NAMA formally ends work after 16 years
Tánaiste and Minister for Finance Simon Harris has signed regulations formally dissolving the National Asset Management Agency (NAMA).
The move means that NAMA’s work comes to an end 16 years after it was set up in the aftermath of the financial crisis.
Any activity remaining in NAMA will transfer to the National Treasury Management Agency (NTMA) from tomorrow (1 August) for management.
NAMA chief executive Brendan McDonagh said earlier this year that most of the unresolved activity related to ongoing litigation and claims in bankruptcies and liquidations, the timing of which were outside the agency’s hands.
The National Treasury Management Agency (Miscellaneous Provisions) Act 2026 also provides for the transfer of residual matters relating to the Irish Bank Resolution Corporation (IBRC) special liquidation to the NTMA by way of a transfer agreement.
Distressed loans
NAMA was established to take on and manage distressed loans from the main Irish banks and paid the institutions €31.8 billion for a loan portfolio with an original value of €74 billion.
The impaired loans were linked to around 60,000 properties across multiple jurisdictions.
“NAMA's legacy will be measured not only in its lifetime surplus contribution of €5.6 billion to the State, but also in the role it played in restoring confidence, stabilising the financial system, and helping Ireland emerge from one of the most challenging periods in its history,” the Tánaiste said.
The €5.6 billion return to the State came in the form of cash transfers, corporation-tax payments, and transfers of assets to the Land Development Agency.