.
• NAMA was instrumental in the consolidation and preparation of a 37.2 acre site for development in the Poolbeg West SDZ. The first homes have been delivered, and the site has potential for 3,800 homes (including 25% social and affordable), over 1 million sq. ft. of commercial space, and cultural and community facilities.

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