NAMA makes final contribution of €450m ahead of wind down

Ottoline Spearman

The National Asset Management Agency (NAMA) has made a final surplus transfer of €450 million to the Exchequer, ahead of its wind-down.

The agency has also increased its lifetime contribution to the State by €100 million to €5.6 billion.

This is in addition to a transfer of €425 million in assets to the Land Development Agency in 2025, which comprised the transfer of 1,366 social homes and two major sites with the capacity to deliver up to 4,500 homes.

NAMA was created in 2009 as a response to the financial crisis and property market.

The  Irish Examiner reported that NAMA has now completed its wind-down programme, which will pave the way for legislation which will lead to its formal dissolution.

NAMA chief executive Brendan McDonagh told the Irish Examiner: "This is a landmark day for NAMA. It signals the end of an unprecedented intervention by the State in response to an unprecedented banking and economic crisis."

"Nama has been effective in helping to restore stability to Ireland’s financial system and credit rating, and in generating a substantial surplus of €5.6bn for the Exchequer."

Tánaiste and Minister for Finance, Simon Harris, welcomed the contributions: "These transfers, and the increase in NAMA’s lifetime contribution to €5.6 billion, are a reflection of the commitment of NAMA’s staff in executing their mandate over many years.

"As NAMA reaches the substantive conclusion of its operational wind-down at the end of 2025, I would like to thank the Agency’s staff for their dedication and commitment.

"NAMA’s surplus, and its broader contribution to the social and economic development of the State, has been enabled by their expertise."

NAMA will be dissolved in following the publication and enactment of the IBRC Special Liquidation and Dissolution of NAMA Bill.