Press Statement – NAMA publishes 2021 year-end review

NAMA has today published an end-of-year review summarising progress made during 2021 and since inception. Business highlights for 2021 include the following:

  • NAMA generated €670 million cash in 2021. Since inception, the Agency has generated c€47 billion from its operations.
  • NAMA expects to report a full-year profit for 2021 – its 11th consecutive year of profitability.
  • NAMA transferred €1 billion cash from its lifetime surplus to the Exchequer during 2021, bringing total surplus cash remitted to the State to €3 billion.
  • The Agency currently forecasts that it will deliver a total surplus of €4.25 billion to the Exchequer, subject to market conditions. Including €400m corporate tax payments, NAMA’s total projected return to the State will be of the order of €4.65 billion.
  • NAMA will make further transfers to the Exchequer totalling €1.25 billion in the coming years and expects to be in a position to potentially increase its terminal surplus projection, subject to market conditions.
  • NAMA’s residential delivery programme continued to deliver much needed housing across Ireland throughout 2021, notwithstanding the impact of Covid-19 restrictions on construction.
  • During 2021, NAMA exceeded its target of delivering 20,000 residential units in Ireland. By end-2021, the delivery of 23,155 new homes had been funded and facilitated by NAMA.

This figure consists of:

  • 13,185 units funded directly by NAMA
  • 9,970 units completed on sites for which NAMA had funded planning permission, enabling works, legal costs or holding costs prior to disposal.
  • To date, NAMA has provided 2,687 homes for social housing to local authorities and approved housing bodies. This figure excludes social housing units provided under Part V arrangements on NAMA-secured sites.
  • NAMA has continued to make significant progress in facilitating the delivery of grade A office space and residential units in the Dublin Docklands SDZ, which, on completion, will deliver 4.2 million square feet of commercial space and over 2,000 residential units. By December 2021, just 13% of NAMA’s original interests in the Dublin Docklands remained under construction, all of which is due for completion in 2022.
  • In June 2021, NAMA received €200 million for an 80% stake in a key development site in the Poolbeg West SDZ. NAMA retains a 20% interest in the site which has potential to deliver 3,800 residential units and 1 million square feet of commercial space. A planning application for the first phase of 600 residential units (including 152 social and affordable homes) was lodged in July – a decision is expected by Dublin City Council in 2022.


€670 million cash was generated through NAMA’s disposal and portfolio management activities in 2021.

Almost €47 billion in cash has been generated since the Agency’s inception, primarily through asset and loan sales.

NAMA expects to report another profitable year in 2021 having reported a profit of €130m for the nine months to end-September 2021.


NAMA transferred a total of €1 billion to Exchequer during 2021. The Agency has now transferred a cumulative €3.4 billion cash to the State; €3 billion from its lifetime surplus and a further €400m in corporation tax payments.

NAMA’s lifetime surplus was revised upwards to €4.25 billion during the year and further transfers totalling €1.25 billion will be delivered to the Exchequer in the coming years, subject to market conditions.

In the context of NAMA’s Strategic Plan 2022-2025 for the wind-down of its operations, the Agency expects to extract additional value from its remaining portfolio, potentially providing for a further increase to the lifetime surplus by 2025.


Covid-19 related closures to construction sites resulted in unavoidable delays to construction projects across all sectors during 2021. However, through its Residential Delivery programme, NAMA has continued to work with its debtors and receivers to fund the delivery of new housing units on secured sites, where commercially viable.

NAMA has funded or facilitated the delivery of 23,155 new housing units nationwide, including over 20,000 units delivered since 2015 thus exceeding the Board-set residential delivery target. 13,185 units were delivered on sites actively funded by NAMA and a further 9,970 units have been delivered on former NAMA-secured sites which benefitted from NAMA asset management and/or funding prior to their sale or refinance.

NAMA-secured sites have a residential pipeline of circa 20,000 additional units, of which 2,600 units are potentially deliverable by NAMA (currently under construction or with NAMA-funding approved).

The remaining 17,000+ comprises:

  • 1,300 units deliverable by the private sector (with planning permission and to be sold or refinanced)
  • 4,300 units currently in the planning system (applications lodged or being prepared)
  • 11,700 units in the pre-planning and feasibility stage, or with longer term potential (post 2025)


NAMA has made considerable progress in delivering new commercial and residential space in the Dublin Docklands SDZ. On completion of all sites in which NAMA originally had an interest, a total of 4.2 million square feet of commercial space and 2,183 residential units will be delivered. NAMA has facilitated the construction of over 2 million sq. ft. of commercial space and 488 residential units in the area. This delivery has been a significant factor in the attraction of foreign direct investment to Dublin.

By end-December 2021, 87% of sites in which NAMA had an interest are construction completed or have been sold with the benefit of planning permission. Just 13% of NAMA-related projects (3 sites) remain under construction, all of which are due to be completed in 2022.


The Poolbeg West SDZ contains a 37.2 acre site with potential to deliver 3,800 residential units (including 10% Part V and 15% social and affordable), 1 million square feet of commercial and retail space, a school site and cultural, community and public open space.

In June 2021, NAMA received €200m for an 80% stake in the development and in July, planning was lodged with Dublin City Council for the first phase of 600 residential units, including 152 social and affordable homes. NAMA retains a minority 20% shareholding in the development.


NAMA has delivered 2,687 residential units for social housing purposes across Ireland, providing homes for over 8,000 people. Half of NAMA’s social housing delivery has been facilitated through NAMA’s social housing vehicle, NARPS.

Approximately €350 million has been invested by NAMA in the remediation, completion, or purchase of properties for social housing use.

These figures exclude social housing provided under Part V arrangements on NAMA-funded developments.

Brendan McDonagh, Chief Executive, said:

2021 was another year of strong performance by the Agency. We continued to extract significant value from our residual portfolio, generating €670 million cash during the year and reporting a nine-month profit of €130 million. Major transactions such as Project Pembroke, which completed during the year for €200 million, meant NAMA was in a position to increase its projected lifetime surplus to €4.25 billion in 2021 while paving the way for the future delivery of much needed residential development post-NAMA’s lifetime. NAMA is now in the final phase of its work to 2025, however we remain committed to delivering best value for the taxpayer from our remaining portfolio.”

Aidan Williams, Chairman of NAMA, said:

“Notwithstanding the ongoing impact of Covid-19, NAMA continued to deliver on its mandate during 2021. Another €1 billion was paid to the Exchequer from NAMA’s surplus, bring the total transferred to date to €3 billion. Our residential programme exceeded its 20,000 unit delivery target with over 23,000 new residential units facilitated and funded by NAMA to date. Our Dublin Docklands commercial delivery programme remains on track with all construction due to complete during 2022.”