The National Asset Management Agency (NAMA) is set to return €5.5 billion to the Exchequer by the end of the year—€300 million more than previously forecast—as it enters the final stages of winding down operations.
The State body, which was created in 2009 to stabilise Ireland’s banking system during the financial crisis, confirmed on Tuesday that €4.69 billion has already been transferred to the State, with the remaining €800 million due by the end of 2025. The total includes a projected surplus of €5.05 billion, along with €450 million paid in corporation tax.
NAMA was established to take over toxic property loans from Irish banks facing collapse during the crash. It purchased these loans at a steep discount—€30 billion for a portfolio originally valued at around €70 billion—requiring significant taxpayer-funded recapitalisation of the banks to absorb the losses.
Having paid off the last of its €31.8 billion in borrowings in 2020, NAMA has been debt-free since and continues to generate profits, reporting €197 million in earnings last year.
Between 2014 and 2024, the agency said it had funded or facilitated the delivery of 42,500 homes, playing a significant role in housing development over the past decade.
NAMA chief executive Brendan McDonagh said the agency’s strong financial performance reflected its commercial focus. “Every NAMA decision, every engagement with a debtor, and every transaction was driven by the objective of recovering the maximum value for the State,” he said. “The results we are announcing today and the increase in our surplus demonstrate how effective we have been in doing that.”
NAMA chairman Aidan Williams highlighted the unique nature of the agency’s mission. “Our greatest achievement is that we have managed ourselves out of existence. Unlike most commercial entities, NAMA was designed to disappear,” he said. “That could only happen once the portfolio was successfully deleveraged, risks were managed, and recovery for the taxpayer was maximised.”
With only a few remaining tasks left, the agency expects to complete its operations by the end of this year.
Minister for Finance Paschal Donohoe welcomed the updated surplus projection, saying it confirmed the success of the agency’s work. “NAMA has entered its final phase in a robust position thanks to the dedication and expertise of its staff,” he said. “I have every confidence that it will complete its remaining tasks with the same professionalism it has shown throughout.”
Once concluded, NAMA’s operations will formally come to a close, marking the end of a significant chapter in Ireland’s post-crisis recovery.
