• NAMA’s final annual report prior to dissolution reveals 2024 profit of €197m, NAMA’s 14^th year in a row of profitability

• Total payments from NAMA to Exchequer now projected to be €5.5bn, comprising a €5.05bn lifetime surplus and €450m corporation tax

• €4.69bn has already been paid to the Exchequer, including €400m during 2024, with the remaining c.€800m to be transferred by the end of 2025

• €600m cash generated during 2024, bringing total cash generation from inception to end 2024 to €48.3bn

• NAMA on schedule to complete its wind-down by December 2025

The National Asset Management Agency (NAMA) has today published its Annual Report and Financial Statements for 2024, its final annual report before the Agency is dissolved at the end of 2025.

The Agency is increasing its projected lifetime contribution to the Exchequer by €300m to €5.5bn, subject to market conditions, comprising a surplus of €5.05bn (up from previous projection of €4.8bn) and NAMA’s corporation tax payments to the State totalling €450m.

NAMA is also reporting an after-tax profit of €197m for 2024 – its 14th consecutive year of profitability. This compares with a profit of €68m in 2023.

NAMA will make surplus cash and asset transfers totalling c€800m to the Exchequer over the remainder of 2025.

Annual Report – key points

• During 2024, NAMA generated €600m in cash.
• Total cash generation since inception stood at €48.3bn at end 2024.
• €400m cash transferred to the Exchequer in surplus payments during 2024.
• After-tax profit of €197m for 2024
• NAMA has been debt free since redeeming the last of its €31.8bn debt in March 2020.

Residential Delivery

The report sets out NAMA’s new homes output to end December 2024.

• Between the start of 2014 and the end of 2024, NAMA funded or facilitated the delivery of over 42,500 new homes.

• Of these 42,500 homes, over 14,500 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.

• 361 new homes were completed in 2024 and Q1 2025 that had been funded by NAMA.

• There is potential to deliver a further 4,000 units on two major sites acquired by NAMA in North Dublin and Kildare, which will be retained in State ownership after NAMA’s dissolution.
• NAMA has invested in the region of €350m in the repair and purchase of homes for social housing which have been leased or sold to approved housing bodies and local authorities.
• 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.

Dublin Docklands SDZ and social housing

The report also sets out information on NAMA’s work programme of regenerating the Dublin Docklands SDZ (Strategic Development Zone), which is double the size of original IFSC and is now complete:

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 regeneration accommodates 20,000 office workers and homes for 5,000 people.

Plans to wind down NAMA by end of 2025

NAMA previously published a roadmap for completing its wind down by the end of 2025. This roadmap includes the following measures:

Commercial workstreams

• Completing the deleveraging of the remaining elements of the loan portfolio.
• Exiting NAMA’s remaining debtors through a range of customised exit strategies where their loans are repaid by the debtor, refinanced with another lender or sold to another lender to maximise the amount recovered.
• Completing the drawdowns of funding that has been committed 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 on the best achievable financial terms.
• Managing active cases that involve outstanding litigation with a view to obtaining the best achievable outcome for the taxpayer.
• Transferring the NARPS social housing portfolio to the Land Development Agency.
• Transferring sites owned by NAMA to another state entity that will deliver c 4,000 residential units in the future.

Operational workstreams

• 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 existing 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 NTMA Resolution Unit.

Key financial information:

• Total cash generated from 2010 to end-2024 was €48.3bn, including €41.7bn from asset disposals and €6.6bn from non-disposal income.
• The Agency’s €32bn deleveraging programme was 99.7% complete at end-2024, with the carrying value of debtor loans reducing to less than €100m fair value.
• As at end March 2025, the loans of 78 debtors remained under NAMA management, down from an original 800 debtor connections comprising approximately 5,000 borrowers.

The Minister for Finance, Pascal Donohoe TD, said:

“I am very pleased to welcome today’s announcement that NAMA’s overall projected lifetime surplus has been increased by a further €300 million, with €5.5 billion now expected to be returned by NAMA to the Exchequer by the time the Agency concludes its work later this year.

I would like to thank the CEO, the Chairperson, the Board and all Staff at NAMA, both past and present, for the hard work throughout 2024 and since NAMA’s inception. Their dedication has enabled NAMA’s continued successful delivery on its objectives, making an important contribution to the social and economic development of the State. It is through their hard work and expertise that NAMA is cited internationally as one of the most successful State-backed asset management agencies of its kind.

NAMA has entered into its final phase in a robust position thanks to the dedication and expertise of its staff and the exceptional progress it has made in recent years. I have every confidence that NAMA will complete its remaining deleveraging activity over the next 6 months with the same professionalism and commitment it has demonstrated throughout its mandate.”

NAMA Chief Executive Brendan McDonagh said:

“The NAMA Board and my colleagues throughout the Agency have always seen our role as set out by the legislation passed by the Oireachtas in 2009 as trying to do the very best we can on behalf of the taxpayer and the State. Every decision, every engagement with a debtor, every transaction – they were framed against a commercial backdrop of maximising the amount that we believed could be recovered for the State.

The results we are announcing today and the increase in our surplus demonstrate how effective we have been in doing that.

I thank the NAMA Chairman, the Board (current and former) and the people throughout the Agency for the work they have done to make this outcome possible since we commenced at the end of 2009.”

NAMA Chairman Aidan Williams said:

“Ultimately, NAMA’s greatest achievement is something unique: the organisation has succeeded in achieving its aim of managing itself out of business. We have never lost sight of the fact that NAMA, unlike other commercial entities, was designed to disappear.

But NAMA could only disappear when the portfolio of loans it had acquired was successfully deleveraged in a manner that minimised the risks and maximised recovery for the State as prescribed in legislation. Now that the process is close to complete, the Agency’s focus is on finishing the job and transferring the remaining elements of its surplus to the Exchequer by end 2025.

I thank our Board, our management team under the Chief Executive, and everyone in NAMA for delivering so effectively on the mandates that were entrusted to us.”

Issued on behalf of NAMA by

Gordon MRM

nama@gordonmrm.ie

David Clerkin Ray Gordon

Ph: 087 8301779 Ph: 087 2417373

Notes to editors

• NAMA acquired loans for €31.8bn which were valued at €26.2bn at the time of acquisition.
• It paid €31.8bn for these loans – €26.2bn being their market value at the time plus an extra €5.6bn in State Aid to Participating Institutions.

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