Nama completes wind-down programme with final €450m transfer
NAMA Chief Executive Brendan McDonagh and NAMA Chairman Aidan Williams. The National Asset Management Agency (Nama) said on Wednesday it has completed its wind-down programme, paving the way for its formal dissolution after legislation is enacted. Picture: Fennell Photography
The National Asset Management Agency (Nama) said on Wednesday it has completed its wind-down programme, paving the way for its formal dissolution after legislation is enacted.
On Wednesday, the agency completed a transfer of €450m in cash to the Exchequer, bringing total transfers of cash and other assets from Nama to the State to €5.6bn, of which €875m - €450m cash, and property assets of €425m to the Land Development Agency - was transferred during 2025.
This €5.6bn figure includes corporation tax payments of approximately €450m.
“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," said Nama chief executive Brendan McDonoagh.
"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."
No further increases are expected in the projected €5.6 billion lifetime surplus. The agency's board increased the projected lifetime surplus by €100m to €5.6bn to reflect Wednesday’s transfer.
The Agency is expected to be dissolved in 2026 following the anticipated enactment of enabling legislation that will give effect to the dissolution. At that point, Nama will cease operations completely.
Remaining activities, comprising approximately €30m of a residual portfolio and around five active legal cases that involve outstanding litigation, will transfer to a proposed resolution unit within the National Treasury Management Agency (NTMA).
"Ultimately, I believe NAMA has achieved what it set out to achieve – a surplus, stability and creating solutions to the preventable problems created by the poor lending practices and poor regulation of the 2000s,” said Mr McDonagh.
NAMA chairman Aidan Williams said over its lifetime, NAMA succeeded in its deleveraging programme while delivering a substantial surplus for the State, "making a material contribution to the supply of much-needed new homes, and regenerating the Dublin Docklands as a better place to do business, work and live".
Nama generated cash in excess of €180m from its portfolio during 2025, from the disposal of assets and from non-disposal income such as rental income, investment income, debt repayments, or debtor refinancing.
A cumulative €48.5bn has been generated by Nama from inception to date.
In July 2025, the National Asset Residential Property Services, a Nama group entity established to acquire residential properties and lease them to approved housing bodies and local authorities for social housing purposes, was transferred to the Land Development Agency (LDA) at a value of €356m.
Nama also transferred two sites with significant value-add potential and capacity for 4,000 residential units to the LDA in September 2025 at a value of €68.5m.
Nama reported a profit of €69m for the first nine months of 2025.
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