Nama closes after 16 years as property agency completes its work

Nama chief executive Brendan McDonagh and Nama chairman Aidan Williams. File picture

The National Asset Management Agency (Nama) is to close on Friday, 16 years after it was established to take over distressed property loans from Irish banks.

The agency, established in December 2009, was tasked with managing and resolving impaired loans secured against approximately 60,000 properties across multiple jurisdictions.

NAMA acquired a loan portfolio with an original value of €74bn for €31.8bn. The portfolio had a market value of €26.2bn at the time of transfer, with the purchase price including €5.6bn in State aid to participating financial institutions.

The agency said it facilitated the delivery of more than 44,500 homes, including 14,660 homes that it directly funded and delivered.

It also said it supported the delivery of 2,957 social homes and played a role in the regeneration of Dublin Docklands.

In a statement on Friday, the Department of Finance said NAMA had fulfilled its statutory mandate.

Any remaining activities undertaken by the agency will transfer to the National Treasury Management Agency from August 1.

Tánaiste and finance minister Simon Harris said NAMA had been created to respond to the financial crisis.

“NAMA was created as an exceptional response to an exceptional crisis," Mr Harris said.

“Today, the Agency concludes its work having successfully fulfilled its mandate and made a lasting contribution to Ireland’s economic and social development."