NAMA announces the substantial completion of its wind-down, paving way for its formal dissolution

• €450m surplus cash transfer to Exchequer completed today
• Agency announces final increase in its projected lifetime contribution to Exchequer – up €100m to €5.6bn
• NAMA’s final year-end review published today in advance of expected formal dissolution of NAMA on enactment of enabling legislation in 2026

17^th December 2025

The National Asset Management Agency (NAMA) has today announced the substantial completion of its wind-down programme, paving the way for its formal dissolution after legislation is enacted.

The Agency has today completed a transfer of €450m in cash to the Exchequer, bringing total transfers of cash and other assets from NAMA to the State to €5.6bn, of which €875m (€450m cash and property assets of €425m to LDA) was transferred during 2025. This €5.6bn figure includes corporation tax payments of approximately €450m.

The NAMA Board has also today announced an increase in its projected lifetime surplus by €100m to €5.6bn to reflect today’s transfer and any further payments that may be made from NAMA’s remaining resources prior to its dissolution. No further increases are expected in the projected €5.6 billion lifetime surplus.

Today’s payment and the revision to the lifetime surplus are the final substantial elements of the Agency’s wind-down programme.

The Agency is expected to be dissolved in 2026 following the anticipated enactment of enabling legislation that will give effect to the dissolution.

At that point, NAMA will cease operations completely. As previously announced, any remaining activities, comprising approximately €30 million of a residual portfolio and around five active legal cases that involve outstanding litigation, will transfer to the proposed Resolution Unit within the National Treasury Management Agency (NTMA).

Commenting on the substantial completion of the wind-down, NAMA Chief Executive Brendan McDonagh said:

“This is a landmark day for NAMA. It signals the end of an unprecedented intervention by the State in response to an unprecedented banking and economic crisis.

NAMA has been effective in helping to restore stability to Ireland’s financial system and credit rating, and in generating a substantial surplus of €5.6bn for the Exchequer.

In particular, I want to acknowledge the tireless commitment of the people who worked in NAMA over the course of its lifetime; the guidance of the past and present members of the NAMA Board; and the support we have received from the Ministers for Finance who held office during NAMA’s lifetime and from the NTMA and Department of Finance.

Ultimately, I believe NAMA has achieved what it set out to achieve – a surplus, stability and creating solutions to the preventable problems created by the poor lending practices and poor regulation of the 2000’s.”

NAMA Chairman Aidan Williams said:

“Unlike other commercial entities, NAMA was designed with the intention that it would disappear on completion of its mandate.

Over its lifetime, NAMA succeeded in its deleveraging programme while delivering a substantial surplus for the State, making a material contribution to the supply of much-needed new homes, and regenerating the Dublin Docklands as a better place to do business, work and live.

This successful outcome is down to the excellent collaboration not only between the people in the Agency, but between the Agency and its many external stakeholders. That collective effort will leave a tangible and lasting legacy.”

Publication of year-end review for 2025

NAMA is also publishing its annual year-end review for 2025 today. Key business highlights for the year include:

Cash Generation

• NAMA has generated cash in excess of €180 million from its portfolio during 2025.
• This cash is derived from the disposal of assets and from non-disposal income such as rental income, investment income, debt repayments or debtor refinancing.
• A cumulative €48.5 billion cash has been generated by NAMA from inception to date.

NAMA Surplus

• NAMA has transferred €4.7 billion in cash to the Exchequer to date.
• In July 2025, National Asset Residential Property Services DAC (NARPS), a NAMA Group entity established to acquire residential properties and lease them to approved housing bodies and local authorities for social housing purposes, was transferred to the Land Development Agency (LDA) at a value of €356m.
• In addition, NAMA acquired two key sites with significant value-add potential and capacity for c.4,000 residential units. These two sites were also transferred to the LDA on 30 September 2025 at a value of €68.5m.
• NAMA has also paid €450 million in corporation tax, resulting in a total projected lifetime contribution to the State of €5.6 billion on NAMA’s conclusion.

Profitability

• NAMA continued to generate profits from its operations during 2025.
• The Agency reported a profit of €69 million for the first nine months of 2025.

Loan and Asset Portfolio

• The value of NAMA’s remaining loan portfolio is projected to be approximately €30 million[1] at the end of 2025.

[1] This figure may change by year end 2025 depending on the completion of ongoing transactions in advance of year end.

Residential Delivery

• NAMA concluded its Residential Delivery programme in 2025, successfully facilitating over 44,500 homes since 2014.
• 14,660 homes were directly delivered through NAMA-funding, licence agreement or joint venture. 29,906 were facilitated on sites which benefitted from NAMA asset management, planning or site preparation works prior to their sale or refinance by NAMA debtors or receivers.
• As the programme reached its conclusion, 171 residential units were delivered on NAMA-secured sites during 2025.
• Two key sites owned by NAMA with capacity for c.4,000 residential units were transferred to the LDA to be progressed post NAMA’s dissolution.

Social Housing

• NAMA has delivered 2,957 homes for social housing to date.
• This is in addition to the 10% delivered under Part V arrangements on NAMA-funded residential developments.
• NARPS, NAMA’s social housing vehicle, was transferred to the LDA to allow the 1,366 social housing units owned by NARPS to remain in State ownership post NAMA’s dissolution.

Wind down - completion of commercial and operational workstreams

• NAMA has substantially completed all elements of the commercial and operational workstreams it had published as part of its wind-own programme. This work included:

Commercial

• Deleveraging the remaining elements of the loan portfolio.
• Completing the drawdown of committed funding to debtors and receivers to deliver the final elements of NAMA’s residential delivery programme.
• Exiting NAMA’s remaining equity interests in the Dublin Docklands SDZ.
• Managing active cases that involve outstanding litigation with a view to obtaining the best achievable outcome for the taxpayer.

Operational

• Managing NAMA’s data and records in line with ongoing legal obligations and overseeing the Agency’s supporting IT infrastructure as the completion of wind-down approaches.
• Consolidating NAMA’s business units as they continue to reduce in size and scope.
• Simplifying NAMA’s corporate structure by dissolving SPVs and other entities in line with the disposal of any remaining assets.
• Exiting the arrangements for servicing loans in line with the wind-down of the remaining loan portfolio.
• Engaging with the Department of Finance as draft legislation to dissolve NAMA progresses through the Oireachtas.
• Engaging with the NTMA to optimise the transfer of any remaining activities to the proposed Resolution Unit.

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