Nama generated €78m in profit last year ahead of dissolution 

Bill introduced to give affect to agency's dissolution in the coming months 

Nama chief executive Brendan McDonagh and Nama chairman Aidan Williams.

The National Asset Management Agency (Nama) reported an after-tax profit of €78m in 2025, bringing its total lifetime contribution to the State to €5.6bn, according to its final annual report, ahead of its dissolution in the coming months.

In total, Nama generated €180m in cash last year, bringing its total cash generation since inception to €48.5bn.

Of the total lifetime transfers to the State, €875m — €450m cash to the exchequer in the form of corporation tax, and property assets of €425m given to the Land Development Agency (LDA) — was transferred in 2025.

In the report, the agency said in 2025 it “substantially completed” all elements of the commercial and operational workstreams set up as part of its wind-up programme.

“The agency is expected to be dissolved in the coming months following the expected enactment of enabling legislation by the Oireachtas that will give effect to the dissolution,” it said.

Following its dissolution, Nama’s remaining activities, including an asset portfolio with a value of about €25m, will transfer to the proposed Resolution Unit within the National Treasury Management Agency (NTMA).

Unfinished activity is expected to comprise unresolved litigation and claims in bankruptcies, local authority bonds, and liquidations.

Following the financial crisis, Nama was established and acquired bad loans for €31.8bn — €26.2bn being their market value at the time, plus an extra €5.6bn in State Aid to Participating Institutions.

Nama has been debt-free since redeeming the last of its €31.8bn debt in March 2020.

Total cash generated from 2010 to end-2025 was €48.5bn, including €41.8bn from asset disposals and €6.7bn from non-disposal income.

Between the start of 2014 and the end of 2025, Nama funded or facilitated the delivery of 44,566 new homes.

Of these 44,566 homes, 14,660 were directly funded by Nama, with the remainder delivered indirectly on sites for which Nama had funded planning permission, enabling works, legal costs or holding costs before they were sold for completion under new ownership.

The National Asset Residential Property Services — NAMA’s portfolio of 1,366 homes for social housing purposes — was transferred to the Land Development Agency (LDA) at a value of €356m last year.

Nama also transferred two residential development sites with the potential for 7,000 homes to the LDA at a value of €68.5m.

In addition to its housing goals, during its lifetime, Nama accelerated transformational developments in the Dublin Docklands and on Poolbeg Peninsula in Dublin.

Nama chief executive Brendan McDonagh said the agency was “never intended to be permanent” and it “gives me immense pride to say that our work is substantially complete, with assets valued at less than €25m plus €55m in cash to transition to the NTMA resolution unit for ongoing management”.

“Our legacy is broad and will continue to benefit the public long into the future. We recovered the €31.8bn of debt required to acquire the troubled banking loans following the financial crash and a further €5.6bn beyond that debt amount,” he said.

Finance minister Simon Harris said Nama has “fulfilled the mandate set for it and has been recognised internationally as one of the most successful State-backed asset management agencies of its kind”.