Press Statement - NAMA welcomes publication of Minister’s Section 227 Review

The National Asset Management Agency (NAMA) welcomes the publication today of the third and final review of NAMA by the Minister for Finance. In line with Section 227 of the NAMA Act 2009, the Minister is required to assess the extent to which NAMA has made progress towards achieving its objectives. With the publication of this review, the Minister concludes that NAMA has made extensive progress in achieving its overall objectives and is on target to conclude its work by end-2025.

The review states that NAMA has successfully delivered on the commercial mandate set for it by the Oireachtas and exceeded expectations in its performance. The review highlights that the work of NAMA will deliver over €10.5 billion for the State, when NAMA’s projected surplus of €4.9 billion is combined with recouping the €5.6 billion State Aid element of what it paid for the loans acquired from the participating institutions.

The review acknowledges the considerable contributions made by NAMA in facilitating the regeneration of the Dublin Docklands (c4.2m sq. ft. of commercial space and potential for over 2,200 apartments) and the delivery of 34,000 new residential units, as well as almost 3,000 homes for social housing.

As part of his review, the Minister notes that there may remain some unresolved NAMA assets or litigation at the end of 2025 and is recommending that a Resolution Unit is established, resourced within the National Treasury Management Agency (NTMA) to manage residual NAMA activity to completion.

In conjunction with the publication of the section 227 review today, the Minister announced arrangements for the transfer of any residual assets and liabilities of IBRC (in special liquidation) to NAMA at end-2024. NAMA is committed to managing these new responsibilities which have been delegated to it by the Minister in the best interests of the taxpayer.

NAMA Chairman, Mr. Aidan Williams, stated:

“The NAMA Board and I welcome the Minister’s review, particularly its conclusion that NAMA has made extensive progress in achieving its overall objectives and its recognition of the significant achievements of NAMA over its lifetime. NAMA will use its remaining time until the end of 2025 to ensure the orderly completion of NAMA’s work while enhancing the Agency’s return to the State.”

NAMA Chief Executive, Mr. Brendan McDonagh, stated:

“This review comprehensively outlines NAMA’s success in profitably deleveraging its portfolio while making a considerable contribution to commercial and residential delivery in Ireland. NAMA’s overall contribution of €10.5 billion to the State, comprising its projected surplus €4.9bn and recoupment of the €5.6bn of State Aid it paid to the participating institutions, represents a significant outperformance relative to expectations at inception in late 2009. We are delighted that the Minister for Finance and the Government have entrusted us with additional responsibilities to manage the residual assets and liabilities of IBRC in 2025.”


The Department of Finance has today (6th March 2024) published the Review of NAMA under Section 227 of the NAMA Act. Section 227 requires the Minister to assess the extent to which NAMA has made progress toward achieving its overall objectives and decide whether continuation of NAMA is necessary having regard to the purposes of this Act. A copy of the Review is available at the Department’s website .