NAMA to wind down work by 2025

The agency has submitted a plan to the Minister for Finance detailing how it will conclude its work over the next three years

The National Asset Management Agency (NAMA) is planning to wind down its work by December 2025, it revealed in a report today.

The agency, which was set up by the Government following the 2008 financial crisis, has submitted a plan to Finance Minister Paschal Donohoe detailing how it will conclude its work over the next three years.

As outlined in NAMA’s 2021 report, the agency will spend the time period deleveraging activities, providing funding for commercially viable residential development, and managing residential development sites in preparation for sale.

The agency will transfer the NARPS social housing portfolio to the Land Development Agency (LDA).

NAMA also revealed that it is forecasting an increased lifetime surplus of €4.5 billion, up from a previous estimate of €4.25 billion.

Along with the €400 billion corporation tax that NAMA has already paid, the agency’s total contribution to the exchequer by the end of its lifetime could be up to €4.9 billion.

By the end of 2021, NAMA had paid €3 billion to the state and an additional €500 million is scheduled to be paid by the end of 2022. The agency has now reported a profit for 11 years in a row and has been debt-free since March 2020.

“I welcome the publication of NAMA’s Annual Report for 2021, which records another positive year for the agency,” said Minister Donohue.

“This report highlights the positive contribution which NAMA continues to make, notwithstanding the recent challenging economic and operating environment.

“I would like to thank NAMA’s staff and its Board for their commitment and continued focus on delivering the best value from its remaining assets.” 

NAMA acquired €26.2 billion worth of property loans from the State’s banks upon its creation, taking over properties where developers couldn’t repay the loans.

As of the end of 2021, the agency’s deleveraging programme was 98% complete and its cash holdings stood at €75 million.

The loans of 144 debtors remained under NAMA management at the end of March 2022, down from an original 800 debtors.