Press Statement – NAMA publishes 2023 year-end review

NAMA has today published a review of the progress made by the Agency during 2023 and since its establishment. Key business highlights for the year include:

  • NAMA generated €319 million cash in 2023. Since inception, the Agency has generated €47.7 billion from its operations.
  • NAMA will report a profit for 2023. The Agency reported a half year profit of €26 million for the period January to June 2023.
  • NAMA transferred €350 million cash from its lifetime surplus to the Exchequer in December 2023. Transfers totalling €3.85 billion cash have now been made to the State from NAMA’s surplus and a further €400m paid in corporate tax, bringing the overall NAMA contribution to date to over €4.25 billion.
  • The projected total lifetime contribution by NAMA to the State by end-2025 is currently forecast to be €4.9 billion.
  • NAMA’s residential delivery programme continued to deliver much needed housing across Ireland, with 420 new homes delivered from NAMA-secured sites during 2023. A further 440 homes are currently under construction or with funding approved on NAMA-secured sites which will be delivered in 2024/5, subject to commercial viability.
  • In total 34,000 homes have been funded and facilitated by NAMA between 2014 and end-2023 through direct NAMA funding (14,000) or on sites sold by NAMA which benefitted from NAMA investment or funded site works whilst secured to NAMA (20,000).
  • NAMA continues to make a social and economic contribution from its remaining portfolio. To date, NAMA has provided 2,985 homes for social housing to local authorities and approved housing bodies. This figure does not include social housing units provided under Part V arrangements on NAMA-funded residential developments.


€319 million cash was generated in 2023 through NAMA’s disposal and portfolio management activities. A total of €47.7 billion in cash has been generated since the Agency’s inception, through asset and loan sales.

As NAMA progresses towards the conclusion of its activities at end-2025 NAMA continues to report strong profitability. NAMA’s operations remain profitable in 2023, its 13th consecutive year of profitability.


NAMA transferred €350 million to Exchequer in December 2023. This brings the Agency transfers to the State to a cumulative total of €4.25 billion; €3.85 billion cash from its lifetime surplus and over €400 million in corporation tax payments.

NAMA’s lifetime contribution to the State is predicted to be €4.9 billion, including corporate tax payments to date. Further surplus transfers to the Exchequer totalling €650 million are expected before the Agency concludes its work at end-2025.


NAMA has continued to work with its debtors and receivers in 2023 to fund the delivery of new homes on secured sites, where commercially viable. 420 new homes were delivered on NAMA-secured sites in 2023 and NAMA intends to deliver a further 440 homes, which are currently under construction or with funding approved.

In total NAMA has funded or facilitated the delivery of 34,000 new homes nationwide since 2014.

NAMA has identified capacity of circa 15,000 additional residential units on sites that remain within its secured portfolio at end 2023. The majority of these units can only be delivered if appropriate zoning and planning permission is secured, and necessary infrastructure put in place over the coming years. Throughout its remaining lifetime, NAMA’s objective is to asset manage these sites and to prepare them for development, post-2025, and to maximise the number of sites that can be shovel ready for future development.


NAMA’s involvement in the Dublin Docklands SDZ is almost complete with 99% of its original interest now construction completed or sold with the benefit of planning permission. The remaining 1% relates to a site, in which NAMA has a leasehold interest, which will be sold. Overall, the sites in which NAMA originally had an interest have capacity for 4.2 million sq. ft. of commercial space and 2,183 residential units, when fully developed.

NAMA sold its 20% interest in a development site within the Poolbeg West SDZ at end-June 2023. Construction is currently progressing on Phase 1 of development within the site, which includes 570 residential units.


2,985 residential units have been delivered by NAMA for social housing purposes across Ireland. These figures exclude social housing provided under Part V arrangements on NAMA-funded developments.

NAMA’s social housing vehicle, NARPS (National Asset Residential Property Services), owns 1,366 homes which are leased for social housing. These homes will remain within State ownership following the transfer of NARPS from NAMA to the Land Development Agency (LDA) in the future.

Brendan McDonagh, Chief Executive, said:

“Despite challenging market conditions, NAMA continues to generate cash from a much-reduced portfolio, with over €319 million achieved in 2023.

During 2023, NAMA took steps to prepare for the wind down of its operations, yet we continue to add value for the State and generate profits from our work. We have just paid a further €350 million cash from our surplus to the Exchequer, and we are proud to report a €26 million profit for the first half of 2023. NAMA has continued to make profits in H2 2023 and we will report a 13th consecutive full year of profit by mid-2024, post completion of the year-end audit.”

Aidan Williams, Chairman of NAMA, said:

“NAMA’s contribution to the State is ongoing with significant progress made in 2023. 420 homes were delivered this year in areas of high demand with a further 440 units under construction or with funding approved.

NAMA’s objective for 2024-2025 is to complete the final phase of its work, while continuing to deliver the largest return possible to the taxpayer; this includes focused asset management of residential sites in order to maximise the potential for housing delivery post-2025.”