Nama publishes roadmap for winding down by the end of 2025

The National Asset Management Agency will also transfer sites to another State body that will deliver around 4,000 new homes in the future

NAMA chief executive Brendan McDonagh said: 'We will finish the wind-down of the agency diligently.' File photo: Leah Farrell / RollingNews.ie

The National Asset Management Agency (Nama) has set out a roadmap for winding down operations by the end of this year which includes plans on exiting its remaining debtors as well as transferring remaining operations to other agencies.

Established in 2009, Nama was part of Ireland’s response to the banking and property crisis which sought to take over toxic bad debts from the nation's banks. Its objective was then to obtain the best achievable return for the State from these assets.

The intention is to wind down Nama by the end of this year. As part of this process, Nama said it intends to exit its remaining debtors through a range of means including repaying the loans in full, refinancing with another lender or for the loan to be sold to another lender to maximise the amount recorded.

It plans to continue to manage active cases that involve outstanding litigation. The agency also plans to deleverage the remaining elements of its loan portfolio which has been reduced from €32bn at its peak to €150m.

It intends to exit its remaining interest in the Dublin Docklands strategic development zone on the best achievable financial terms.

Since 2014, Nama has been involved in the development of residential housing. Its National Asset Residential Property Services (Narps) housing portfolio will be transferred to the Land Development Agency. Narps owns 1,366 homes which are leased for social housing.

It will also transfer sites to another State body that will deliver around 4,000 new homes in the future.

In terms of its operational work, the agency will continue to consolidate and simplify its business units and corporate structure as the wind-down process continues.

It will also seek to engage with the Department of Finance to draft legislation to dissolve Nama as well as with the National Treasury Management Agency to transfer any remaining activities to its resolution unit.

Chief executive of Nama, Brendan McDonagh, said: “We will finish the wind-down of the agency diligently, carefully managing the complex process of closing a successful statutory body that at its peak managed €32 billion of assets across 60,000 property assets in Ireland, the UK, Europe, the US, and South Africa”.

“In 2024 we continued our strong progress in deleveraging our portfolio, while remaining firmly on course to complete operations by the end of 2025,” he said.

2024 review

In addition to its winding down plans, Nama also published a review of its operations during 2024.

In December, Nama transferred €400m in cash from its lifetime surplus to the Exchequer. During its lifetime so far, transfers totalling €4.25bn in cash have now been made to the State from Nama’s surplus, with a further €439m paid in corporate tax.

This brings the overall Nama contribution to date to over €4.69bn. The agency’s lifetime contribution to the State is projected to be at least €5.2bn before the end of this year. During 2024, Nama generated €600m in cash bringing its total cash generated since inception to €48.3bn.