- NAMA concludes its operations from today – marking a significant moment in the State’s history
- €5.6 billion lifetime return to the State delivered with lasting benefits through housing and urban regeneration
- Tánaiste: “Today marks the successful conclusion of one of the most important interventions ever taken on behalf of the Irish people”
The Tánaiste and Minister for Finance, Simon Harris TD, has today announced that the National Asset Management Agency (NAMA) has concluded its operations and will be formally dissolved with immediate effect.
Sixteen years after its establishment in the aftermath of the financial crisis, NAMA has fulfilled its mandate.
Created at a moment of profound uncertainty for the Irish economy, NAMA helped restore stability to the financial system, protecting the interests of Irish taxpayers while contributing to Ireland's economic recovery and renewal.
As the Agency concludes its operations today, the Tánaiste acknowledged its lasting contribution to the State, recognising the dedication of all staff who played an important role in its success.
Any residual activity remaining in NAMA will transfer to the National Treasury Management Agency (NTMA) from tomorrow, 1 August 2026, for management to completion.
In signing the regulations paving the way for NAMA’s dissolution, Tánaiste and Minister for Finance Simon Harris TD said:
“The dissolution of NAMA marks the end of a significant chapter in Ireland's economic history.
“NAMA was established in 2009 as part of the State’s response to extraordinary challenges facing the Irish banking system and economy.
“It was entrusted with a mandate by Government and the Oireachtas that was unique in its scale and complexity, involving a loan portfolio relating to some 5,000 borrowers and approximately 60,000 properties across multiple jurisdictions.
“Over the past sixteen years, NAMA has successfully fulfilled this mandate. In doing so, it has generated a significant return for the State while also delivering lasting social and economic benefits.”
Over the course of its lifetime, NAMA successfully delivered on its mandate. The Agency:
- Redeemed €30.2 billion in Government-guaranteed senior debt in 2017, three years ahead of schedule;
- Fully repaid its €1.6 billion subordinated debt by 2020, leaving the Agency debt free;
- Delivered a lifetime contribution of €5.6 billion to the State through cash transfers, corporation tax payments and transfers of assets to the Land Development Agency, including 1,366 social homes and land with the potential to deliver c.7,000 new homes;
- Facilitated the delivery of more than 44,500 homes with 14,660 directly funded and delivered;
- Delivered 2,957 social housing homes; and
- Supported the regeneration of the Dublin Docklands Strategic Development Zone, helping deliver more than 4.2 million square feet of commercial space and over 2,000 homes.
The Tánaiste added:
“Through its support for housing delivery, the regeneration of Dublin Docklands and the transfer of social housing and strategic residential development sites to the Land Development Agency, NAMA has left a legacy that will continue to benefit communities for many years to come.
“Today is also an opportunity to recognise the people who undertook that work. The board, management and staff of NAMA were entrusted with a uniquely complex task and carried it out with professionalism, dedication and expertise.
“Under its leadership, the Agency delivered significant value for the Irish people.
“On behalf of the Government, and indeed the Irish people, I want to thank all those who served in NAMA over the past sixteen years for their commitment and public service.”
Concluding, the Tánaiste stated:
“NAMA's legacy will be measured not only in its lifetime surplus contribution of €5.6 billion to the State, but also in the role it played in restoring confidence, stabilising the financial system and helping Ireland emerge from one of the most challenging periods in its history.
“NAMA was created as an exceptional response to an exceptional crisis.
“Today, the Agency concludes its work having successfully fulfilled its mandate and made a lasting contribution to Ireland’s economic and social development”.
