Nama announces final transfers to new work-out unit, drawing a line under turbulent 17 years

Nama will fully wind down later this year, seventeen years after its creation during the Irish financial crisis. Remaining assets worth €25m will transfer to a smaller Resolution Unit within the NTMA, along with €55m in cash. The agency was created in 2009 to take over largely underwater property loans from Irish banks after the Celtic Tiger bubble. Nama originally paid just under €32bn for loans with a face value of €74bn, valued closer to €26bn. The initiative was controversial and viewed by some as a bailout for developers. Nama’s final annual report for 2025 confirms it will cease operations later this year, with €425m of property assets transferred to the LDA and €450m of cash paid to the Exchequer. Nama reported an after-tax profit of €78m in 2025 and lifetime transfers to the State of €5.6bn, with €48.5bn of cash generated overall.

"Nama will be fully wound down this year, seventeen years after the agency was established at the heigth of the Irish financial crisis and having generated a surplus of €5.6bn. A final €25m of assets that are still on the agency's books will transfer to a smaller Resolution Unit within the National Treasury Management Agency (NTMA) this year later this year, along with €55m in cash, drawing an effective line under the life of the so called 'bad bank'."

"Nama origially paid just under €32bn to buy loans that had a face value of €74bn but were valued in relaity at closer to €26bn. The idea originally was to pump good money into Ireland's then stricken banking system to support the economy, while buying time to work out the masses of bad property loans that had been left with the tide went out on the Celtic Tiger boom."

"The decision to create Nama, seen by some as a bailout for developers whose loans would be moved out of the banks, was highly controversial at the time. The National Asset Management Agency (NAMA)'s final annual report for 2025, pubished on Wednesday confirms the agency will cease to exist later this year."

"The accounts show €425m of property assets were transfered to the Land Development Agency (LDA) last year while €450m of cash was paid over to the Exchequer. Nama says land trasferred to the LDA has capacity for around 7,000 new homes. For its last full year of operations in 2025 NAMA is reporting an after-tax profit of €78m. The 2025 tally brought the agency's lifetime transfers of cash, including corporation tax paid of €450m,to the State to €5.6bn."

Read at Irish Independent